Pangea Software is on course to generate $5 million of revenues from its eight iPhone applications, according to boss Brian Greenstone.

Quoted in the same Newsweek article that featured fellow developer Smule's claims to be nearing $1 million of revenues from its apps, Greenstone describes the App Store as "kind of a gold rush":

"It's crazy. It's like lottery money. In the last four and a half months we've made as much money off the retail sales of iPhone apps as we've made with retail sales of all of the apps that we've made in the past 21 years – combined."

However, this may be mad news for another Apple platform, as Newsweek claims Pangea won't be making Mac games any more, in order to focus on iPhone and iPod touch.

The publisher made its name on the Mac, and many of its iPhone games, including Enigmo, Cro-Mag Rally and Bugdom 2, started life as Mac titles.