A recent survey of 500 teens found that 25 percent of them were willing to pay $500 for Apple’s iPhone. Other findings include that 78 percent of high school students own a portable media player; 82 percent of this group exclusively own an iPod.

In confirmation of the recording industry’s intensifying fears, the survey found that two thirds of teens downloading music online are doing so via free file-sharing sites. For those teens that download their music legally, 89 percent use iTunes according to industry analyst Gene Munster.

JMP Securities predicts upwards of 500 million iPods will be sold during its reign. Citigroup also forecasts that Apple could receive between $200 and $300 per new subscriber from Cingular.

[via The Tech Chronicles]

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