In spite of the attention paid to it, and its dominance in the smartphone industry, the App Store still does not bring in much profit for Apple, an analyst observes. Piper Jaffray's Gene Munster comments that during his WWDC keynote earlier this month, Apple CEO Steve Jobs mentioned that $1 billion had been paid to developers during the App Store's lifetime. The company has meanwhile served over five billion downloads from a mix of both free and paid titles.
