AndroLib's estimated number of App Market downloads has just crossed the 1,000,000,000 app threshold. You can go there now to see the stats update in real time. App downloads have hit a new peak over the last month. The rate of downloads is increasing at a faster pace now than at any other point in the Market's history.
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The ratio of free apps to paid apps has changed wildly since the Market's launch. Initially, paid apps slightly outnumbered the free ones. Now the ratio is far in favor of free applications, with paid app downloads in the minority. The Android Market still has a while to go before it will catch the App Store, but with over 100,000 apps and a billion downloads, it is clearly well on its way.