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

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1641880506 1641880506 633 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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Dangote Cement Plc obtains SEC approval for late filing of Audited Statements

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1643030701 Dangote cement

Dangote Cement Plc has filed a notice announcing that the Securities and Exchange Commission (SEC) has granted the company approval to file its Annual Audited Financial Statements on or before February 28, 2022, which is within sixty days of its year-end.

In addition, the regulator granted approval for Dangote Cement not to file its Fourth Quarter Unaudited returns within thirty days of its ending period.

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This notice which was signed by the company’s deputy secretary, Edward Imoedemhe, and filed with the Nigerian Exchange Limited (NGX) stated that, “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end”.

This means that the company will be filing its Audited Financial Statements for the year ended December 31, 2021, on or before February 28, 2022.

What you should know

  • In its nine months financial statement for the period ended September 30, 2021, the cement manufacturer generated N1.02 trillion, just 1.16% below what it generated in its full-year 2020 report. Compared to the nine months of 2020, the company increased its revenue by 34.24%.
  • In Q3 2021, however, the financial result revealed that revenue grew by 16.53%, while net income for the period appreciated by 4.94% from N82.54 billion in Q3 2020 to N86.62 billion in the current period.
  • Recently, the company concluded a two-day share buy-back program, repurchasing a total of up to 170,003,074 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the currently issued shares, less treasury shares.
  • The repurchase scheme saw share prices jump to an all-time high of N284.90 per share, increasing the company’s market value by 253 billion.

... Dangote Cement Plc obtains SEC approval for late filing of Audited Statements Read More on ... Nairametrics.

Source: NairaMetrics

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NGX, CIPE to Boost Ethical Business Practices

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Ethical Business Practices

By Aduragbemi Omiyale

A collaboration aimed at deepening knowledge in the African business environment to promote ethical business practices has been entered into between the Nigerian Exchange (NGX) Limited and the Centre for International Private Enterprise (CIPE).

The exchange will through its specialized learning hub, X-Academy, engage companies in order to fill the capacity gap in corporate compliance expertise and to provide effective resources to help them translate their corporate ethics commitments to a robust system of compliance that ensures that they can conduct business with integrity.

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It was learned that X-Academy will work with CIPE to provide companies of all sizes across Nigeria with practical solutions that will make the Nigerian corporate landscape safer for conducting business.

Through workshops and advisory services, participating companies in the program will be empowered to proactively reduce opportunities for fraud and other malpractice across their business processes.

In addition, the partnership will help galvanise business-led efforts to reduce the risk of corruption, boost shared prosperity in an economically sustainable manner and promote market-oriented values by advancing business ethics and integrity principles in companies and across the business environment. It will also enable the academy to deploy compliance and board evaluation consultancy for organisations.

“As a training hub contributing immensely to deepening knowledge across the capital and money markets in Nigeria, we consider it imperative to avail businesses and organisations with the appropriate training and tools that will help them attain globally acceptable transparency and accountability standards, which will, in turn, help them to attract global investment opportunities.

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“To this end, NGX has partnered with CIPE, an organisation that has the pedigree and demonstrable track record of helping its stakeholders to navigate the often complex terrain of regulatory compliance and entrench good governance practices in their key activities – two key elements to actualise our goal,” the Head of NGX X-Academy, Ms Ugochi Obi, said of the partnership.

On her part, the Senior Program Lead for Africa at CIPE, Mrs Lola Adekanye, stated that, “We are thrilled to have a critical stakeholder in Nigeria’s business ecosystem join us to lay the foundation to create a more transparent and attractive business environment.

“Enabling compliance with sound business integrity practices is at the core of attracting investment and boosting growth in the country.

“CIPE is pleased to welcome NGX to the Africa Business Integrity Network (ABIN) and we look forward to leveraging our individual strengths to embed ethics and integrity in the business culture, and ultimately bring value to the Nigerian economy.”

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