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iPhone Application market are red hot, Twiiter and Facebook apps almost as hot: Kleiner Perkins Announces $100 million iFund for iPhone Applications
John Doerr announced a $100 million fund to invest in startups that create apps for the iPhone. “”I can’t wait to see the great new companies that we build together,” he says. The fund will be led by Matt Murphy at Kleiner and will be called the iFund.
Analyst: There’s a great future in iPhone apps
In Mike Nichols’ 1967 film The Graduate, Mr. Maguire (Walter Brooke) takes young Benjamin (Dustin Hoffman) aside to tell him, “there’s a great future in plastics.” One can almost imagine Piper Jaffray analyst Gene Munster saying the same thing today about 3rd party applications on the iPhone and iPod Touch.
The market for these apps could be over $1 billion by next year, Munuster wrote in his research notes this morning.
Of course, this $1.2 billion market size falls under Munster’s “Agrressive Case” scenario in which there are 85 million iPhone and iPod Touch users through the end of next year, 95 percent of whom would need to actively use the store. Still, given that Apple has the device available in six countries right now but will have it in some 70 countries by next year, it’s perhaps not entirely unreasonable to go along with these projections.
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