If iTunes was an independent company it would be on the Fortune 500

We all know Apple is one of the biggest companies around, but how big is just iTunes? Bigger than many famous, multinational corporations, as it turns out… and that’s without counting in iPhone, iPad and Mac sales. Asymco analyst and all-around numbersmith Horace Dediu decided to sit down and calculate how much iTunes was worth, and came up with a number of roughly $7 billion in revenue per quarter, with those numbers continuing to grow.

Is Apple still a growth company? With the Wall Street Journal‘s question still hanging in the air, Asymco’s Horace Dediu has found a novel way to highlight a source of growth within Apple that is often overlooked. In the attached chart, he’s stacked the revenue categories of Google’s core business (i.e. without Motorola and “other”) and compared them with the revenue components of Apple’s iTunes/Software/Services division. Taking into account the 70% Apple pays app developers (which the company doesn’t report as revenue), Dediu figures the iTunes group had “gross” revenues of $23.5 billion with growth of 34% year over year.