With the arrival of the iPhone being looked at by gearheads, techies, rich kids, and early adopters like it’s the second coming, the music industry is taking stock of the situation too. More than the mobile communications industry, it is the music industry that will be affected the most by the iPhone’s release.

On the one hand, the music industry is excited by the prospect of increased music sales because of the iPhone’s music capabilities (it is practically an iPod with a phone and camera attached to it). But on the other hand, the industry is also wary that the iPhone will only seek to strengthen Apple’s influence on the fledgling mobile music industry, and this will definitely have a noticeable effect on the music industry in general who see mobile music as having a big potential to flag up its sagging sales. We’ll see how this develops. Whatever happens though, Steve Jobs has managed to turn the music industry on its ear.