Tapulous is setting the financial bar for app developers pretty high. The small gaming app developer, which continues to launch popular games for the iPhone and iPod touch, now says that the games in their Apple arsenal generate a consistent seven figures. Not annually. Monthly.

The private company acknowledged this week that they earn upwards of $1 million per month, which finally places a numerical value on just one example of a developer at the center of the iPhone’s transformation into a trend-setting hand-held gaming platform.

Tapulous, which has twenty employees, initially raised $2.8 million in private investment capital. Today, the company generates the bulk of its revenue from a combination of three factors: direct game sales, mobile ad placement, and selling embedded content found within its games – like songs from a game’s soundtrack.

Although the financial success of Tapulous is impressive to learn of, it will also likely change the minds of many developers who mistakenly think the App Store is far too crowded to earn substantial revenue.