Video and photo apps hits 12billion profit in 2023

Over time, social media has developed into a large ecology. It has evolved from being a tool for two persons to communicate to a platform for retail, digital marketing, content development, and other things. Photo and video applications are some of the many tools used by social media users to increase their online presence.

Usage is rising rapidly across all platforms, from video apps like YouTube to picture editing apps like Snapchat. Live streaming and image editing are two alluring use cases that have contributed significantly.

OnlyAccounts’ analysis indicates that this year, revenue from photo and video applications totaled an astounding $12 billion.

Additionally, there were 29.1 billion app downloads. This is evidence of how well-liked photo and video applications are getting, with users more than eager to spend money to access their robust features. They are among the highest-grossing subcategories on both the Google PlayStore and the App Store, which should come as no surprise.

Consider the popularity of photo and video apps among smartphone users as another important fact. Mobile devices, such as smartphones, can easily execute a variety of activities, including photo editing, depending on their processing capability.

According to Statista’s Global Consumer Survey, 4 out of 10 smartphone consumers in numerous important markets regularly use picture editing apps. Photo editing applications are now more popular than news, video, dating, and fitness apps in this trend. The top five markets with smartphone owners that routinely use picture editing apps are Canada (46%), Spain (44%), the United States (42%), China (40%), and India (40%).

Next developments in picture and video apps

According to Statista, the number of photo and video app downloads will reach 37 billion in 2027 at the present growth rate. The aforementioned forecast is not wholly improbable given the numerous advantages that apply to both individuals and organizations as well as the rising number of downloads.

After all, FaceApp’s capacity to let users create photographs of their younger or older selves is what made it so popular in 2019. Similar to Lensa AI, an AI-powered picture editing tool, the Magic Avatars feature led to over 19 million downloads in a month.

There is a good likelihood that the industry will expand its sources of income in terms of revenue. Advertising and in-app purchases are two of the sector’s major revenue generators. In-app purchases and paid app revenue are predicted by Statista to increase by 50% in 2027. Within the following four years, advertising revenue is anticipated to increase by 66%.

Author

Samson Ayodeji

I am literally obsessed with technology. I love writing about the latest news in technology in different markets, segments and sectors across the world.

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