App Store an economic miracle for developers in India, says Tim Cook
The Hindu
Apple's study reveals App Store in India drove ₹44,447 crore in developer sales, supporting economic growth and innovation.
The App Store ecosystem in India facilitated ₹44,447 crore ($5.31 billion) in developer billings and sales during calendar 2024, reported a study published by Apple.
As per the study, more than 94% of billings and sales facilitated by the App Store in India accrued solely to developers, and businesses of all sizes, without any commission paid to Apple. It also found, the global earnings of India-based developers have tripled, over the last five years.
“The App Store has been an economic miracle for developers in India and all around the world, and we’re thrilled to support their work.,” Apple CEO Tim Cook said.
The study underlined the power of India’s incredibly vibrant app economy, he further said adding, “And we’re committed to keep investing in the success of developers of all sizes as they build apps that make an important impact and enrich people’s lives.”
According to the study, India-based developers have also designed popular apps targeted at the country’s growing quick commerce and gig economy industries. These apps provided essential on-demand services, making daily tasks more convenient for millions of users while providing workers with access to flexible job opportunities in the country, it claimed.
The study conducted by Professor Viswanath Pingali from the Indian Institute of Management Ahmedabad, took a closer look at the key drivers shaping the App Store ecosystem in India that comprises food delivery, travel, gaming, and entertainment. In 2024 alone, App Store developers generated ₹38,906 crore ($4.65 billion) in total billings and sales from the sale of physical goods and services, ₹3,014 crore ($352.9 million) from in-app advertising, and ₹2,527 crore ($302 million) from digital goods and services, it said further.
The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said
Meta Chief Executive Mark Zuckerberg is building a CEO agent to help him do his job, the Wall Street Journal reported
Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
L&T confirms 95% of its West Asia project sites are safe, while addressing logistics challenges amid ongoing regional conflicts.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
HDFC Bank terminates three senior officials over client onboarding issues at its DIFC branch amid ethical concerns following chairman's resignation.
Air India CEO warns of potential flight cuts and reduced travel demand due to rising fuel costs amid ongoing Gulf conflict.
Options are widely used by retail traders to speculate on the value of the stock for immediate gains and such behaviour in large scale can distort the market
India achieves 1 billion tonne coal production for the second consecutive year, ensuring stable energy supply and economic growth.
Generic drugmakers in India launch affordable Semaglutide versions, targeting a $1 billion diabetes and weight loss market.