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App downloads decline 2.3% in 2024, but consumer spending grows to $127B
According to a recent report by Appfigures, the app economy has seen a significant shift in trends for 2024. While app downloads have taken a slight hit, with a year-over-year decline of 2.3%, consumer spending on these apps has experienced an unprecedented growth.
It’s reported that Instagram, and not TikTok, took the top spot as the most downloaded app in 2024, with approximately 10.6 billion downloads. However, it was TikTok that garnered the most revenue, amounting to a staggering $2.5 billion across both iOS and Android platforms.
Despite this decline in app downloads, there is no denying the immense growth witnessed in consumer spending. As reported by App Store figures, the combined total spending of users reached a staggering $127 billion globally, with a 24% increase from last year’s data.
The U.S. played a significant role in these numbers, accounting for a massive portion of this revenue, at $47.6 billion and an 11% annual growth. Apple App Store consumer spending grew significantly by 18.4%, reaching $34.4 billion in the same period, while Google Play’s spending declined by 4.7% to $13.2 billion.
Brazil saw a massive surge in consumer spending, rising by a staggering 73% compared to last year.
The top app of this year in terms of revenue is TikTok, bringing in approximately $1.3 billion through its U.S. user base alone.
In an interesting turn of events, Temu emerged as the most downloaded app in the United States, with roughly 48 million installs.
Source: techcrunch.com
