Apple App Store (AAPL, GOOG)

DEFINITION of 'Apple App Store (AAPL, GOOG)'

The Apple (AAPL) App Store is where customers can buy and download software and mobile apps. Apps are software which provide additional functionality to an operating system. Apple’s App Store debuted in July 2008 for iOS but was later expanded to provide apps for Macs.

Apps purchased from the App Store are stored in iCloud for easy access from any signed-in device. Apple maintains that it holds a trademark on the term “app store” but the term is used to reference any company which sells apps. Examples of other app stores are Google's (GOOG) Android Marketplace, the Amazon (AMZN) Appstore, Blackberry (BBRY) World and Microsoft's (MSFT) Windows Store.

BREAKING DOWN 'Apple App Store (AAPL, GOOG)'

Apple’s App Store is big business for the company. In the first week of 2015, the App Store had $500 million in app and in-app revenue with Apple earning a 30% commission. Apps can be created by any developer but must be approved by Apple in order to be sold in the App Store. Developers whose app is refused can try to sell it on Cydia – a marketplace for apps for jailbroken iPhone, iPad and iPod Touch devices.