Apple has released a new report by Professor Viswanath Pingali of IIM Ahmedabad, which states that the App Store economy in India generated a staggering Rs 44,447 crores ($5.31 billion) of developer billings and sales in 2024.
Surprisingly, over 94% of this revenue found its way to developers straightaway, with Apple not levying any commission on the majority of the earnings. The report identifies a whopping surge in India-based developers' global revenues, where their income increased three-fold over the last half-decade.
Apple CEO Tim Cook has lauded the App Store as an "economic miracle" for Indian developers and reiterated the company's commitment to powering innovation in the country. The report highlighted strong performances in major app categories such as food delivery, travel, gaming, and entertainment.
Indian developers are leapfrogging wonderfully all over the globe, generating 80% of their App Store earnings from global locations outside of India. They have been downloaded over 755 million times globally, double the amount five years ago. Apps like Noteshelf, developed by Fluid Touch, and Lumy by Raja Vijayaraman are testimony to how Indian developers are flourishing overseas, buoyed by Apple's developer support initiatives like the Developer Center in Bengaluru.
Locally, Indian app downloads have risen threefold and revenue has quintupled in the last five years, driven by the rapid expansion of gig economy and quick commerce apps. Small developers have experienced a 74% increase in App Store income between 2021 and 2024 due to Apple's Small Business Program, which offers reduced commission fees.
Apple also emphasized the safety and security of the App Store, highlighting that features such as App Review, fraud protection, and privacy protections not only protect users but also assist in creating a trusted marketplace that supports developers.
During 2020-2023, Apple denied over $7 billion worth of attempted fraudulent transactions and declined more than 1.7 million apps for poor quality.
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