iTunes to kill mobile ring tones market

It’s 6.26pm and I’ve just heard that Apple’s Steve Jobs has said a custom ringtone maker is to be built into Tunes, which can sync ringtone music to the iPhone. You’ll be able to use iTunes to take a snippet of your chosen track and make it a ringtone. RIP Crazy Frog.

I wonder if iTunes will have some sort of validation for music publishers? Some may have concerns over lost royalty payments on ringtone snippets, would they not?