Apple pumps out $64 bn revenue from App Store
By MYBRANDBOOK
Apple through its App Store in 2020 reportedly made a total of USD 64 billion in revenue showing 28% increase from an estimated USD 50 billion that the tech giant generated in 2019. According to a American technology news website, The Verge, this growth in 2020 represents a good amount of growth for the company's App Store because the estimated increase between 2018 and 2019 was only 3.1%.
Though difficult to determine the exact reason for this spike in growth, a sharp increase in growth can be attributed to the fact that people did purchase more games online owing to the worldwide lockdown due to the Covid-19 pandemic.
When Apple reports on its revenues, it lumps the money it makes from the App Store along with its services revenue, which turns out to be by far its fastest-growing category. The company takes a 30% cut of most of the money coming into the App Store, which, while there are caveats and exceptions, represents billions of dollars of revenue.
According to The Verge, Apple typically guards its take carefully, despite recent pushback from developers like Hey.com and even legal challenges from Epic. Every year, Apple reports how much money it has paid out to developers since 2008.
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