With an aim to improve the overall quality of extensions available for use on its open source software, Magento has now announced the launch of Magento Marketplace. Marketplace is the new replacement for Magento Connect and will continue to allow merchants to purchase third-party products and services.

The main goal for Marketplace is to offer merchants a higher quality service than what’s currently available. Developers looking to submit extensions will have to go through more thorough security checks, Magento coding standards and plagiarism checks.

Currently on Connect, it is common to find 15 or more applications that will all provide the same function.  Magento is hoping that Marketplace will replace the number of duplicates, with fewer, more suitable applications.

With the review and migration progress to take place, Connect will not be retired immediately. Peter Sheldon, Head of Strategy said ”Connect will not be disconnected until we are confident that we have merchant needs covered with Marketplace.”

For developers, Magento Marketplace will bring in a new revenue business share model. All sales will be subject to a 70/30 split, with 70 percent going to the developer and 30 percent going to Magento.