Apple has announced that its App Store has reached a new milestone, recording 1.5 billion application downloads in its first year.

According to Apple, the App Store is the largest application store in the world and is continuing to grow at an incredible pace.

Currently there are more than 65,000 Apps available to download and over 100,000 developers in the iPhone Developer Program.

Steve Jobs, Apple CEO, commented on the announcement and the success of the App Store.

“The App Store is like nothing the industry has ever seen before in both scale and quality. With 1.5 billion apps downloaded, it is going to be very hard for others to catch up,” he said.

In addition to this it was also highlighted that the App Store is now available in 77 countries around, and allows developers to reach tens of millions of iPhone and iPod Touch users.

The App Store is available on iPod Touch and iPhone devices, including the recently released iPhone 3GS. According to Apple, the company has shipped over 40 million App Store compatible devices around the world.