Apple's App Store has reached a new record for revenue earned within 24 hours, accumulating $386 million on New Year's Day 2020.

The data was brought forward by Apple itself, confirming that the new record was an increase of 20 per cent over the previous single day.

Alongside this, between Christmas Eve and New Year's Eve, a record $1.42 billion was spent across the App Store, representing a 16 per cent rise over the same period in 2018.

Apple's share price grew by 2.4 per cent following the record revenue announcement, closing at a new high for the tech firm on January 8th, 2020.

Biggest year

"2019 was the biggest year for services in Apple's history," said Apple senior vice president of internet software and services Eddy Cue.

"We introduced several exciting new experiences for our customers, all while setting the standard for user privacy and security. We begin the new decade with incredible momentum and gratitude to our customers who have shown such enthusiasm for all of our services, and we continue to celebrate the work of the world's best creators, storytellers, journalists and developers."

Alongside this, Apple News managed to attract over 100 million monthly active users in the US, UK, Canada and Australia.

Since its launch in September, Apple Arcade has been a huge success for the company with one analyst predicting that service will reach 12 million subscribers by the end of 2020.