Spending in the Apple App store is forecast to hit $115 billion in 2024. By comparison, a report from SensorTower indicated that Google Play Store will revenue reach $56 billion that year.
Non-Game App Store Revenue on The Rise
Interestingly, App Store revenue from non-games is predicted to overtake that from mobile games for the first time in 2024. Subscription monetization means non-game revenue is projected to hit $58 billion that year. By comparison, spending was $55.3 billion across all categories combined in 2019. In both that year and the year before mobile games dominated spending. They accounted for 71 percent (2018) and 68 percent (2019) of all consumer spending in the App Store. That is forecast to fall to 66 percent in 2020, and 49 percent in 2024. In total, there are expected to be 184 billion downloads across both Apple and Google’s official platforms in 2024. Forty-five billion of those will come via the App Store.
App Economy Set to Emerge Healthy From COVID-19 Pandemic
It is also worth noting that since the COVID-19 outbreak there has been a spike in the number of mobile downloads. Randy Nelson, Head of Mobile Insights at SensorTower, wrote:
Our forecast anticipates an outcome from this situation that sees mobile apps more centrally positioned than ever as the way consumers interact with these aspects of daily life and more. As a result, we foresee apps remaining a major economic driver and a healthy environment for developers, investors, and enterprises through 2024 and beyond.
Charlotte:
This highlights the power of a diversified product and service portfolio as a bulwark against evolutionary bottlenecks or a dead end. An installed user base will compensate one compromised or embarrassed organ with a stronger one that gets the task done, be it in work or entertainment, just as we do in nature.
While it should offset some losses from iPhone and other hardware sales that are China-dependent for manufacture, it would be useful to know the anticipated relative gain in sales, and to see how other elements of the Apple platform were utilised. As interesting as this might be for the market, I’m confident that Apple are gathering those data.