The recent launching of the Apple iPhone has got the industry talking about the ringtones market. Apparently, Apple also wants to join in the fray:

Jobs wowed the applauding Macworld Expo crowd when he showed them how to navigate iTunes content using a finger on the touchscreen. The report also shows the device can be used to scroll through collections by using the first letter of the artist’s name; ‘Letter scrolling’, the report calls it.

Finally — and perhaps most impressive — the report also looks at ringtones, speculating that Apple will sell ringtones for the iPhone through the iTunes Store.

Supporting this proposition, the report looks at a photo of the sync interface for the iPhone, which clearly shows a ‘Ringtone’ tab.

Here’s the video showing the Ringtones tab:

That’s an almost $1 Billion industry there.