Apple is a money-making machine, there's no doubt about it, and almost anything that bears the company's logo becomes a successful product. A vivid example is the App Store, a service that Steve Jobs initially didn't believe in, but which now generates more money than the entire company's total revenue in 2007, when the iPhone was released.
Data from research firm SensorTower reveals that in the first half of 2017 alone, Apple had $4.9 billion in revenue from the App Store. Ten years ago, the entire company had a net income of $3.5 billion, meaning the App Store alone brought in 40% more money than Apple made with all of its businesses in 2017.
And these statistics aren't all that surprising, as the App Store has been steadily improving over the past few years. Back in 2013, the App Store represented just 1% of Apple's revenue, while in 2016, that number tripled to 3.4%.
Apple isn't the only one making a fortune from the App Store, as developers earn a lot thanks to the army of iPhone and iPad users who buy apps and games.
In 2016, developers earned a record $20 billion, according to Apple. App Store purchases reached $3 billion in December alone.
At the same time, 2017 saw signs of success for the App Store, with January 1st proving to be the busiest day for the service. Customer purchases totaled $240 million on the first day of the year, likely as new devices were activated after the Christmas holidays.
That's one of the reasons Apple continues to improve the App Store, and in the upcoming iOS 11 due in September, the company will introduce a new design that it says prioritizes high-quality apps that are worth buying. The new store is already available to users running beta of iOS.
