app-store

App revenue tops $39 billion in first half of 2019, up 15% from first half of last year

Posted by | analyst, android apps, app revenues, app stores, app-store, Apple, Apps, China, Google Play, instagram, iOS App Store, iOS apps, Mobile, mobile applications, mobile apps, mobile games, Netflix, online marketplaces, sensor tower, smartphones, streaming services, Tencent, tiktok, Tinder | No Comments

App store spending is continuing to grow, although not as quickly as in years past. According to a new report from Sensor Tower, the iOS App Store and Google Play combined brought in $39.7 billion in worldwide app revenue in the first half of 2019 — that’s up 15.4% over the $34.4 billion seen during the first half of last year. However, at that time, the $34.4 billion was a 27.8% increase from 2017’s numbers, then a combined $26.9 billion across both stores.

Apple’s App Store continues to massively outpace Google Play on consumer spending, the report also found.

In the first half of 2019, global consumers spent $25.5 billion on the iOS App Store, up 13.2% year-over-year from the $22.6 billion spent in the first half of 2018. Last year, the growth in consumer spending was 26.8%, for comparison’s sake.

Still, Apple’s estimated $25.5 billion in the first half of 2019 is 80% higher than Google Play’s estimated gross revenue of $14.2 billion — the latter a 19.6% increase from the first half of 2018.

The major factor in the slowing growth is iOS in China, which contributed to the slowdown in total growth. However, Sensor Tower expects to see China returning to positive growth over the next 12 months, we’re told.

To a smaller extent, the downturn could be attributed to changes with one of the top-earning apps across both app stores: Netflix.

Last year, Netflix dropped in-app subscription sign-ups for Android users. Then, at the end of December 2018, it did so for iOS users, too. That doesn’t immediately drop its revenue to zero, of course — it will continue to generate revenue from existing subscribers. But the number will decline, especially as Netflix expands globally without an in-app purchase option, and as lapsed subscribers return to renew online with Netflix directly.

In the first half of 2019, Netflix was the second highest earning non-game app with consumer spending of $339 million, Sensor Tower estimates, down from $459 million in the first half of 2018. (We should point out the firm bases its estimates on a 70/30 split between Netflix and Apple’s App Store that drops to 85/15 after the first year. To account for the mix of old and new subscribers, Sensor Tower factors in a 25% cut. But Daring Fireball’s John Gruber claims Netflix had a special relationship with Apple where it had an 85/15 cut from year one.)

In any event, Netflix’s contribution to the app stores’ revenue is on the decline.

In the first half of last year, Netflix had been the No. 1 non-game app for revenue. This year, that spot went to Tinder, which pulled in an estimated $497 million across the iOS App Store and Google Play, combined. That’s up 32% over the first half of 2018.

1h 2019 app revenue worldwide

But Tinder’s dominance could be a trend that doesn’t last.

According to recent data from eMarketer, dating app audiences have been growing slower than expected, causing the analyst firm to revise its user estimates downward. It now expects that 25.1 million U.S. adults will use a dating app monthly this year, down from its previous forecast of 25.4 million. It also expects that only 21% of U.S. single adults will use a dating app at all in 2019, and that will only grow to 23% by 2023.

That means Tinder’s time at the top could be overrun by newcomers in later months, especially as new streaming services get off the ground (assuming they offer in-app subscriptions); if TikTok starts taking monetization seriously; or if any other large apps from China find global audiences outside of China’s third-party app stores.

For example, Tencent Video grossed $278 million globally in the first half of 2019, outside of the third-party Chinese Android app stores. That made it the third-largest non-game app by revenue. And Chinese video platform iQIYI and YouTube were the No. 4 and No. 5 top-grossing apps, respectively.

Meanwhile, iOS app installs actually declined in the first half of the year, following the first quarter that saw a decline in downloads, Q1 2019, attributed to the downturn in China.

The App Store in the first half of 2019 accounted for 14.8 billion of the total 56.7 billion app installs.

Google Play installs in the first half of the year grew 16.4% to 41.9 billion, or about 2.8 times greater than the iOS volume.

1h 2019 app downloads worldwide

The most downloaded apps in the first half of 2019 were the same as before: WhatsApp, Messenger and Facebook led the top charts. But TikTok inched ahead of Instagram for the No. 4 spot, and it saw its installs grow around 28% to nearly 344 million worldwide.

In terms of mobile gaming specifically, spending was up 11.3% year-over-year in the first half of 2019, reaching $29.6 billion across the iOS App Store and Google Play. Thanks to the fallout of the game licensing freeze in China, App Store revenue growth for games was at $17.6 billion, or 7.8% year-over-year growth. Google Play game spending grew by 16.8% to $12 billion.

The top-grossing games, in order, were Tencent’s Honor of Kings, Fate/Grand Order, Monster Strike, Candy Crush Saga and PUBG Mobile.

1h 2019 game revenue worldwide

Meanwhile, the most downloaded games were Color Bump 3D, Garena Free Fire and PUBG Mobile.

Image credits: Sensor Tower

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File-storage app 4shared caught serving invisible ads and making purchases without consent

Posted by | 4shared, Advertising Tech, Android, app-store, computing, file-sharing, Google Play, instagram, malaysia, mobile software, privacy, Security | No Comments

With more than 100 million installs, file-sharing service 4shared is one of the most popular apps in the Android app store.

But security researchers say the app is secretly displaying invisible ads and subscribes users to paid services, racking up charges without the user’s knowledge — or their permission — collectively costing millions of dollars.

“It all happens in the background… nothing appears on the screen,” said Guy Krief, chief executive of London-based Upstream, which shared its research exclusively with TechCrunch.

The researchers say the app contains suspicious third-party code that allowed the app to automate clicks and make fraudulent purchases. They said the component, built by Hong Kong-based Elephant Data, downloads code which is “directly responsible” for generating the automated clicks without the user’s knowledge. The code also sets a cookie to determine if a device has previously been used to make a purchase, likely as a way to hide the activity.

Upstream also said the code deliberately obfuscates the web addresses it accesses and uses redirection chains to hide the suspicious activity.

Over the past few weeks Upstream said it’s blocked more than 114 million suspicious transactions originating from two million unique devices, according to data from its proprietary security platform, which the company said would cost consumers if they are not blocked. Upstream only has visibility in certain parts of the world — Brazil, Indonesia and Malaysia to name a few — suggesting the number of observed suspicious transactions was likely a fraction of the total number.

Then in mid-April, 4shared’s app suddenly disappeared from Google Play and was replaced with a near-identical app with the suspicious components removed.

At the time of writing, 4shared’s new app has more than 10 million users.

Irin Len, a spokesperson for 4shared, told TechCrunch that the company was “unaware” of the fraudulent ad activity in its app until we reached out, but confirmed the company no longer works with Elephant Data.

Len said the old app was removed by Google “without reason,” but its suspicions quickly fell on the third-party components, which the company removed and resubmitted the app for approval. But because their old app was pulled from Android’s app store, 4shared said it wasn’t allowed to push an update to existing users to remove the suspicious components from their devices.

Google did not respond to TechCrunch’s request for comment.

We sent Elephant Data several questions and follow-up emails prior to publication but we did not hear back.

4shared, owned by New IT Solutions based in the British Virgin Islands, makes a brief reference to Elephant Data in its privacy policy but doesn’t explicitly say what the service does. 4shared said since it’s unable to control or disable Elephant Data’s components in its old app, “we’re bound to keep the detailed overview of which data may be processed and how it may be shared” in its privacy policy.

Little else is known about Elephant Data, except that it bills itself as a “market intelligence” solution designed to “maximize ad revenue.”

The ad firm has drawn criticism in several threads on Reddit, one of which accused the company of operating a “scam” and another called the offering “dodgy.” One developer said he removed the components from his app after it began to suffer from battery-life issues, but Elephant Data was “still collecting data” from users who hadn’t updated their apps.

The developer said Google also banned his app, forcing him to resubmit an entirely new version of his app to the store.

It’s the latest app in recent months to be accused of using invisible ads to generate fraudulent revenue. In May, BuzzFeed News reported similar suspicious behavior and fraudulent purchases in Chinese video app VidMate.

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Mobile games now account for 33% of installs, 10% of time and 74% of consumer spend

Posted by | Android, android apps, App Annie, app stores, app-store, Apps, games, Gaming, Google Play, iOS, iOS apps, Mobile | No Comments

Mobile gaming continues to hold its own, accounting for 10% of the time users spend in apps — a percentage that has remained steady over the years, even though our time in apps overall has grown by 50% over the past two years. In addition, games are continuing to grow their share of consumer spend, notes App Annie in a new research report out this week, timed with E3.

Thanks to growth in hyper-casual and cross-platform gaming in particular, mobile games are on track to reach 60% market share in consumer spend in 2019.

The new report looks at how much time users spend gaming versus using other apps, monetization and regional highlights within the gaming market, among other things.

Despite accounting for a sizable portion of users’ time, games don’t lead the other categories, App Annie says.

Instead, social and communications apps account for half (50%) of the time users spent globally in apps in 2018, followed by video players and editors at 15%, then games at 10%.

In the U.S., users generally have eight games installed per device; globally, we play an average of two to five games per month.

The number of total hours spent on games continues to grow roughly 10% year-over-year, as well, thanks to existing gamers increasing their time in games and from a broadening user base, including a large number of mobile app newcomers from emerging markets.

This has also contributed to a widening age range for gamers.

Today, the majority of time spent in gaming is by those aged 25 and older. In many cases, these players may not even classify themselves as “gamers,” App Annie noted.

While games may not lead the categories in terms of time spent, they do account for a large number of mobile downloads and the majority of consumer spending on mobile.

One-third of all worldwide downloads are games across iOS, Google Play and third-party app stores.

Last year, 1.6+ million games launched on Google Play and 1.1+ million arrived on iOS.

On Android, 74 cents of every dollar is spent on games, with 95% of those purchases coming as in-app purchases, not paid downloads. App Annie didn’t have figures for iOS.

Google Play is known for having more downloads than iOS, but continues to trail on consumer spend. In 2018, Google Play grabbed a 72% share of worldwide downloads, compared with 28% on iOS. Meanwhile, Google Play only saw 36% of consumer spend versus 64% on iOS.

One particular type of gaming jumped out in the new report: racing games.

Consumer spend in this subcategory of gaming grew 7.9 times as fast as the overall mobile gaming market. Adventure games did well, too, growing roughly five times the rate of games in general. Music games and board games were also popular.

Of course, gaming expands beyond mobile. But it’s surprising to see how large a share of the broader market can be attributed to mobile gaming.

According to App Annie, mobile gaming is larger than all other channels, including home game consoles, handheld consoles and computers (Mac and PC). It’s also 20% larger than all these other categories combined — a shift from only a few years ago, attributed to the growth in the mobile consumer base, which allows mobile gaming to reach more people.

Cross-platform gaming is a key gaming trend today, thanks to titles like PUBG and Fortnite in particular, which were among the most downloaded games across several markets last year.

Meanwhile, hyper-casual games are appealing to those who don’t think of themselves as gamers, which has helped to broaden the market further.

App Annie is predicting the next big surge will come from AR gaming, with Harry Potter: Wizards Unite expected to bring Pokémon Go-like frenzy back to AR, bringing the new title $100 million in its first 30 days. The game is currently in beta testing in select markets, with plans for a 2019 release.

In terms of regions, China’s impact on gaming tends to be outsized, but its growth last year was limited due to the game license regulations. This forced publishers to look outside the country for growth — particularly in markets like North America and Japan, App Annie said.

Meanwhile, India, Brazil, Russia and Indonesia lead the emerging markets with regard to game
downloads, but established markets of the U.S. and China remain strong players in terms of sheer numbers.

With the continued steady growth in consumer spend and the stable time spent in games, App Annie states the monetization potential for games is growing. In 2018, there were 1,900 games that made more than $5 million, up from 1,200 in 2016. In addition, consumer spend in many key markets is still growing too — like the 105% growth in two years in China, for example, and the 45% growth in the U.S.

The full report delves into other regions as well as game publishers’ user acquisition strategies. It’s available for download here.

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Aptoide, a Play Store rival, cries antitrust foul over Google hiding its app

Posted by | Android, antitrust, app-store, Apps, aptoide, China, competition, Developer, Europe, european commission, european union, Google, Google Play, huawei, online marketplaces, operating systems, play store, Portugal, TC | No Comments

As US regulators gear up to launch another antitrust probe of Google’s business, an alternative Android app store is dialling up its long time complaint of anti-competitive behavior against the search and smartphone OS giant.

Portugal-based Aptoide is launching a campaign website to press its case and call for Google to “Play Fair” — accusing Mountain View of squeezing consumer choice by “preventing users from freely choosing their preferred app store”.

Aptoide filed its first EU antitrust complaint against Google all the way back in 2014, joining a bunch of other complainants crying foul over how Google was operating Android.

And while the European Commission did eventually step in, slapping Google with a $5BN penalty for antitrust abuses last summer after a multi-year investigation, rivals continue to complain the Android maker still isn’t playing fair.

In the case of Aptoide, the alternative Android app store says Google has damaged its ability to compete by unjustifiably flagging its app as insecure.

“Since Summer 2018, Google Play Protect flags Aptoide as a harmful app, hiding it in users’ Android devices and requesting them to uninstall it. This results in a potential decrease of unique Aptoide users of 20%. Google Play Protect is Google’s built-in malware protection for Android, but we believe the way it works damages users’ rights,” it writes on the site, where it highlights what it claims are Google’s anti-competitive behaviors, and asks users to report experiences of the app being flagged.

Aptoide says Google has engaged in multiple behaviors that make it harder for it to gain or keep users — thereby undermining its ability to compete with Google’s own Play Store.

“In 2018, we had 222 million yearly active users. Last month (May’19), we had 56 million unique MAU,” co-founder and CEO Paulo Trezentos tells TechCrunch. “We estimate that the Google Play removal and flagging had cause the loss of 15% to 20% of our user base since June’18.”

(The estimate of how many users Aptoide has lost was performed using Google SafetyNet API which he says allows it to query the classification of an app.)

“Fortunately we have been able to compensate that with new users and new partnerships but it is a barrier to a faster growth,” he adds.

“The googleplayfair.com site hopes to bring visibility to this situation and help other start ups that may be under the same circumstances.”

Among the anti-competitive behaviors Aptoide accuses Google of engaging in are flagging and suspending its app from users’ phones — without their permission and “without a valid reason”.

“It hides Aptoide. User cannot see Aptoide icon and cannot launch. Even if they go to ‘settings’ and say they trust Aptoide, Aptoide installations are blocked,” he says. “If it looks violent, it’s because it’s a really aggressive move and impactful.”

Here’s the notification Aptoide users are shown when trying to override Google’s suspension of Aptoide at the package manager level:

Even if an Aptoide user overrides the warning — by clicking ‘keep app (unsafe)’ — Trezentos says the app still won’t work because Google blocks Aptoide from installing apps.

“The user has to go to Play Protect settings (discover it it’s not easy) and turn off Play protect for all apps.”

He argues there is no justification for Aptoide’s alternative app store being treated in this way.

“Aptoide is considered safe both by security researchers [citing a paper by Japanese security researchers] and by Virus Total (a company owned by Google),” says Trezentos, adding: “Google is removing Aptoide from users phone only due to anticompetitive practices. Doesn’t want anyone else as distribution channel in Android.”

On the website Aptoide has launched to raise awareness and inform users and other startups about how Google treats its app, it makes the claim that its store is “proven… 100% secure” — writing:

We would like to be treated in a fair way: Play Protect should not flag Aptoide as a harmful app and should not ask users to uninstall it since it’s proven that it’s 100% secure. Restricting options for users goes against the nature of the Android open source project [ref10]. Moreover, Google’s ongoing abusive behaviour due to it’s dominant position results in the lack of freedom of choice for users and developers.We would like to keep allowing users and developers to discover and distribute apps in the store of their choice. A healthy competitive market and a variety of options are what we all need to keep providing the best products.

Trezentos stands by the “100% secure” claim when we query it.

“We think that we have a safer approach. We call it  ‘security by design’: We don’t consider all apps secure in the same way. Each app has a badge depending on the reputation of the developer: Trusted, Unknown, Warning, Critical,” he says.

“We are almost 100% sure that apps with a trusted badge are safe. But new apps from new developers, [carry] more risk in spite of all the technology we have developed to detect it. They keep the badge ‘unknown‘ until the community vote it as trusted. This can take some weeks, it can take some months.”

“Of course, if our anti-malware systems detect problems, we classify it as ‘critical’ and the users don’t see it at all,” he adds.

Almost 100% secure then. But if Google’s counter claim to justify choking off access to Aptoide is that the app “can download potentially harmful apps” the same can very well be said of its Play Store. And Google certainly isn’t encouraging Android users to pause that.

On the competition front, Aptoide presents a clear challenge to Google’s Android revenues because it offers developers a more attractive revenue split — taking just 19%, rather than the 30% cut Google takes off of Play Store wares. (Aptoide couches the latter as “Google’s abusive conditions”.)

So if Android users can be persuaded to switch from Play to Aptoide, developers stand to gain — and arguably users too, as app costs would be lower.

While, on the flip side, Google faces its 30% cut being circumvented. Or else it could be forced to reduce how much it takes from developers to give them a greater incentive to stock its shelves with great apps.

As with any app store business, Aptoide’s store of course requires scale to function. And it’s exactly that scale which Google’s behavior has negatively impacted since it began flagging the app as insecure a year ago, in June 2018, squeezing the rival’s user-base by up to a fifth, as Aptoide tells it.

Trezentos says Google’s flagging of its app store affects all markets and “continues to this day” — despite a legal ruling in its favor last fall, when a court in Portugal ordered Google to stop removing Aptoide without users’ permission.

“Google is ignoring the injunction result and is disregarding the national court. No company, independently of the size, should be above court decisions. But it seems that is the case with Google,” he says.

“Our legal team believe that the decision applies to 82 countries but we are pursuing first the total compliance with the decision in Portugal. From there, we will seek the extension to other jurisdictions.”

“We tried to contact Google several times, via Google Play Protect feedback form and directly through LinkedIn, and we’ve not had any feedback from Google. No reasons were presented. No explanation, although we are talking about hiding Aptoide in millions of users’ phones,” he adds.

“Our point in court it’s simple: Google is using the control at operating system level to block competitors at the services level (app store, in this case). As Google has a dominant position, that’s not legal. Court [in Portugal] confirmed and order Google to stop. Google didn’t obey.”

Aptoide has not filed an antitrust complaint against Google in the US — focusing its legal efforts on that front on local submissions to the European Commission.

But Trezentos says it’s “willing to cooperate with US authorities and provide factual data that shows that Google has acted with anti-competitive behaviour” (although he says no one has come knocking to request such collaboration yet.)

In Europe, the Commission’s 2018 antitrust decision was focused on Android licensing terms — which led to Google tweaking the terms it offers Android OEMs selling in Europe last fall.

Despite some changes rivals continue to complain that its changes do not go far enough to create a level playing field for competition.

There has also not been any relief for Aptoide from the record breaking antitrust enforcement. On the contrary Google appears to have dug in against this competitive threat.

“The remedies are positive but the scope is very limited to OEM partnerships,” says Trezentos of the EC’s 2018 Android antitrust decision. “We proposed additionally that Google would be obliged to give the same access privileges over the operating system to credible competitors.”

We’ve reached out to the Commission for comment on Aptoide’s complaint.

While it’s at least technically possible for an OEM to offer an Android device in Europe which includes key Google services (like search and maps) but preloads an alternative app store, rather than Google Play, it would be a brave device maker indeed to go against the consumer grain and not give smartphone buyers the mainstream store they expect.

So, as yet, there’s little high level regulatory relief to help Aptoide. And it may take a higher court than a Portuguese national court to force Google to listen.

But with US authorities fast dialling up their scrutiny of Mountain View, Aptoide may find a new audience for its complaint.

“The increased awareness to Google practices is reaching the regulators,” Trezentos agrees, adding: “Those practices harm competition and in the end are bad for developers and mobile users.”

We reached out to Google with questions about its treatment of Aptoide’s rival app store — but at the time of writing the company had not responded with any comment. 

There have also been some recent rumors that Aptoide is in talks to supply its alternative app store for Huawei devices — in light of the US/China trade uncertainties, and the executive order barring US companies from doing business with the Chinese tech giant, which have led to reports that Google intends to withdraw key Android services like Play from the company.

But Trezentos pours cold water on these rumors, suggesting there has been no change of cadence in its discussions with Huawei.

“We work with three of top six mobile OEMs in the world. Huawei is not one of them yet,” he tells us. “Our Shengzhen office had been in conversations for some months and they are testing our APIs. This process has not been accelerated or delayed by the recent news.”

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Apple restricts ads and third-party trackers in iPhone apps for kids

Posted by | Android, app-store, Apple, Apps, computing, Google Play, iOS, iPhone, iTunes, privacy, smartphones, WWDC 2019 | No Comments

Apple has told developers to stop including third-party trackers in apps designed for kids — or they face having their apps pulled from the app store.

The tech giant quietly updated its guidelines for apps that are submitted to the app store’s kids category following the keynote address at its annual developer conference on Monday.

“Apps in the kids category may not include third-party advertising or analytics,” the new guidelines say. Previously, the guidelines only restricted behavioral advertising tracking.

Apple also currently prohibits apps in the kids category from including links that point outside the app or contain in-app purchasing.

Apple has come under fire for its recent marketing campaign claiming “what happens on your iPhone stays on your iPhone,”  which critics say is misleading. All too often apps include ads or tracking code that allows app makers to collect information about the device, including its location and other data, and send it back to base so companies can better target its users with ads, learn more about how you use the app, and more.

Just last week, the Washington Post found over 5,400 app trackers were uploading data from an iPhone over a single week — even at night when the phone owner was asleep.

As a TechCrunch investigation earlier this year found, some apps use so-called session replay technology, a kind of analytics software that records the screen when an app is open. Apps built by Expedia, Hollister and Hotels.com were found in violation of Apple’s rules and developers were told to remove the code.

Apple follows in the footsteps of Google, which last week set out new policies around kids’ apps available for Android through Google Play. The move came following a complaint by the Federal Trade Commission filed by close to two-dozen consumer advocacy groups, which accused the mobile giant of not ensuring app compliance with federal children’s privacy laws.

Now with Apple’s new restrictions, at least kids have a fighting chance of keeping their iPhone data private.

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A cryptocurrency stealing app found on Google Play was downloaded over a thousand times

Posted by | app-store, apple wallet, Apps, computing, cryptocurrency, e-commerce, Google Play, iPhone, Mobile, mobile app, online marketplaces, operating systems, Security | No Comments

Researchers have found two apps masquerading as cryptocurrency apps on Android’s app store, Google Play.

One of them was largely a dud. The second was designed to steal cryptocurrency, the researchers said.

Security firm ESET said one of the two fake Android apps impersonated Trezor, a hardware cryptocurrency wallet. The good news is that the app couldn’t be used to steal cryptocurrency stored by Trezor. But the researchers found the app was connected to a second Android app that could have been used to scam funds out of unsuspecting victims.

Lukas Stefanko, a security researcher at ESET — who has a long history of finding dodgy Android apps — said the fake Trezor app “appeared trustworthy at first glance” but was using a fake developer name to impersonate the company.

The fake app was designed to trick users into turning over a victim’s login credentials. Uploaded to Google Play on May 1, the app quickly ranked as the second-most popular search result when searching for “Trezor” behind the legitimate app, said Stefanko. Users on Reddit also found the fake app and reported it as recently as two weeks ago.

According to Stefanko, the server where user credentials were sent was linked to a website linked to another fake wallet, purportedly to store cryptocurrency, and also listed on Google Play since February 25.

“The app claims it lets its users create wallets for various cryptocurrencies,” said Stefanko. “However, its actual purpose is to trick users into transferring cryptocurrency into the attackers’ wallets – a classic case of what we’ve named wallet address scams in our previous research into cryptocurrency-targeting malware.”

Both apps were collectively downloaded more than a thousand times. After ESET contacted Google, the apps were pulled offline the next day.

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OpenFin raises $17 million for its OS for finance

Posted by | Android, app-store, Apple, Apps, bain capital ventures, Banking, Barclays, bloomberg terminal, Cloud, Developer, Enterprise, Finance, financial services, funding, Fundings & Exits, J.P. Morgan, nyca partners, OpenFin, operating systems, Private Equity, Recent Funding, Startups, truphone, Uber, Wells Fargo | No Comments

OpenFin, the company looking to provide the operating system for the financial services industry, has raised $17 million in funding through a Series C round led by Wells Fargo, with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. Previous investors in OpenFin also include DRW Venture Capital, Euclid Opportunities and NYCA Partners.

Likening itself to “the OS of finance,” OpenFin seeks to be the operating layer on which applications used by financial services companies are built and launched, akin to iOS or Android for your smartphone.

OpenFin’s operating system provides three key solutions which, while present on your mobile phone, has previously been absent in the financial services industry: easier deployment of apps to end users, fast security assurances for applications and interoperability.

Traders, analysts and other financial service employees often find themselves using several separate platforms simultaneously, as they try to source information and quickly execute multiple transactions. Yet historically, the desktop applications used by financial services firms — like trading platforms, data solutions or risk analytics — haven’t communicated with one another, with functions performed in one application not recognized or reflected in external applications.

“On my phone, I can be in my calendar app and tap an address, which opens up Google Maps. From Google Maps, maybe I book an Uber . From Uber, I’ll share my real-time location on messages with my friends. That’s four different apps working together on my phone,” OpenFin CEO and co-founder Mazy Dar explained to TechCrunch. That cross-functionality has long been missing in financial services.

As a result, employees can find themselves losing precious time — which in the world of financial services can often mean losing money — as they juggle multiple screens and perform repetitive processes across different applications.

Additionally, major banks, institutional investors and other financial firms have traditionally deployed natively installed applications in lengthy processes that can often take months, going through long vendor packaging and security reviews that ultimately don’t prevent the software from actually accessing the local system.

OpenFin CEO and co-founder Mazy Dar (Image via OpenFin)

As former analysts and traders at major financial institutions, Dar and his co-founder Chuck Doerr (now president & COO of OpenFin) recognized these major pain points and decided to build a common platform that would enable cross-functionality and instant deployment. And since apps on OpenFin are unable to access local file systems, banks can better ensure security and avoid prolonged yet ineffective security review processes.

And the value proposition offered by OpenFin seems to be quite compelling. OpenFin boasts an impressive roster of customers using its platform, including more than 1,500 major financial firms, almost 40 leading vendors and 15 of the world’s 20 largest banks.

More than 1,000 applications have been built on the OS, with OpenFin now deployed on more than 200,000 desktops — a noteworthy milestone given that the ever-popular Bloomberg Terminal, which is ubiquitously used across financial institutions and investment firms, is deployed on roughly 300,000 desktops.

Since raising their Series B in February 2017, OpenFin’s deployments have more than doubled. The company’s headcount has also doubled and its European presence has tripled. Earlier this year, OpenFin also launched it’s OpenFin Cloud Services platform, which allows financial firms to launch their own private local app stores for employees and customers without writing a single line of code.

To date, OpenFin has raised a total of $40 million in venture funding and plans to use the capital from its latest round for additional hiring and to expand its footprint onto more desktops around the world. In the long run, OpenFin hopes to become the vital operating infrastructure upon which all developers of financial applications are innovating.

Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Dar. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

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The EU will reportedly investigate Apple following anti-competition complaint from Spotify

Posted by | Android, app-store, Apple, apple inc, apple music, belgium, Brussels, ceo, computing, daniel ek, EC, Europe, european commission, european union, Facebook, Google, Google Play Store, iPhone, lawsuit, Margrethe Vestager, Media, online marketplaces, Online Music Stores, operating systems, Search, smartphones, social network, Software, Spotify, United States | No Comments

The spat between Spotify and Apple is going to be the focus on a new investigation from the EU, according to a report from the FT.

The paper reported today that the European Commission (EC), the EU’s regulatory body, plans to launch a competition inquiry around Spotify’s claim that the iPhone-maker uses its position as the gatekeeper of the App Store to “deliberately disadvantage other app developers.”

In a complaint filed to the EC in March, Spotify said Apple has “tilted the playing field” by operating iOS, the platform, and the App Store for distribution, as well as its own Spotify rival, Apple Music.

In particular, Spotify CEO Daniel Ek has said that Apple “locks” developers and their platform, which includes a 30 percent cut of in-app spending. Ek also claimed Apple Music has unfair advantages over rivals like Spotify, while he expressed concern that Apple controls communication between users and app publishers, “including placing unfair restrictions on marketing and promotions that benefit consumers.”

Spotify’s announcement was unprecedented — Ek claimed many other developers feel the same way, but do not want to upset Apple by speaking up. The EU is sure to tap into that silent base if the investigation does indeed go ahead as the FT claims.

Apple bit back at Spotify’s claims, but its response was more a rebuttal — or alternative angle — on those complaints. Apple did not directly address any of the demands that Spotify put forward, and those include alternative payment options (as offered in the Google Play store) and equal treatment for Apple apps and those from third-parties like Spotify.

The EU is gaining a reputation as a tough opponent that’s reining in U.S. tech giants.

Aside from its GDPR initiative, it has a history of taking action on apparent monopolies in tech.

Google fined €1.49 billion ($1.67 billion) in March of this year over antitrust violations in search ad brokering, for example. Google was fined a record $5 billion last year over Android abuses and there have been calls to look into breaking the search company up. Inevitably, Facebook has come under the spotlight for a series of privacy concerns, particularly around elections.

Pressure from the EU has already led to the social network introduce clear terms and conditions around its use of data for advertising, while it may also change its rules limiting overseas ad spending around EU elections following concern from Brussels.

Despite what some in the U.S. may think, the EU’s competition commissioner, Margrethe Vestager, has said publicly that she is against breaking companies up. Instead, Vestager has pledged to regulate data access.

“To break up a company, to break up private property would be very far-reaching and you would need to have a very strong case that it would produce better results for consumers in the marketplace than what you could do with more mainstream tools. We’re dealing with private property. Businesses that are built and invested in and become successful because of their innovation,” she said in an interview at SXSW earlier this year.

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A powerful spyware app now targets iPhone owners

Posted by | Android, app maker, app-store, computing, data security, Facebook, iOS, iPhone, iTunes, Lookout, mobile app, online marketplaces, privacy, Security, spy | No Comments

Security researchers have discovered a powerful surveillance app first designed for Android devices can now target victims with iPhones.

The spy app, found by researchers at mobile security firm Lookout, said its developer abused their Apple-issued enterprise certificates to bypass the tech giant’s app store to infect unsuspecting victims.

The disguised carrier assistance app once installed can silently grab a victim’s contacts, audio recordings, photos, videos and other device information — including their real-time location data. It can be remotely triggered to listen in on people’s conversations, the researchers found. Although there was no data to show who might have been targeted, the researchers noted that the malicious app was served from fake sites purporting to be cell carriers in Italy and Turkmenistan.

Researchers linked the app to the makers of a previously discovered Android app, developed by the same Italian surveillance app maker Connexxa, known to be in use by the Italian authorities.

The Android app, dubbed Exodus, ensnared hundreds of victims — either by installing it or having it installed. Exodus had a larger feature set and expanded spying capabilities by downloading an additional exploit designed to gain root access to the device, giving the app near complete access to a device’s data, including emails, cellular data, Wi-Fi passwords and more, according to Security Without Borders.

Screenshots of the ordinary-looking iPhone app, which was silently uploading a victim’s private data and real-time location to the spyware company’s servers (Image: supplied)

Both of the apps use the same backend infrastructure, while the iOS app used several techniques — like certificate pinning — to make it difficult to analyze the network traffic, Adam Bauer, Lookout’s senior staff security intelligence engineer, told TechCrunch.

“This is one of the indicators that a professional group was responsible for the software,” he said.

Although the Android version was downloadable directly from Google’s app store, the iOS version was not widely distributed. Instead, Connexxa signed the app with an enterprise certificate issued to the developer by Apple, said Bauer, allowing the surveillance app maker to bypass Apple’s strict app store checks.

Apple says that’s a violation of its rules, which prohibits these certificates designed to be used strictly for internal apps to be pushed to consumers.

It follows a similar pattern to several app makers, as discovered by TechCrunch earlier this year, which abused their enterprise certificates to develop mobile apps that evaded the scrutiny of Apple’s app store. Every app served through an app store has to be certified by Apple or they won’t run. But several companies, like Facebook and Google, used their enterprise-only certificates to sign apps given to consumers. Apple said this violated its rules and banned the apps by revoking enterprise certificates used by Facebook and Google, knocking both of their illicit apps offline, but also every other internal app signed with the same certificate.

Facebook was unable to operate at full capacity for an entire working day until Apple issued a new certificate.

The certificate Apple issued to Connexxa (Image: supplied)

But Facebook and Google weren’t the only companies abusing their enterprise certificates. TechCrunch found dozens of porn and gambling apps — not permitted on Apple’s app store — signed with an enterprise certificate, circumventing the tech giant’s rules.

After researchers disclosed their findings, Apple revoked the app maker’s enterprise certificate, knocking every installed app offline and unable to run.

The researchers said they did not know how many Apple users were affected.

Connexxa did not respond to a request for comment. Apple did not comment.

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