Consumer spending on mobile apps to reach $171 billion in 2023

NEW: Delhi Consumer spending on mobile apps reaches a new high of $171 billion in 2023, a three percent year-on-year increase after a two percent decline in 2022.

The mobile app industry is now a half-trillion dollar market, with app store spend and mobile ad spend expected to reach nearly $1.5 trillion per day in 2023.

This includes $362 ad in mobile ad spend, an 8 percent increase year-over-year, according to data.ai’s ‘State of Mobile 2024’ report.

It wasn't the overall revenue list that performed well in 2023 as downloads and stocked time also measured strong growth on new all-time wallpapers.

Hours spent reached 5.1 trillion (an increase of more than 6 percent). Meanwhile, downloads remained steady at 257 percent (an increase of about 1 percent).

“The increase in App Store spending is particularly noteworthy given the unexpected decline in 2022, which was largely driven by mobile gaming,” the report said.

TikTok kept all of its merchandise in stock through a creator “tipping” mechanism, bringing its spending to more than $10 billion.

Artistic studios experienced digital growth in 2023, expanding 7x, and the emergence of new areas such as studio chatbots and artist artists.

It also aims to exceed $10 million in monthly customer costs by the end of 2023.

“Mobile ad spend is projected to grow 8 percent to $362, driven by short-form video and video-sharing apps,” the report said.

Social and entertainment apps grew to 3 trillion hours, with time lag increasing 12 percent to 3 trillion hours.