Apple, Inc. CEO Tim Cook described the 800 million iTunes accounts as "staggering" when he discussed this along with Apple's strong first quarter results.

"We now have an almost 800 million iTunes accounts, most of these with credit cards," Cook said. "This is a staggering number." Apple in June 2013 said iTunes had 575 million accounts.

iTunes is a media player, media library and mobile device management application that plays, downloads and organizes digital audio and video on personal computers running the OS X and Microsoft Windows operating systems. It is available on the iPod Touch, iPhone and the iPad.

"Keep in mind, in that category there's several things--not just the App Store kind of revenues," Cook said.

"So if you looked at App Store only, it would look a little different than what you're saying. But in terms of your question about monetization, I do believe that we can monetize more than we are from a services point of view in existing areas and in new areas. And I'm particularly encouraged that when I look at the App Store and how it's doing, the strength was broad-based. In fact, in China, the growth was in the triple digits."

The growth in iTunes numbers comes to about 710,000 accounts added every day. At this pace, the total number of iTunes could hit a billion by 2015.  Most of the existing iTunes accounts have credit cards attached to them, which makes iTunes a huge money maker for Apple.

Through the iTunes Store, users can buy and download music, music videos, TV shows, audiobooks, podcasts and movies.