I'm a couple of days late, but apparently Ring Tones Are Bringing in Big Bucks:

The worldwide sale of ring tones, which started as a marketing gimmick for music labels and mobile phone companies, is roughly equivalent to 10 percent of the $32.2 billion global music market.

That's pretty crazy. I wonder if there's a market for original ringtone compositions.

I just got a cell phone a couple of months ago and I just psychologically can't bring myself to spend even a small amount of money on ringtones. And the phone seems to have no facility for importing or creating my own (I was briefly interested in the idea of creating ringtone versions of my own songs), so the whole ringtone phenomenon is kind of dead and bizarre to me.