Apple Apps Make Bank!
IHS released a report on September 19 revealing that Apple’s (NASDAQ:AAPL) App Store is slated to earn the company $4.9 billion this year — a 70 percent increase from 2011, which saw revenue of $2.9 million.
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Ian Fogg, senior principal analyst for mobile at IHS, credits Apple Maps service and Passbook applications. “Until now, Apple’s iOS ecosystem has focused on virtual services, such as apps, digital music and movies,” he said. “The new Apple Maps and Passbook apps and accompanying location platform for app developers is the keystone for this real-world expansion, and will help support the accelerated growth of the Apple App Store market in 2012.”
This is good news for the biggest company on Earth, despite the fact that its mapping software hit the market with some issues. Apple has clearly won the monetization battle over Google (NASDAQ:GOOG), but the Android platform still holds the dominant share of the market. A tuned-up Apple Maps and a ubiquitous Passbook could convince Google fans to change over. The iOS 6 is already breaking some usage records.
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