Apple Pips Wal-Mart to Become No. 1 Music Store

Apple has become America's No. 1 music retailer, the Los Angeles Times reports. The company said yesterday that its iTunes store had overtaken Wal-Mart for the first time. Analysts say its ascent to the top spot after just 5 years is a major milestone for the industry and the Internet.

It's the first time a seller of downloads has beaten the big CD retailers; CDs discs still outsell downloads, but maybe not for long, as a wave of digital change sweeps the music industry. "I think it's a sign of things to come, if you believe in evolution," said the boss of CBS Interactive. (More Apple stories.)