At an Apple financial analyst conference on Wednesday CEO Steve Jobs admitted that Apple makes no revenue from the online download service, the iTunes Music Store, that he launched in April. As iTMS is the leading download service, with 80 per cent market share (or so Jobs claimed), where's your 99 cents per song going? When that 99 cents leaves your wallet [to iTunes], the RIAA monopoly swallows most of it, and the credit card companies swallow the rest. As the supplicant in this relationship, Apple is left holding the can. "Most of the money goes to the music companies," admitted Jobs. "We would like to break even/make a little bit of money but it's not a money maker," he said, candidly. Alas it's Jobs who wants to be first - the first tech CEO - to offer himself up for a beheading. Having got so much right about personal computer ergonomics, it's initially surprising to find Jobs accepting a deal on such bad terms. At Wednesday's conference call, Jobs sounded positively happy that he was losing money on iTunes, so he could make the RIAA that little bit richer. But vanity plays havoc with even the finest minds. Source: The Register -- What's even funnier is this quote from Jobs regarding Napster and other companies... "They don't make iPods, so they don't have a related business where they do [make money]". Apparently it puzzles him that Napster can make profit, on top of paying a hefty annual salary to the 150 or so people it employs.