Verizon to give developers 70% of App Store revenue

Chicago (IL) – Verizon disclosed a few details about its Vcast application store scheduled to debut in the fourth quarter of this year. The company is using Apple’s App Store as a benchmark, and will hand down 70% of the revenue to developers. But it promises a faster turnaround time and Verizon says that it will not compete with other application stores, but complement them.

According to initial information provided by Verizon today, the company will not charge for certification and testing of submitted apps and will be delivering a 14-day turnaround time. John Stratton, executive vice president and chief marketing officer at Verizon, also confirmed during the company’s developer conference in San Jose, Calif., that developers will be getting a 70% revenue share deal. Apple and Google also provide 70% of the revenue while Research in Motion (RIM) hands down 80% from its App Store sales.

RIM has also been announced the first partner of Verizon’s Vcast store. RIM’s co-CEO Jim Balsillie said that he would not expect the Vcast store to compete with RIM’s own Blackberry App World. Stratton added that Vcast App Store will not “collide with or compete with” platforms produced by competitors like RIM, Microsoft, or Google. It will complement and enhance them.”
No exact launch date for the new service was given.