Data presented by OnlyAccount show that photo and video apps recorded 29.1 billion downloads with revenue more than triple in five years to a record of $12 billion in 2023.
This is an indication that as a key part of the social media experience, photo and video sharing has evolved over the past years.
Today, many smartphone users have a soft spot for photo editing apps, making it one of the most popular and highest-grossing app categories across the App Store and Google Play Store. The apps also have an army of users in the content creator’s industry but still make up just one part of the market. The photo and video app market also includes some of the biggest and most popular apps for video streaming, like YouTube and Twitch, which also had a significant role in surging revenues.
The Statista survey showed that half of the total revenue in 2023, or $6 billion, comes from in-app purchases. Advertising and paid apps follow with $3 billion and $2 billion in revenue, respectively. Statista expects the following years to witness impressive growth in all three revenue streams. While in-app purchases and paid apps revenue are forecast to grow by a massive 50 per cent by 2027, the advertising segment will see revenue surge by 66 per cent in the next four years.
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