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Investing.com -- Apple’s introduction of its new Mini App Partner Program represents a meaningful step toward expanding App Store monetization and reducing competitive risk from emerging AI platforms, according to analysts at Morgan Stanley.
Morgan Stanley analyst Erik Woodring said Apple’s launch of the program, which applies a 15% commission on web-based mini apps hosted within native iOS apps, is “a clear positive for Apple.”
The analyst added that the change “could add $800M of App Store revs annually from WeChat/Weixin alone, implying 80bps upside to our FY26 Services growth ests and supporting valuation multiple expansion.”
The program requires eligible developers to integrate Apple’s Advanced Commerce API, Declared Age Range API and the In-App Purchase system.
Approved developers will retain 85% of revenue, while Apple collects the remaining 15%.
Morgan Stanley noted that Tencent, Apple’s largest App Store customer, “reportedly agreed to the 15% rate for mini apps/games on WeChat/Weixin recently.”
Woodring explained that the move allows Apple to monetize an area that “previously stood outside Apple’s App Store commission structure,” which should create “incremental revenue generation opportunities for the App Store at a time the sustainability of growth is being called into question.”
Analysts also highlighted the defensive benefits of the program. “This move should be viewed as a clear risk mitigation tool against emerging AI ‘super-apps’ such as ChatGPT,” the note said, adding that the reduced rate marks “a meaningful improvement from the prior 0% take rate on mini apps.”
Big picture, Morgan Stanley argued the initiative expands the App Store’s addressable market and reinforces Apple’s strategy to protect and grow its Services business.
Despite investor concerns, Woodring stated that the launch is “a compelling offensive and defensive strategy aimed at better monetizing the App Store and protecting businesses from the rise of AI native LLM apps.”