People are spending more time on apps
The outbreak of COVID-19 has affected economies throughout the world, including the App Economy. It this time of crisis, when everyone spending their time at quarantine, daily time spent users spending on smartphone devices increases. Android devices usage increased by 20% in Q1 2020, while consumer spending in both iOS and Android apps was also up 15% and 5%, respectively, creating a new record for in-app expenditure for a single quarter at $23.4 billion worldwide.
All social apps reported increased traffic. We’re all locked in our homes and looking for a means to stay connected with everyone, that comes as no surprise.
In terms of app-specific performance, TikTok is holding its spot at the top of the number of downloads chart, while Whatsapp is in the second position. According to eMarketer’s Mobile Trends, “time spent on the websites is gradually declining, while time spent in apps is increasing.”
App Store’s Revenue increased during Covid-19.
Though COVID-19 is having an impact on the app store’s growth remains strong. Since all offline retail shops, gyms, movie theaters are closed, people are using apps for ordering products online, working out at home, watching movies in Netflix, these activities caused a notable jump in new installs. This all increased the total revenue for the developers as well as for the app store. Apple does not disclose the total amount of income that its App Store brings in per year. But by looking at the statistics, it is clear that worldwide consumer spending on mobile will reach $171 billion by 2024, which is more than double from the year 2019. It is projected that even the slowest-growing regions on app stores will see revenue over 80% higher than their 2019 by the year 2024.
The top five countries by revenue through 2024 will be China, the U.S., Japan, Great Britain, and Taiwan. China will continue to be a prime market, despite harsh regulations on app and game publishing, and will reach $35 billion in App Store spending by 2024.
App Store’s download increased during Covid-19.
The surge in app downloads during the global coronavirus pandemic will lift all geographic markets probably for a prolonged period, and it will double the number of consumer spending on apps over five years. We can using it in app ad network.
China’s sudden increment in downloads in 2020 will give a significant boost in categories like gaming and educational while the U.S. will experience is own slow but steady increase in downloads, as predicted by analytics firm Sensor Tower. Though China’s regulatory environment will make it difficult to predict the eventuality, they added. The claimed that revenue from the entertainment, photo and video, and social networking categories is expected to grow by more than 230% combined between the year 2019 to 2024. Sensor Tower also forecasts that by the year 2024, the market will see more revenue also generated from non-game apps. Consumer spending on mobile apps on both the App Store and Google Play is expected to reach $171 billion by 2024.