The App Store launched in the summer of 2008 with 500 apps. Though late Apple co-founder Steve Jobs initially resisted opening the iPhone to developers, the store went on to change the device from a simple cell phone into a powerful mobile computer. Thirty-five billion downloads later, Apple has progressed to pay a total of $6.5 billion to developers in app revenue after taking a customary 30 percent cut of the action.
But of the more than 700,000 apps now available on the App Store - or a 'candy store' as tech columnist David Pogue nicknamed it - including more than 275,000 apps designed specifically for iPad, only a small selection turned their makers into instant millionaires.
The vast majority of developers barely break even. And of those who turn notable profits, not many quit their day jobs. Yet, the dream of becoming a millionaire overnight with a hit app lives on. So what's wrong with this picture?