Apple's iTunes Store Hits Record $4 Billion in Revenues in Q2 2013
With the tenth anniversary of the iTunes Music Store coming up this Sunday, Apple recently reported its digital storefront which now includes music, video, apps, and ebooks, hit record-breaking revenues of over $4.1 billion for the second quarter of 2013. The huge number contributed to the total $9 billion that iTunes has managed to accumulate over the past and includes software and services like the iOS App Store.
iTunes media sales reached $2.4 billion, a number that is up 28% year-over-year, while combined app and service sales bumped the figure up to $4.1 billion, up 30% from the year ago period. According to Apple CFO Peter Oppenheimer, research showed purchases from the iOS App Store accounted for 74% of app sales over all platforms, including Google Play for Android. The executive put the number into perspective by saying 800 apps are downloaded every second, which translates to nearly 70 million downloads a day.
According to Oppenheimer, the App Store now reaches 90% of the world’s population and is available in 155 countries. There are now over 850,000 iOS apps in the store, 350,000 of which are tailored for the iPad. As of the second fiscal quarter of 2013, iTunes now offers 35 million songs in 119 countries, 60,000 movies in 109 countries and 1.7 million iBook titles.
Apple also mentioned that payouts to app developers has reached a total of $9 billion since the App Store initiative launched in 2009 and the company is currently averaging handing out roughly $1 billion per quarter to app makers.