Jul 10, 2018

Apple's App Store is 10 years old

An iPhone user in China browses her home screen. Photo: Zhang Peng/LightRocket via Getty Images

Apple opened its App Store on July 10, 2008, with 500 apps.

Why it matters: The resulting explosion of phone apps — there are now more than 2 million for the iPhone alone — has changed daily life for billions of people around the world.

AP Tech Writer Michael Liedtke writes:

  • "At the time, mobile phones were largely a take-it-or-leave it proposition, with features programmed by their manufacturers and customization mostly limited to a choice between tinny electronic ringtones."
  • "During [the store's] first weekend, people downloaded 10 million apps — many of them games."
  • "Apple competitors Google, Amazon and Microsoft soon launched their own app stores. Together, these companies now offer roughly 7 million apps. Apple, meanwhile, has now sold more than a billion iPhones."

The big picture:

  • "Billions of dollars flowed into startups dependent on their apps, from Uber to Snapchat to Spotify to game makers like Angry Birds creator Rovio."
  • "Apple perhaps benefited most of all. Its 'free' apps usually display advertising or make money from subscriptions or other in-app purchases, while others charge users to download. Apple takes a cut of this action, sometimes as much as 30 percent."
  • "The app store is now the fasting growing part of Apple's business. ... The company says it has paid out more than $100 billion to developers during the past decade."

Go deeper

33 mins ago - Sports

European soccer's push to return

A Bundesliga match between Borussia Dortmund and Bayern Munchen in an empty stadium. Photo: Alexandre Simoes/Borussia Dortmund via Getty Images

European soccer made a splash Thursday, with two of its biggest leagues announcing official return-to-play dates in June.

Why it matters: Soccer is the world's most popular sport, so watching its return through the lens of various leagues, countries and cultures — all of which have been uniquely impacted by the coronavirus pandemic — is illuminating.

The corporate bankruptcy wave has just gotten started

Illustration: Sarah Grillo/Axios

Even with trillions of dollars in loans, grants and government support — with markets having absorbed a record $1.22 trillion of corporate debt in just five months — a slew of companies are defaulting on their loans and filing for bankruptcy in what is expected to be a record wave of insolvencies and defaults.

Why it matters: While equity and debt markets have rallied thanks to massive interventions from the Federal Reserve and Congress and excitement about the removal of lockdown orders, the real economy is quietly buckling, with many companies threatened by issues that predate the coronavirus pandemic.

Updated 2 hours ago - Politics & Policy

CNN crew released after being arrested live on air while reporting on Minneapolis protests

CNN's Omar Jimenez and his crew were released after being arrested Friday by Minneapolis state police while reporting on the protests that followed the death of George Floyd, a black man who died in police custody in the city.

What happened: CNN anchors said Jimenez and his crew were arrested for not moving after being told to by police, though the live footage prior to their arrests clearly shows Jimenez talking calmly with police and offering to move wherever necessary.