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Apple paid over $260 billion to app developers in 13 years

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1641880506 1641880506 108 Tim Cook

Since the launch of its App Store in 2008, Apple has paid more than $260 billion to app developers over the years through the sale of digital goods and services on the App Store.

The iPhone maker made this disclosure in its blog post, where it stated that in 2021 alone, it spent the most on app developers at $60 billion, a digit larger than the previous years, separate from the $200 billion spent so far since inception till 2020.

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By the end of 2019, Apple had paid developers a total of $155 billion, the amount compared to the previous year was a little less at $120 billion. This means that payouts to developers jumped by $35 million from 2018 to 2019, also growing by another $45 billion from 2019 to 2020.

What Apple is saying

According to the company, in 2021, Apple’s services helped deliver innovative apps, powerful content, and transformative experiences that enrich users’ lives around the world in more ways than ever before, hence, driving revenue streams of developers in 2021.

It noted, “Apps and games have become the essential source for the world’s most innovative and timely entertainment. The efforts, innovation, and creativity of the developers who leverage Apple technology to build these incredible experiences, coupled with the power of the App Store’s global platform to connect businesses of all sizes with over 600 million people each week across 175 countries, has led to developers selling digital goods and services earning more than $260 billion since the App Store launched in 2008.”

What you should know

Apple has adjusted its commission structure to reduce its own cut of developer revenue amid an increase in regulatory scrutiny of its App Store business practices, antitrust complaints and lawsuits

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The company reduced its commission from 30% to 15% on qualifying apps – those that earned up to $1 million per year – with the launch of Apple’s Small Business Program in November 2020 whilst also dropping commission for selected news publishers’ apps if they chose to participate in its Apple News Partner Program.

In spite of this, revenue growth in 2021 follows what could be regarded as a transitional year for Apple as the App Store customers spent more than ever between Christmas Eve and New Year’s Eve in 2021, driving double-digit growth from last year.

According to data released by the company in June, the App Store is one of the world’s biggest app marketplaces, home to more than 1.8 million apps and visited by more than half a billion people each week across 175 countries.

Source: NairaMetrics

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US interest rate hikes will worsen Nigeria, others’ debt crisis – Report 

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1643028603 Debt

Interest rate hikes from the U.S. Federal Reserve and other central banks are likely to worsen a global debt crisis, particularly for developing countries like Nigeria

This is according to a new report from U.K. non-profit organisation, Jubilee Debt Campaign, titled, ”Growing global debt crisis to worsen with interest rate rises.”

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The Federal Open Market Committee will meet this week to decide on the next steps in tightening monetary policy in an effort to keep inflation under control. Some analysts predict that in 2022, the US central bank will raise rates from their pandemic-era lows.

What the report is saying 

In a report published on Sunday, the Jubilee Debt Campaign highlighted that developing countries’ debt payments rose 120% between 2010 and 2021, and are currently at their highest since 2001.

The average portion of government revenues channelled toward external debt payments increased from 6.8% in 2010 to 14.3% in 2021, with payments shooting up in 2020.

The report stated that sharp increase in debt payments is hindering countries’ economic recovery from the pandemic and rising U.S. and global interest rates in 2022 could exacerbate the problem for many lower-income countries.

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“High debt payments are preventing many countries from tackling and recovering from the Covid pandemic. Rising US and global interest rates in 2022 could further intensify the debt crisis many lower income countries are facing,” the report said.

Heidi Chow, Executive Director of Jubilee Debt Campaign, said significant actions need to be taken to rectify the debt crises in developing countries. He said, “The debt crisis continues to engulf lower income countries, with no end in sight unless there is urgent action on debt relief. The debt crisis has already stripped countries of the resources needed to tackle the climate emergency and the continued disruption from Covid, while rising interest rates threaten to sink countries in even more debt. G20 leaders cannot keep burying their heads in the sand and wish the debt crisis away.

He further stated that a debt calculation strategy was needed to address the issue. ”We urgently need a comprehensive debt cancellation scheme which compels private lenders to take part in debt relief,” Chow said.

Jason Braganza, Executive Director of the African Forum and Network on Debt and Development (AFRODAD) stated that the debt problems were aggravated by the pandemic,adding that the current debt relief program wasn’t enough.

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He said, “Since before the pandemic, AFRODAD had cautioned on the debt precipice facing many African countries. Covid-19 accelerated an already deteriorating situation and will reverse the socio-economic gains of the past decade. We have consistently said the current debt relief measures aren’t good enough and have called for a truly inclusive debt relief programme with all creditors; and a comprehensive debt cancellation programme. This is what will save African citizens from difficult times ahead.”

In conclusion, the report stated that the G20 created a new debt relief scheme at the end of 2020, called the Common Framework, but none of the countries which have applied for it have yet had any debt cancelled.

... US interest rate hikes will worsen Nigeria, others’ debt crisis – Report  Read More on ... Nairametrics.

Source: NairaMetrics

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Fidelity Bank Holds Second Draw of GAIM 5 Promo

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Second Draw of GAIM 5 Promo

By Modupe Gbadeyanka

The second draw of the Fidelity Bank Get Alert in Millions Season 5 promo (GAIM 5) has produced a new set of millionaires.

The new millionaires at the recently-held draw in Victoria Island, Lagos were Ajoma Rachel, Stanley Sunday, Musbahu Kabiru, Usman Abdulkadir, John Uchechukwu, Oluwatayo Oladipupo, Esther Eloho, Sophia Sefera, Amarachi Sarah Anyacho, and Obi Chinelo.

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According to the Executive Director in charge of Lagos and Southwest Directorate of Fidelity Bank, Dr Ken Okpara, the lender is “always looking for opportunities to help our customers grow” as a bank that places customers at the centre of everything.

“Two months ago, we kicked off the GAIM 5 promo to reward our customers and demonstrate our commitment to improving their lives and wellbeing.

“Today, we are excited at how happy we have made some of our most loyal customers. We remain committed to providing rewarding experiences and best-in-class services for our clients,” Dr Okpara added.

Also speaking at the event, the Divisional Head, Product Development, Osita Ede stated that, “We have earmarked the sum of N125 million for total cash rewards this season which we would be giving out in weekly, monthly and grand draws till the campaign ends in July 2022.

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“We encourage our customers to save up to increase their chance of winning and those yet to open an account to do so today. At the end of the campaign season, we want to celebrate customers who make savings second nature.”

It was gathered that the second draw of GAIM 5 promo was witnessed by representatives of regulatory organisations like Ms Oyinkan Kusamotu, Senior Legal Officer, Lagos State Lotteries & Gaming Authority; Mr Tanko Mohammed, Head, Monitoring & Enforcement, Lagos State Lotteries and Gaming Authority; Mrs Susie Onwuka, Head, Lagos Office, Federal Competition & Consumer Protection Commission (FCCPC) and Ms Chioma Amanoh, Lagos Office, National Lottery Regulatory Commission (NLRC).

Since the commencement of the fifth season of the promo in November 2021, the bank has enriched over 460 customers with various cash prizes.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with about 6 million customers who are serviced across its 250 business offices and digital banking channels. The bank is known for exceptional customer service and digital innovation.

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