However, it looks like someone pushed a wrong button on the iTunes store which incidentally accounted for over $1 billion in revenue for Apple. For the past half hour or so the iTunes Store has been down and several users are complaining about it.
I have been trying to purchase an app for past 30 minutes but am hit with the above error every time. The error says that the network connection timed out, but I can access all websites properly without issues.
Several other users are facing a similar problem which can be seen by visiting this Twitter search page. I am able to access the iTunes store online, however, purchases are not going through.
Are you facing a similar problem while making purchase with the iTunes Store?