Has the AppStore only made $45 million so far?

apple-iphone-canada-rogers-macworld - MobileSyrup.comThere are some numbers flying around by global venture capital firm Lightspeed stating the Apple AppStore has pocketed between $20- $45 million in revenues.

In 2008 Apple sold 13.7 million iPhones. The AppStore officially launched July 11, 2008 with only 500 available apps and recently they are creeping up to the 40,000 available app mark. More importantly a landmark for trying to understand how much revenue Apple has actually made is they have surpassed the 1 billion apps downloaded a couple weeks ago.

According to Lightspeed ” Although it’s hard to come by the definitive ratio of free to paid paid to free apps, talking to industry participants I got estimates in the 1:15 to 1:40 range. So that suggests that between 25-60m paid apps have been sold. O’Reilly recent did a survey of iPhone apps and noted that the mean price for paid apps is $2.65″.

Since Apple gives each developer 70% of the profit, they keep 30%. We multiply the by 25-50 million paid apps by $2.65 which brings the total “that suggests that the cumulative revenue from iphone apps is around $70-$160m.” Apple gets 30% of this so Apple has probably made around $20-45m from the billion iPhone apps downloaded.”

$45 million seems incredibly low to me.. thoughts?
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