Apple's App Store hits jackpot, records Rs 44,447 crore in 2024 billings and sales

American technology giant Apple is increasingly looking for significant presence in the Indian market. With Donald Trump’s tariff war changing the contours of the global trade order, Apple is reportedly planning to shift its assembly of all iPhones for the American market to India thereby reducing its dependence on China. But it’s not just the sales of iPhones that has brought cheers, 2024 data shows that Apple has struck gold in developer billings. According to a study conducted by IIM-Ahmedabad’s Professor Viswanath Pingali, the App Store ecosystem in India generated $5.31 billion or Rs 44,447 crore in form of developer billings and sales last year.

The IIM-A study showed that the bulk of the App store business, around 94 percent, was only dye to developers. Interestingly, this does not include any commission paid to Apple. Another key trend was that in last half decade, Apple’s earnings from developers in India have tripled.

Apple boss Tim Cook has termed the App Store as “economic miracle” for developers working in India and around the globe. He also said that the IIM-A study “underlines the power of India’s incredibly vibrant app economy.” Sectors such as travel, food delivery, entertainment, gaming and education are seen as the key drivers in increasing the app usage in India, the study said.

The 2024 data showed that App Store developers generated Rs 3,014 crore from in-app advertising, Rs 38,906 crore in total billings and sales from the sale of physical goods and services and Rs 2,527 crore from digital goods and services. The study further added that nearly 80 percent of India-based developers’ App Store earnings came from the users outside of the country.