The iPhone’s app store has taken off, with over 500 million app downloads to date. That fact in mind, it is not surprising that rumors of new app stores for more and more platforms are beginning to circulate. The latest is Nokia, who recently showed off what they are calling the “Ovi Store” at the Mobile Word Congress in Barcelona.

So what is the Ovi Store? Officially, Nokia describes it as such:

“Offering a range of content including applications, games, videos, widgets, podcasts, location-based applications and personalized content, Ovi Store will be available on S60 and Series 40 devices. The first device to include the mobile storefront on board will be the Nokia N97, set to launch in June. Meanwhile tens of millions of existing S60 and Series 40 devices will be able to take advantage of the store from May. Ovi Store is unique in its ability to target content based on where you are, when you’re there, why you are where you are and who else has downloaded similar content.”

That’s right, content can be tailored to users based on where they live. Furthermore, greater sharing capabilities are generated through what has been dubbed the “social discovery feature” that will enable users to see who amongst their friends is using what, and said applications will be made readily available for them.

Suffice to say, the platform has a lot of potential, and as the largest creator of mobile phones in the world, Nokia expects their new store to acquire 300 million users by 2012. Furthermore, the company states that approximately 70% of revenues will be returned to Ovi Store developers.

For those interested, developers are able to register now for the Ovi Store, but must wait until next month before any content can be uploaded. The expected launch date is this May.

[via TechCrunch]