In 2024, consumer spending in mobile apps rose 15.7% to $127B, despite a 2.3% decline in global app downloads, with significant growth in subscription-based revenue in UK.
In 2024, the global app economy displayed mixed signals. While consumer spending on mobile apps soared to an impressive $127 billion—marking a 15.7% increase from the previous year—the number of app downloads declined by 2.3%, showing a shift in how users engage with mobile platforms.
This development highlights a trend where revenue generation from existing users, rather than new app acquisitions, is becoming the primary focus for developers.
The app market's growth was primarily driven by Apple's App Store, which saw a 24% increase in consumer spending year-over-year, amounting to $91.6 billion.
In contrast, Google Play experienced a slight decline in revenue, dropping 1.5% to $35.7 billion globally. The United States remained a key market, contributing $47.6 billion to global consumer spending, with a notable 18.4% year-over-year increase from the App Store.
TikTok emerged as the highest-grossing app globally, generating an estimated $2.5 billion across both iOS and Android platforms.
In the U.S., TikTok also claimed the top spot, earning nearly $1.3 billion. The rapid rise of TikTok’s revenue highlights the continuing dominance of social media and entertainment apps in driving app economy growth.
Despite the increase in consumer spending, app downloads saw a notable decline in 2024, reaching 110 billion, down 2.3% from 2023.
This downward trend was observed across both the Apple App Store and Google Play. iOS downloads fell by 1.1%, while Android downloads saw a steeper drop of 2.6%.
In the U.S., app downloads decreased by 3.4%, with a sharp 5.3% drop in iOS downloads. Google Play saw a smaller 0.7% decrease.
On the other hand, Mexico experienced a notable rise in app downloads, with an additional 225 million installs compared to 2023, signaling strong growth in emerging markets.
A critical trend in the app economy is the shift towards monetizing existing users through subscriptions. Only 5% of apps globally offered subscriptions, but they accounted for 48% of all app revenue.
This indicates that as the app market matures, developers are increasingly focusing on recurring revenue from loyal users instead of relying on new downloads.
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The mixed performance of the app economy in 2024 reflects a broader trend of maturation in the mobile industry. While consumer spending continues to grow, especially in high-value markets like the U.S., the decline in app downloads signals a shift in user behavior.
As apps focus more on subscription models, developers will likely look for ways to enhance engagement and retention. This trend could reshape the future of app marketing and development, making it even more important to focus on optimizing user experience and long-term loyalty rather than simply increasing app downloads.
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