The iTunes music store generated about $3.4 billion for the larger entertainment industry last year, according to calculations from Dediu, while the International Federation of the Phonographic Industry reported earlier this week that global digital music revenues were $5.6 billion in 2012. That would give Apple a share of a shade above 60 percent.

The IFPI, which represents 1,400 recording industry members across 66 countries, also said that the total music revenue of $16.5 billion last year represented its first growth since 1999.

Apple announced in its earnings report that iTunes generated a total of $13.5 billion in revenue last year. Of this, the music store only accounted for about $4.3 billion. According to the Asymco analyst, the company then paid approximately $3.4 billion of the total amount to music labels as licensing fees.

(Chart courtesy of Asymco)

Dediu also estimated that with growing sales — the store sold its 25 billionth song earlier this month — and increasing revenues, Apple may now be generating significant operating margins from software and other iTunes sales.

“Looking at profitability, there is potential for operating margin in Apple Software and App Agency Fees and perhaps some of the Media Transaction Fees,” he wrote. “Historically, Apple suggested that their App and Media stores ran at break-even but that may no longer be the case. Operating margins from Software may be significant.”

Breaking it down, the analyst calculated that iTunes music revenue was growing at about 10 percent, App Store revenue at around 50 percent, and video and other revenue at around 90 percent.

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