A sticking point for developers has long been the perceived notion that the Android Market/Google Play Store has never been all that profitable. Even with an install base that outnumbers that of Apple, the iOS App Store has always been the bigger revenue generator. According to a report from App Annie, the tides are starting to turn.

There is still quite the divide between the two platforms, with Apple’s marketplace generating four times the revenue of Google’s, but the Play Store has seen tremendous growth over the past year. Since January, revenues are up 311 percent. Overall downloads are up 48 percent.

In the past month Google saw a positive gain in revenue while Apple’s dipped slightly. It would appear Google’s time to overtake Apple is approaching, though a closer look at the data suggests another outcome. While the gap is narrowing, both companies have seen a drop off in growth. App downloads and revenues could be peaking. We could be watching the mobile apps and games bubble as it nears its bursting point.

Interesting to note is the fact that Japan, where Amazon recently launched their own Appstore, has overtaken the United States in terms of Google Play revenue. The US, however, remains a dominant force in the global apps market and still accounts for the majority of mobile downloads.

[via TechCrunch]