SAN FRANCISCO (Reuters) -
Apple Inc said on Thursday its
iTunes online music store has surpassed Wal-Mart Stores Inc to
become the largest music retailer in the United States.
Apple's statement, citing industry data, came on the same
day that iTunes faced a new challenge as News Corp's MySpace
social networking site said it had formed an online music
venture with three record labels.
Apple said its announcement was based on consumer data
collected in January and February by market research firm NPD
that counted 12 songs being equal to one CD.
In February, NPD said iTunes overtook Best Buy Co and
Target Corp in 2007 to become the No. 2 U.S. music seller.
Apple, which makes iPod media players, Macintosh computers
and the iPhone, said iTunes had 50 million customers who had
bought more than 4 billion songs since the store opened five
years ago.
Shares in Apple rose 2.8 percent to close at $151.61 amid a
1.9 percent gain in the broader Nasdaq market. The stock is
about 25 percent below its all-time high hit in December, but
has risen 25 percent in the last month amid signs consumer
worries over the economy have not dampened Apple's sales.
(Reporting by Scott Hillis; Editing by Tim Dobbyn)
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