The cost of advertising in search results on Apple's App Store has nearly doubled, according to data from mobile app growth company SplitMetrics.

Why it matters

This follows Apple's launch of iOS 14.5 in April 2021, which enabled users to disable tracking across apps. This damaged the ability of digital ad businesses to offer targeted advertising and track conversions, with Facebook claiming it will lose $10bn in revenue in 2022.

It also strengthened Apple's own advertising business, with the company gaining market share in the US, China, the UK and Australia. Media analysts Omdia estimate Apple Search Ads revenue rose...