A new report from Macquarie Equities Research concentrates on the Google Inc (NASDAQ:GOOG) strategy for making money from its Google Play store in a new report. The report sees strong trends in the company’s app store, and looks forward to it becoming a substantial part of the firm’s revenue in the future.

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Google Play is accounted for by Google Inc (NASDAQ:GOOG) under other income, in the first quarter of 2013, income in this category grew 27 percent year on year. The Macquarie analysts believe that Plat revenue made up a substantial portion of that growth. The key take away from the Google I/O presentation on Play were the numbers, which spell a good future for the web giant.

Google Play App Revenue:

In App revenue, growth had grown seven times since May 2012. Average Revenue Per User is up 2.5X Q1 2012, paying app subscribers doubled each quarter, tablets purchase 1.7X  phones, recent Android versions by 2.2X the apps of older systems and just one of the top 25 biggest grossing apps was pay to install.

Google Play Growth:

Google Inc (NASDAQ:GOOG) is, according to the analysts, doing several things to make Google Play grow. The company is using marketing campaigns, expansions in its prepaid card line, Google Wallet Integration, carrier billing integration, and has streamlined the flow of its store. Google Inc (NASDAQ:GOOG) is inarguably ambitious, and it wants the Play store to work.

The Google Play store is still behind the Apple Inc. (NASDAQ:AAPL) app store in many ways, but the company realities that it is a core part of their Android ecosystem, and that they will need to continue improving it to attract customers to its range of smart phones. Mobile devices are the future of Google Inc (NASDAQ:GOOG).

The analysts conclude that the Play store is performing well and it should form a significant part of Google Inc (NASDAQ:GOOG) in the future. This is just one of the many trends at Google Inc, and the Play store is still a minor part of the company, so there’s little change to the company’s outlook.

The report leaves its price target of $925 per share. At time of writing, shares in Google Inc (NASDAQ:GOOG) were down a fraction on the day’s trading. So far in 2013, shares in the company have increased in value by more than 25 percent.

Google Inc (NASDAQ:GOOG) is having a good 2013, and Play will surely support that, but there are challenges ahead, and the slow down in China certainly doesn’t help.