It looks like the going has been good for Google Play. At of the end of the first quarter, they enjoyed a huge lead over the App Store with 45% percent more downloads. Does that mean Apple (AAPL) has anything to worry about? Not just yet, because iOS apps are generating 85% more revenue than Google Play apps.  But don’t lose faith in Google (GOOG) – their revenues are rising fast. It has been growing as much as 55% quarter to quarter.

When it comes to Apple having such a huge lead with revenues, I’d say it’s because of the perception that only free apps are successful on Google Play. That’s usually why apps looking to make money primarily (sometimes even solely) target iOS. At Google Play’s rate of increased revenue though, it seems as though that perception will be broken real soon.

Now back to Android. The reason they stole the crown in terms of download numbers was because of their influence in emerging markets such as Brazil, Russia and Mexico. Most of the downloads worldwide were for messaging apps, which further solidifies the WhatsApp phenomenon.

As far as the App Store revenue growth is concerned, that was mostly driven by China and the United States. To be fair, it is worth mentioning that many of the numbers in China are due to Apple’s recent deal with China Mobile Ltd, which opened them to a network of 760 million mobile users. Google Play narrowed the gap in revenues with many of their numbers tracing back to the US and UK.

The biggest revenue generators for both iOS and Android have proven to be games: 75% for the App Store and 90% on Google Play.  Social networking apps came in second, followed by music, education, and entertainment apps. Anti-virus and security apps have risen in popularity in Google Play, while finance apps gained popularity for the App Store – likely due to tax season.

Like I mentioned earlier, Apple doesn’t have anything to worry about. But they should still step up their game.  Android phones are on par with iPhones, with the only differentiators practically being apps and services. Apple will be at a disadvantage as the revenue gap continues to lessen, which will lead to developers creating apps for Android first.