Silicon Valley tech titan and most valuable company by market cap; Apple Inc.’s investors had some great news to cherish. The company’s App Store logged historic revenue of above $20 billion for developers in 2016, the firm reported on Thursday, as that business mostly kept its growth rate even as iPhone sales volumes plunged.
The figure indicates the App Store’s overall revenue exceeded $28.5 billion, with Apple gathering nearly $8.5 billion founded on its 30% share of sales.
A year earlier, Apple only reported its App Store billings were more than $20 billion in 2015, indicating developers took above $14 billion and Apple’s revenue exceeded $6 billion.
That involves growth of almost 40% in 2016, meeting with the growth Apple was forecasted to post in 2015. It is difficult to say conclusively, as Apple does not give precise figures for judgment.
App Store revenue has surged since day one, thanks to surging sales of iPhones internationally, but with iPhone volumes decline in the previous fiscal year, growth took place from a mix of boosting sales in China, new games and surging subscription billings.
Apple reported that last year’s sales of apps moved up 90% in China, where the App Store has witnessed opposition from the government. On Wednesday, Apple assured that it had pulled the New York Times from its App Store in China, after a request from Chinese regulatory body. On Thursday, Apple stated that Nintendo Co.’s new game “Super Mario Run” produced above 40 million downloads in its initial four days. Subscription billings for apps like Netflix and Tinder moved up 74% previous year to $2.7 billion.
The firm reported that the App Store generated historic sales for a single day on Jan. 1, 2017, with almost $240 million in purchases. That accompanied above $3 billion in sales in the December holiday season.
Shares of Apple Inc.(NASDAQ:AAPL) Company responded positively and were soaring almost 0.3% after the cheerful news arrived.