Android To Take Down The Ringtone Biz?

Jamster is the annoying ringtone company that has been making a killing the last 5 years, blowing the ringtone business into a billion dollar industry.
It has been one of my biggest surprises that no one has marketed an easy to use free software that lets you edit and deploy a song onto one’s mobile device. (maybe it exists, but something is keeping it from going mainstream)
The smash hit iTunes app store proved that Jamster’s mobile game business will be in jeoprady once platform standardization is ubiquitous.
Now, the Android App market has launched with the first ever approved Free Ringtone Editor, which comes preloaded in the app store and does exactly what it sounds like.
Currently the recording industry makes $6.8B a year on ringtones and is projected to become an $11.6B industry by 2010!
Will a simple ringtone editor app on smart phones be the catalyst to take down the new giant money maker for the music biz? At least Jamster deserves it after making me watch 3 years of commercials that play a god awful pimp cup remix songs, prompting me to key in a number if I want it as my ringtone.
It will be interesting to see how the 2 million G1 Android phones that come out this week begin to affect ringtone profits, and how soon it will be before there is a litigous situation claiming that a ringtone is a seperate entity? Look pal, if I own the song already, I shouldn’t have to pay for it again to have it as my ringtone.

What do you think will happen?