Apple’s App Store is Pulling in the Dollars

Apple’s (NASDAQ:AAPL) App Store generated more than $9 billion in revenue in the last calendar year, a year-over-year growth of 33 percent, according to a report from The Yankee Group. The study also estimated that App Store revenues will rise about 40 percent this year to $12.9 billion, grow another 26 percent in 2014 to $16.2 billion, move up 22 percent in 2015 to $19.8 billion, and see a growth of 13 percent in 2016 to $22.4 billion.

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“Apple is holding onto its global lead in app downloads,” Yankee Group’s Jason Armitage said in a statement. “Survey data show that a quarter of U.S. consumers used the App Store in the last quarter of 2012. Despite fierce efforts from competitors, that percentage actually inched up over the course of last year. This is a testament to the attractions of Apple’s app storefront for both developers and consumers in major markets.”

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