The genesis of mobile apps
In the year 2008, Apple stunned the world by releasing its App Store. It was a one-of-its-kind platform that allowed developers to make applications for smartphones. This ecosystem lowered the barrier of entry for developers to a great extent. It allowed even the smallest of developers to step into a global market. The proposition was simple: Apple asked developers to build applications for the iPhone, and in return, they were made privy to a 70/30 distribution of revenue. Well, Apple's formula holds strong to this date.
Furthermore, with the emergence of alternative platforms like Google Play Store and others, the app economy has come into its own. Given India's enormous user-base of 500+ million smartphone owners, developers have a lot to tap into. A report estimates that by the year 2024, India will overtake the US, and become the country with the highest population of skilled developers in the world.
Today, the app economy entails the myriad of economic activities that are correlated to mobile applications.
This story is from the March 2020 edition of SME World.
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This story is from the March 2020 edition of SME World.
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