Tapulous, the company which developed the Tap Tap Revenge and various other popular iPhone applications, swears by the fact that the iPhone applications business is "booming". And the same can be seen at the Apple App Store, the popularity of which has exploded manifolds since the launch of the iPhone and iPod Touch.

Recently, the store surpassed the 100,000 applications target and is looking to hit 200,000 mark in 2010.

The development of applications has been a boon for Apple, but it has been an even bigger boon for smaller firms like Tapulous. Presently, the company has a handful 20 employees, but is still, according to Reuters, bagging sales worth $1 Million per month, all on the back of iPhone and iPod Touch applications that it develops and sells. Apple's share of the earnings is 30%, based on the 70/30 terms of the iPhone Developer Program.

comScore, the market watcher, recently resounded the success of Tapulous by reporting that about 32% of all iPhone and iPod Touch users downloaded the Tap Revenge app.

Apple's own App Store, on the other hand, has recorded over 2 billion downloads since it was first launched in mid-2008.