This from Appleinsider:

Although many imagine the App Store a cash cow for Apple, a detailed examination has revealed that the iPhone maker may only have earned between $20 million and $45 million from the store for its first billion downloads — a figure the company is likely more than happy to accept.

Lightspeed Venture Partners’ Jeremy Liew made the calculation after learning that there’s typically a ratio of 15 to 40 free apps for every one paid example and after discovering an O’Reilly estimate which determines that the mean price for an app is about $2.65.

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source:appleinsider