Over five billion songs have been purchased and downloaded from iTunes Store, making it the number one music retailer in the U.S. Apple also announced that that its customers are now renting and buying over 50,000 movies every day. I, for one, rented a movie the other night.

iTunes now carries a music catalog of eight million songs and movies movies from all of the major movie studios including 20th Century Fox, The Walt Disney Studios, Warner Bros., Paramount, Universal Studios Home Entertainment, Sony Pictures Entertainment, Metro-Goldwyn-Mayer (MGM), Lionsgate and New Line Cinema.

The iTunes Store is the world’s most popular online music, TV and movie store with a catalog of over eight million songs, over 20,000 TV episodes and over 2,000 films.

Unfortunately, I did not read the fine print that movies rented on the iTunes Store will play only on the current-generation iPod classic, iPod nano, and iPod touch.