Apple may be launching a plethora of new Services, but its established App Store business also continues to boom.
According to new figures released by analytics platform Sensor Tower, the App Store will more than double its revenue by 2023. That would mean bringing in a global revenue of $96 billion, a 104 percent increase over last year’s $47 billion.
Sensor Tower also predicts big things for Google Play apps — although not quite as big. Despite the massive number of Android handsets, the Google Play app store is likely to earn $62 billion a year by 2023. That would mean that Apple’s App Store still makes up 62 percent of all revenue.
The firm says that global revenue for the App Store will continue to be led by China, followed by the United States and Japan. Google, on the other hand, will make its money from the United States, South Korea, and Japan.
Latin America is also expected to become a bigger piece of the pie. By 2023, Sensor Tower thinks it will rake in $2.4 billion in user spending. That’s a 239 percent increase on the $710 million spent there last year.
Going from strength to strength
Predicting record App Store sales isn’t exactly going out on a limb. Despite faltering iPhone sales, the amount of money spent on apps continues to go from strength to strength. Last year was another record year for the App Store. On average, users spent around $79 each on software. That was up 36 percent from 2017. In all, spending on premium apps and in-app purchases has more than doubled since 2015.
How much do you spend in the App Store? Are you on the high or low side of average? Where do you see the main growth areas being for apps? Let us know your thoughts in the comments below.
Source: Sensor Tower