iPhone App Makers Reel In Millions

Thousands of programmers are hoping to take their million-dollar bite out of Apple by designing lucrative applications for the iPhone, Newsweek reports. “It’s kind of a gold rush,” said one programmer, whose game applications will net $5 million in revenue. “Some kid in his bedroom can literally make a million bucks just by writing a little app.”

Apple, which takes a 30% cut of any revenue, is less concerned with money than with becoming a dominant mobile-computing platform. It’s well on its way: The App Store, an iTunes offshoot launched in July, already boasts more than 300 million downloads from more than 10,000 apps. “We've never seen anything like this in our careers,” marveled Steve Jobs.
(More Apple stories.)