At the Wall Street Journal, Jessica E. Lessin and Specner E. Ante report on the still booming mobile app industry:
App stores run by Apple and Google Inc. now offer more than 700,000 apps each. With so many apps to choose from, consumers are estimated to spend on average about two hours a day with apps. Global revenue from app stores is expected to rise 62% this year to $25 billion, according to Gartner Inc.
Not bad for an industry that essentially didn’t exist just five years ago. Just goes to show the economic power of innovation — in this case, with both devices (smartphones, tablets) and the mobile broadband networks that power them.