Are Apple's iTunes Sales Collapsing?

According to this post in The Registry, Forrester Research says YES.

Based on my iTunes spending habits, they collapsed 12 months ago, but the stock has doubled.

Maybe piracy is just too big in the end, maybe DRM won’t matter either way, maybe iTunes sales are collapsing.

My gut says, either way the big money knows (knew) this today and yesterday. It is old news and nothing to base a hasty buy/sell Apple decision.

The iPod sales themselves are still growing fast and that’s where Apple makes their money. There are so many other ways to monetize this installed base that I imagine, the hardware metric is more important than iTune sales.

If I am wrong and The Registry has a scoop based on Forrester’s research that implies problems for the whole Apple growth story, the shorts will have their day in the sun. I would be a buyer though on that day in their sun.