Apple (AAPL Quick QuoteAAPL - Free Report) App store sales hit a new record as sales rose in the double-digit range between Christmas Eve and New Year’s compared with the same period a year ago.

App Developers have generated revenues of $60 billion from the Apple App store in 2021.

Since Apple Store’s launch in 2008, App Store has generated more than $260 billion in revenues. This should come as a relief to Apple, which has been facing increasing regulatory hassles over allegations of violating antitrust laws with regard to the App Store’s compulsory app store purchases and 30 percent commission fees structure.

Apple in its recent statement, however, did not clarify how much the company has generated as revenues as a portion of the App Store sales by third-party app developers.

Apple’s Services Portfolio to Drive Top Line in 2022

Apple’s Services and Wearables businesses are expected to drive the top line in fiscal 2022 and beyond. Although Apple’s business primarily runs around its flagship iPhone, the Services portfolio has emerged as the company’s new cash cow.

The company currently has more than 745 million paid subscribers across its Services portfolio. The App Store continues to draw the attention of prominent developers from around the world, helping the company offer appealing new apps that drive App Store traffic.

A growing number of AI-infused apps will attract more subscribers to App Store. More than 30,000 third-party subscription apps are available on App Store and the largest of them accounts for only 0.25% of Apple’s total Services revenues.

Increasing Regulations a Major Headwind

Apple, along with its big-tech peers like Google (GOOGL Quick QuoteGOOGL - Free Report) , is facing regulatory headwinds.

Both Google and Apple continue to face strict regulatory pressure on account of their unfair trade practices in dealing with small local businesses. Allegedly, both companies have exploited small app makers by charging a significant chunk of their sales and discarding the apps anytime.

Apart from this, Apple has been accused of abusing its control over its mobile devices, impacting competition and inflating prices via iPhone app sales. Apple is now facing regulatory issues in the United States and India over its App store practices.

In India, Apple will face an investigation by the Competition Commission of India (“CCI”), the chief national competition regulator in India, over allegations of violating certain antitrust laws. CCI ordered the probe following a non-profit organization, Together We Fight Society’s, complaint against the tech giant’s App Store payment rules.

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Apple (AAPL) App Store Revenues Reach $60 Billion in 2021