Developers have created more than 140,000 iPhone applications, which has helped boost the annual value of the overall app market to $2.5 billion, according to AdMob. The low costs associated with mobile-app development have enabled independent, unknown developers working out of their garages to become innovators. However, it could be "a lot like the Internet bust," developer Dave Castelnuovo said. "A lot of people are doing a lot of crazy ideas. ... It could end up being a bubble."
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