The App Store for iTunes launched just ahead of the new iPhone 3G on July 10th to better advertise the device's touchscreen and wireless networking capabilities. Hosting over 1500 applications for free download or purchase at time of writing, it's since proven to be one of the more popular destinations for iPhone owners.  According to Apple CEO Steve Jobs, the App Store has reached 60 million downloads, generating $30 million USD in sales in 30 days.  Assuming sales keep pace, App Store downloads could net Apple nearly $360 million USD in yearly revenue: 

"This thing's going to crest a half a billion, soon. Who knows, maybe it will be a $1 billion marketplace at some point in time... I've never seen anything like this in my career for software."

Investment banking firm Piper Jaffray similiarly predicted a $1 billion USD market for iPhone apps by next year.  Outside of a glaring exception which was short-lived, most iPhone applications are either free of charge to download, or cost below $9.99 USD. The more popular apps include games for the iPhone, including one which hails from a franchise well known to console gamers, Super Monkey Ball. Sega of America president Simon Jeffery was pleased with the sales of Monkey Ball for the iPhone, which hit 300,000 downloads in twenty days:

"That's a substantial business. It gives iPhone a justifiable claim to being a viable gaming platform."

Despite Jobs' enthusiasm for the App Store, he acknowledges that his company won't actually pocket much from it, keeping 30 percent of the profits which tends to be eaten by administrative and credit card transaction fees anyway. Jobs believes the Apps Store will be more valuable in attracting sales for wireless-enabled iPods and iPhones.