Apple today announced at its homepage that it has reached another milestone for App Store — more than 500 million iPhone applications are downloaded. That’s incredible. Since the debut of App Store in early Jul, it only took Apple 7 months to reach such an amazing milestone.

Apple also revealed that there are more than 15,000 iPhone applications available for download at App Store. Achieving such milestone in such short period of time is really amazing. App Store is now probably the most effective software distribution channel and also sales channel for software company and individual developers. If you’re developer, I think you should start developing iPhone applications and put it up on App Store. Probably, you can get rich during the recession time.

Earlier on Dec 5, Apple has mentioned 300 million applications are downloaded from App Store. So, in merely five weeks, 200 million applications are download. Or with simple calculation, it means an average of 4.7 million applications are downloaded daily. Even with the same download rate, it won’t take Apple too long to reach the 1 billion download milestone.