This paper studies the economic importance of mobile applications (apps) as intangible assets. Using novel data, we construct a market-based app-value measure and show that it corresponds positively with apps' utility value, measured by future downloads. Firms' app values are associated with a significant reduction in firm-specific risk, especially when the apps collect user data. Following the California Consumer Privacy Act—a plausible exogenous shock to data-collecting ability—the relationship between app value and firm risk diminishes. Moreover, firms' app values predict substantial future growth and increased market power, and the growth is more pronounced when apps collect data.