Taylor Swift’s Red is likely to break the 1 million barrier for first week sales, after moving a staggering 262,000 copies on iTunes in just one day. The album went to No.1 on iTunes all-genre Top Albums chart just 36 minutes after it was released at 12.01am on Monday (October 22, 2012). And who said the album format was dead?

 According to Swift’s label Big Machine Records, the record is also responsible for 4.5 million individual iTunes song downloads, with users eager to have Everything has Changed and of course We Are Never Getting Back Together in their digital libraries. In total, 13 tracks from the album have reached the Top 20 of iTunes Top Songs chart. Swift’s fourth album also tops Amazon.com’s list of bestselling albums, having spent 61 days in the Top 100. Red appears to have kick-started a price-battle, with the online retailer offering it for just $9.99, compared with iTunes $14.99 digital download. Target.com also has the physical edition at $9.99, with a deluxe edition (including six bonus tracks) available at $14.99.

Music analysts will be keeping a watchful eye on Red’s progress in the charts, particularly to see whether it outsells the country star’s 2010 album Speak Now, which sold 1,047,000 copies in its first week in 2010.