Apple's App Store is a big, big, big $2.4 billion business

While Microsoft attempts to woo Apple iPhone App developers, it’s pretty clear the subject of Redmond’s paid-for passions are on an Apple gravy train, despite continued inconsistencies in App Store approvals.

The latest stats from AdMob claim the App Store economy is already worth $2.4 billion – bigger than Android or any other contender.

AdMob serves up ads within iPhone/iPod touch and Android apps. Based on a survey of 1,000 users the company released data for July today which suggests $200 million (value) in apps are downloaded every month. This means the App Store business worth around $2.4 billion a year – and the business is growing. (Expect a further shot in its arm when the fabled Apple tablet ships).

Android grabs a paltry $60 million in app sales each year at this point in its development….Why the difference? Put simply, it is because the iPhone represents 60 per cent of US smartphone usage. Not bad for a product family that’s only existed for a single digit sum of years.

The forgotten element in Apple’s App Store story is the iPod touch, owners of which download on average 18 apps each and every month (iPhone/Android users grab just ten, AdMob claims).

AdMob is also advising App developers to create free versions of their apps, as these stimulate sales of full versions. Additionally, iPod touch owners download twice as many free apps as Android/iPhone owners.

More stats:

– App Store customers are extremely likely to purchase at least one app each month.

– Fifty per cent of iPhone users and 40% of iPod touch users buy at least one app per month. Just 19% of Android users do the same.

– Over 90% of users browse through Apps on their mobile device.

– Over 50 per cent of Android and iPhone users spend over 30 minutes a day using applications.

– Users who regularly purchase paid apps spend an average of $9 on about 5 paid apps per month.

– The most-cited ways of discovering apps are browsing the Store Rankings and searching for a specific type of app.

Check out the full report here.

Via: GigaOm.