Apple CEO Steve Jobs Talks Exclusively to FORTUNE Magazine about His Plans to Revolutionize the Music Business; Cover story details Apple's soon-to-be-launched iTunes Music Store.Business Editors NEW YORK--(BUSINESS WIRE)--April 28, 2003 In an exclusive interview with FORTUNE, Apple CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steve Jobs Steve Jobs - Stephen Jobs discusses his soon-to-be-launched iTunes Music Store, a new digital service that may be the most promising legal on-line music service on the market. FORTUNE also discusses the potential for success--and failure--of iTunes Music Store with music industry executives and digital music leaders. The story, "Songs in the Key of Steve," by FORTUNE senior writer Devin Leonard, appears in the May 12 issue, on newsstands May 5, and at www.fortune.com at 3 p.m. on Monday, April 28. "This will go down in history as a turning point for the music industry," Jobs tells FORTUNE. "This is landmark stuff. I can't overestimate it." Apple's iTunes Music Store will allow Mac users to listen to a 30-second preview of any song and then buy a high-quality audio copy for 99 cents with one click. There's no monthly subscription fee, and consumers have virtually unfettered ownership of the music they download. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. FORTUNE, Jobs' iTunes Music Store has one clear advantage over other services: a copy protection scheme that has won Apple the ability to offer users songs from all five major music companies--something other digital music services have failed to do, even as the music industry continues to lose staggering dollars to digital piracy. Says Sony CEO Andrew Lack, "I don't think it was more than a 15-second decision in my mind (to license music to Apple) once Steve started talking." Jobs, however, is a latecomer late·com·er n. 1. One that arrives late: waited for the latecomers to be seated. 2. A recent arrival, participant, or convert: to the digital music world, and some of his more seasoned competitors dismiss iTunes Music Store as a niche product, and potentially too costly for digital music consumers. Says digital rival RealNetworks CEO Rob Glaser Rob Glaser (born January 16, 1962), is the founder of RealNetworks (1994) which produced RealAudio, RealVideo, RealPlayer, Helix, among other products and services. Before RealNetworks, he became a millionaire by working for Microsoft for 10 years. , "If you make a really cool playlist A file that contains an index to a selected group of music files on the computer. Using digital jukebox software such as iTunes and Winamp, playlists are created by the user by dragging and dropping titles from a master index. The software may be able to create a playlist automatically. of 200 songs on Rhapsody (1) A subscription-based online music service from RealNetworks that gives users unlimited access to a vast library of major and independent label music. Within a single interface, Rhapsody provides access to streaming music, Internet radio and extensive music information and , you pay only $9.95 a month, he tells FORTUNE. "If you use Apple, it's $200. Maybe guys like Steve and me can afford that, but I'm trying to run a service for everyone else too." The debut iTunes Music Store will include previously unreleased material by artists like Bob Dylan Noun 1. Bob Dylan - United States songwriter noted for his protest songs (born in 1941) Dylan , U2, Missy Elliott, and Sheryl Crow and music from bands like the Eagles, who have never before allowed their songs to be sold by a legal digital music service. And Jobs is personally lobbying other big-name holdouts, like the Rolling Stones and the Beatles, to come on board. Apple could certainly use the a boost, notes Leonard, "Apple swung back into the black in the first quarter of 2003, after two quarterly losses, but its profits were only $14 million, compared with $40 million a year ago. But success would mean much more than selling more Macs and Ipods, Apple's portable MP3 player. It could also single-handedly make Steve Jobs the savior of the music industry. |
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