In a note to clients — as noted by Apple 3.0 — the Evercore investment banking firm says that Apple App Store revenue grew +13% in the month of March with continued growth across all categories.
The article — which requires a subscription to read — notes that the 13% growth rate in March is a deceleration from the 18% growth rate in the prior quarter, but the slowdown was not as large as some pundits feared.
Gaming accounts for 52% of App Store revenue, so continued growth here will be key for the App Store’s ability to deliver an acceleration in 2024, according to Evercore. Gaming was up 8% in March vs. 14% in February and -1% in January.
All other categories grew in double digits with Music showing the strongest growth. On a geographic basis, China slowed to +7% vs. +10% last month and -5% in January. US and Japan also saw modest decelerations.
