If you look at the market cap increase in Apple since it created the iPod versus what's happened to the music industry, you have to say Apple got the better part of that deal.

To turn $100 into $110 is work. To turn 100 million into $110 million is inevitable.

It's interesting that the book publishing industry, on the iPad, has much more flexibility than the music industry had.

By packaging a full album into a bundle of music with ringtones, videos and other combinations and variations, we found products that consumers demonstrably valued and were willing to purchase at premium prices. And guess what? We've sold tons of them.

As my other obligations are beginning to take an inordinate amount of time, I have asked to step down as WMG's board chairman, effective January 31, 2012. However, I will remain a director of the company and in that way, continue my association with Warner Music and its extraordinary people.

And since discriminating fans can pick and choose exactly what they want to buy, artists and their labels are more conscious than they've ever been of making sure that every song on a new album is as good as can be.

The iPod made music mobile, but today, how many devices do you need to walk around with? You want it on just one. And inevitably that's going to be the phone.