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The demographics of people who spend the most on iTunes don't match the teenagers who were trading free files. Jobs persuaded record labels to offer their songs for sale to people who always pay for content (ie re-buying millions of Beatles tracks when they finally arrived on iTunes last year).

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I think this is because a lot of the file swappers were actually pretty broke. Teenagers don't all simply hemorrhage cash from every poor, only some do. The rest were burning CDs for friends and later downloading off Napster.

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