Apple’s 2024 Global App Store Study Reveals $1.3 Trillion Contribution to World Economy with Zero Commission from 90% of Transactions

The App Store and its operational model have come under scrutiny from various regulatory bodies, including the European Union, which insists that Apple must optimize its practices to ensure a level playing field for its competitors. While discussions and debates around this topic are expected to persist for years to come, Apple has leveraged this opportunity to showcase how its platform, essential for millions of developers, positively impacts the global economy. Recently, the company unveiled a 2024 App Store study that indicates its total contribution has reached a staggering $1.3 trillion.

Remarkable Growth: The App Store’s Economic Impact from 2019 to 2024

Carried out by analysts Jessica Burley and Professor Andrey Fradkin, the economic study has been supported by Apple, though it emphasizes that the conclusions drawn are solely those of the researchers. According to AppleInsider, the 2024 App Store report illustrates the impressive growth trajectory of Apple’s contributions to the economy over the past year and since 2019. Notably, the reported $1.3 trillion does not include revenue from Apple’s own applications or web browsers like Google Chrome.

Furthermore, Apple asserts that it has refrained from collecting commissions on 90 percent of the transactions contributing to the $1.3 trillion figure. This considerable value reflects a jump from $514 billion recorded in 2019, marking a remarkable increase of 252.9 percent. In terms of geographical contributions, China leads with $539 billion, followed by the U. S.at $406 billion and Europe at $148 billion. The study draws upon data from reputable sources, including Statista, Comscore Media Matrix, Statcounter, Omdia, and JP Morgan, among others.

Breakdown of Economic Contributions

Out of the total contribution of $1.3 trillion, a substantial $1 trillion originates from physical goods sales, while digital goods account for $131 billion, and advertising revenues contribute an additional $150 billion. The findings suggest that Apple’s App Store platform serves as a significant buffer for the global economy. However, the ongoing grievances from many developers indicate underlying tensions, particularly as a significant number of them must relinquish 30 percent of their annual revenue to Apple, significantly impacting their earnings.

Source&Images