During its Q3 2014 earnings call, which outlines the results of the company’s quarterly revenue report, Apple unveiled key details for many of its products, including iTunes. The tone for the service was quite positive, with plenty of high numbers showcasing the power of Apple’s digital service and storefront.
During the third quarter 2014 earnings call, Apple moved iTunes into the limelight, and presented the audience with several key elements, including sales, app downloads and money paid out to the developers that put their apps into the App Store for consumer downloads. For Q3 2014 (second calendar quarter), Apple outlined explicitly that iTunes is one of the strongest revenue sources for the company, touching on the popularity of the App Store that continues to increase.
Apple’s CEO, Tim Cook, pointed out that within the first fiscal nine months, iTunes was the fastest growing gear in Apple’s total business, with a 25% increase to billing through iTunes, which Cook pointed out had much to do with the App Store and app downloads. iTunes managed to bring in $4.5 billion in revenue, which is a 12 percent increase year-over-year.
When it comes to downloads, the App Store has now moved a cumulative 75 billion total. In payments, Apple has dished out $20 billion to developers so far. What’s really striking, though, is that Cook pointed out in January of 2014, Apple had paid out $15 billion to developers. So, in five months, an additional $5 billion has been paid to developers.