Steve Jobs puts damper on iTunes subscription rumor

Apple CEO Steve Jobs tells Reuters he has no plans to offer a subscription option for iTunes customers, despite claims that Apple was working on just such a system.

To be honest, the rumor seemed a bit unlikely, coming from an unknown company. And it's not like Apple would really need to involve a third party if it wanted to implement a subscription model.

Jobs says the subscription model has failed for most other companies that have implemented it. Apple, on the other hand has sold more than 2.5 billion songs over the past four years through the iTunes store.

Subscription service allows the record labels to collect money on an ongoing basis and provides users with a large music library. But Jobs says there's not much consumer demand for subscription based services where, if you stop paying, you lose all of your music.

Tags: itunes, itunes music store, ItunesMusicStore, rumor, subscription