Lots of good information about the current state of the service and about how it is set up.
Here are the points I found most interesting:
- 6-7 million copies of iTunes currently in use (presumedly iTunes 4)
- 3.5 million songs sold so far, stabilizing at about 500,000/wk now
- 75% of songs have sold at least once
- 45% of all songs have been bought as an album
- Albums can't be sold at more than $0.99/track
- No cost to put your music on iTunes
- No advance from Apple
- Payments are made each month - no long delays
- Sales are being reported to SoundScan, a Neilsen service for gauging the sales of music used by Billboard Magazine. The service tracks by-song, so it is a natural fit.
- Apple's editorial staff (the Staff Picks folks) "can't be bought" - includes a cute section on Steve saying they don't need the money
- Albums cannot be sold as album-only. Certain songs (ones exceeding 7 minutes) can only be included on albums, but you must make other songs available individually.
- Three year, non-exclusive agreement
- One size, fits all agreement with the same terms as given the "big 5"
- The labels must submit the track information along with the songs in electronic format, Apple won't do the encoding.