Apple's music business could double the company's size in just five years, according to new analysis from research firm, Generator.

Generator's analysis is presented in the report 'Apple: Game, Set and Match?' published on May 8.

The analysts note that as of September 2002, music contributed only 2.6 per cent to Apple's total revenues. Roll the clock forward three years to September 2005, and music had grown to account for 40 per cent of Apple's revenues.

Generator predicts that by September 2006, Apple will be drawing "most of its revenue from music, rather than Macs."

"Most people now understand that Apple's music business is the main source of growth but what's not widely appreciated is just how big the music business could become in the future. It's a big worry for some people in the industry," said Andrew Sheehy, vice president of research at Generator.

The iPod range, sales of which exceeded those of Sony Ericsson phones in the fourth calendar quarter of 2005, will remain the primary source of growth. However, the analysts predict that the iTunes Music Store will be contributing 37 per cent of total music revenues by 2010.

The revenue projection excludes several important factors all of which have the potential to increase company revenues still further.

"We have excluded revenues from non-music content categories such as TV shows and movies and new device categories, such as a new Apple product line aimed at the home entertainment market which would compete with products that are based on Microsoft's Media Center PC," explained Sheehy