Apple's App Store just brought in a whopping $1.42 billion in one week, setting a new record

AP

• Apple's App Store brought in $1.42 billion in revenue between Christmas Eve and New Year's Eve last month, setting a new record, the company announced Wednesday.
• Apple customers spent $386 million on the App Store on New Years' Day alone, setting another record for single-day sales.
• The whopping figures show that customers are increasingly willing to spend money on apps, and that developers are finding new ways to monetize them.
• However, the rate of growth in App Store sales is gradually slowing.
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Sales are booming across Apple's App Store, which set records for single-week and single-day sales over the holidays, the company announced Wednesday.

Apple customers spent a record $1.42 billion between Christmas Eve and New Year's Eve. Then, the App Store brought in a single-day sales record of $386 million on New Year's Day alone, according to Apple.

The sky-high sales are a testament to consumers' continued willingness to spend money on smartphone apps, as well as developers' ability to make money from apps. The App Store brought in over $54 billion in total sales in 2019, up 16.3% from 2018, while the Google Play store made $29.3 billion, an increase of 18.1%, according to Sensor Tower.

While app sales continue to grow year over year, that growth is showing signs of slowing down. CNBC notes that Apple's payouts to app developers grew by 30% between 2017 and 2018, but that figure only rose 2.9% in 2019.

Beyond the App Store, Apple leaned heavily into services in 2019, launching Apple Arcade and Apple TV+ while beefing up Apple Music and Apple News. The company said on Wednesday that Apple News has over 100 million monthly active users in the US, UK, Australia, and Canada, but did not disclose the number of Apple TV+ or Apple Arcade users.

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