This Apple Inc. (AAPL) Service is Growing at a Crazy Pace

Nobody can deny the fact that almost everything Apple Inc. (NASDAQ:AAPL) touches turns to gold. Sure, some of its products and services are more popular than others but most end up having a high level of success.

Despite the fact that Apple iTunes is so popular, many people often times overlook just how big it has become. This is because some would rather pay attention to the hardware side of Apple Inc. (NASDAQ:AAPL)’s business, talking about when the next generation iPhone or iPad is going to be released.

Earlier this week, CEO Tim Cook talked about how iTunes had recently surpassed 575 million accounts. Think about that number. This will go a long way in showing you just how popular iTunes has become over the years.

But there is even more. When you take into account just how fast the service is growing, you are sure to be knocked off your feet.

For a better idea of the pace at which Apple Inc. (NASDAQ:AAPL) iTunes is moving forward, we are going to turn to Asymco and their latest study: What’s an Apple User Worth?

Here is what the piece had to say:

“This week Apple announced that iTunes has 575 million accounts. This is the 8th update (that I know of) over the last four years. The history of this data is shown in the following graph.

The number of accounts has increased by almost a factor of six since late 2009. It amounts to an account growth rate of about 500,000/day or 44% compounded annually. Not bad, but along with this increase what happened to revenues per user?”

How crazy is that? If these numbers are right, and they appear to be, it shows that the account growth rate is checking in at roughly 500,000/day. This is an insane number, and one that shows just how popular Apple Inc. (NASDAQ:AAPL) iTunes has become.

Even more so, this is good news for Apple in terms of revenue. Here is more from Asymco:

“In absolute terms the graph shows that an iTunes account generates about $3.2/month in transactions. Put another way, during the last year, an average of $40/yr of economic value is generated by every iTunes account.”

All in all, Apple Inc. (NASDAQ:AAPL) iTunes is a big deal for both users as well as Cupertino itself.

Visit the following page to see the graph published by Asymco.