Apple App Store generates $1.1 trillion in sales, billings
App Store attracted more than 650M average weekly visitors last year
Apple is mainstay in US economy, will be here forever: Alan Patricof
Primetime Partners Chairperson Alan Patricof discusses expectations for the tech giant's fiscal 2Q results and weighs in on the AI boom on 'The Claman Countdown.'
Apple announced Wednesday that the App Store generated $1.1 trillion in developer billings and sales last year.
The tech giant said that the milestone builds on developers' track record of strong and resilient growth, according to an Analysis Group study.
Apple said that more than 90% of the billings and sales from the App Store accrue solely to developers and businesses, without any commission paid to Apple.
Furthermore, citing analysis from the Progressive Policy Institute, Apple said that the iOS app economy supports more than 4.8 million jobs across the U.S. and Europe, and around 2.4 million in each region.
APPLE SIGNS MULTIBILLION-DOLLAR DEAL WITH BROADCOM FOR US-MADE CHIPS
Close-up of blue logo on sign with facade of headquarters buildings in background near the headquarters of Apple Computers in Cupertino, California, on Aug. 26, 2018. ((Photo by Smith Collection/Gado/Getty Images) / Getty Images)
The Analysis Group report estimated that App Store developers generated $910 billion in total billings and sales from the sale of physical goods and services, $109 billion from in-app advertising and $104 billion for digital goods and services.
Key drivers behind the growth included rebounding demand for travel and ride-hailing, social media and retail apps.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 227.55 | -1.45 | -0.63% |
Developer billings and sales increased by 29% between 2021 and 2022, with small developers growing earnings by 71% between 2020 and 2022.
Since 2019, U.S. developers' billings and sales have increased by more than 80%.
App Store icon displayed on a phone screen is seen in this illustration photo taken in Krakow, Poland on January 29, 2023. ((Photo by Jakub Porzycki/NurPhoto via Getty Images) / Getty Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"We’ve never been more hopeful about — or more inspired by — the incredible community of developers around the world," CEO Tim Cook said in a statement. "As this report shows, the App Store is a vibrant, innovative marketplace where opportunity thrives, and we’re as committed as ever to investing in developers’ success and the app economy’s future."
Apple CEO Tim Cook looks on during an Apple special event on Sept. 7, 2022, in Cupertino, California. ((Photo by Justin Sullivan/Getty Images) / Getty Images)
Data from Apple showed the App Store attracted more than 650 million average weekly visitors worldwide in 2022, with more than half of downloads occurring in storefronts outside of developers' home countries.
Users downloaded and re-downloaded apps an average of more than 747 million and 1.5 billion times each week in 2022, respectively.
CLICK HERE TO READ MORE ON FOX BUSINESS
Apple noted that, since its launch in 2008, iOS developers have earned more than $320 billion on the App Store.
The Analysis Group found iOS users have downloaded apps more than 370 billion times during those 15 years, with the App Store now having nearly 1.8 million apps to choose from.