Soaring Popularity: Photo and Video Apps Triple Revenue and Downloads in 5 Years
Soaring Popularity: Photo and Video Apps Triple Revenue and Downloads in 5 Years
In the dynamic landscape of contemporary social media engagement, photo and video sharing have profoundly evolved over recent years. Presently, applications dedicated to sharing visual content have achieved an unprecedented level of user engagement, a phenomenon greatly attributed to the substantial number of individuals who willingly invest resources to refine their digital persona and cultivate aesthetically pleasing imagery.
According to the comprehensive data provided by OnlyAccounts.io, the fiscal gains realised by photo and video applications have undergone an exponential expansion, demonstrating an increase of over threefold within the span of five years, culminating in a remarkable revenue milestone of £12 billion in the year 2023.
Driving the trajectory of revenue expansion are applications tailored for the manipulation of photos and the streaming of videos. Modern smartphone users exhibit a notable affinity for photo editing applications, resulting in this category emerging as one of the most prevalent and economically productive genres within both the App Store and the Google Play Store. Highlighting this trend, the Statista Global Customer Survey of 2022 revealed that a substantial four out of every ten smartphone users engage with photo editing applications on a regular basis, surpassing even fundamental applications such as email clients, web browsers, and instant messaging platforms.
These applications, while extensively embraced by content creators, represent only a fraction of the overarching market. The landscape of photo and video applications also encompasses prominent platforms for video streaming, exemplified by the likes of YouTube and Twitch, which have significantly contributed to the meteoric surge in overall revenues.
According to insights gleaned from Statista Market Intelligence, the collective revenues generated by the global photo and video reached approximately £5 billion in application in 2019. This sum swelled to £9 billion a mere two years later, a crescendo attributed in part to the COVID-19 pandemic, and continued its ascent. Statistical observations from the past year unveil an 11% surge in revenue, with smartphone users collectively expending an estimated £10 billion on photo and video applications. It is anticipated that this figure will experience an additional 20% augmentation, attaining the zenith of £12 billion in the year 2023. Projections extend to foresee a comprehensive market valuation of £16 billion in revenues by the year 2027.
The same Statista survey delineates that half of the aggregate revenue for the year 2023, constituting £6 billion, is derived from in-app transactions. Advertising and revenue generated through paid applications follow suit with £3 billion and £2 billion, respectively. The forthcoming years are prognosticated to herald remarkable growth in all three revenue streams. In-app purchases and proceeds from paid applications are poised to burgeon by an impressive 50% by the year 2027, while the advertising segment is anticipated to witness a staggering 66% surge in revenue over the next four years.
The pervasiveness of the popularity of photo and video applications is underscored by the staggering magnitude of their downloads. Noteworthy applications in this genre have garnered a multitude of users in mere weeks. Notably, the application FaceApp gained viral momentum in 2019 as users disseminated images of their future or past selves, generated by the app’s artificial intelligence algorithms. Similarly, the photo editing application Lensa AI achieved meteoric success, amassing over 19 million downloads within a solitary month after the incorporation of the Magic Avatars feature.
This fervent rise in the desirability of photo and video applications has catalysed a twofold augmentation in the overall volume of downloads across the past quinquennium. Anticipatory estimations from Statista predict that global denizens will engage in the downloading of 29.1 billion photo and video applications by the culmination of the year 2023, exemplifying a staggering 107% increase in comparison to the 14 billion downloads documented in 2019. However, the subsequent year is poised to witness a deceleration in the pace of growth, with downloads projected to expand by 27%, ultimately amounting to 37 billion in the year 2027.
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Joanne Carter
Joanne Carter, creator of the world’s most popular mobile photography and art website— TheAppWhisperer.com— TheAppWhisperer platform has been a pivotal cyberspace for mobile artists of all abilities to learn about, to explore, to celebrate and to share mobile artworks. Joanne’s compassion, inclusivity, and humility are hallmarks in all that she does, and is particularly evident in the platform she has built. In her words, “We all have the potential to remove ourselves from the centre of any circle and to expand a sphere of compassion outward; to include everyone interested in mobile art, ensuring every artist is within reach”, she has said. Promotion of mobile artists and the art form as a primary medium in today’s art world, has become her life’s focus. She has presented lectures bolstering mobile artists and their art from as far away as the Museum of Art in Seoul, South Korea to closer to her home in the UK at Focus on Imaging. Her experience as a jurist for mobile art competitions includes: Portugal, Canada, US, S Korea, UK and Italy. And her travels pioneering the breadth of mobile art includes key events in: Frankfurt, Naples, Amalfi Coast, Paris, Brazil, London. Pioneering the world’s first mobile art online gallery - TheAppWhispererPrintSales.com has extended her reach even further, shipping from London, UK to clients in the US, Europe and The Far East to a global group of collectors looking for exclusive art to hang in their homes and offices. The online gallery specialises in prints for discerning collectors of unique, previously unseen signed limited edition art. Her journey towards becoming The App Whisperer, includes (but is not limited to) working for a paparazzi photo agency for several years and as a deputy editor for a photo print magazine. Her own freelance photographic journalistic work is also widely acclaimed. She has been published extensively both within the UK and the US in national and international titles. These include The Times, The Sunday Times, The Guardian, Popular Photography & Imaging, dpreview, NikonPro, Which? and more recently with the BBC as a Contributor, Columnist at Vogue Italia and Contributing Editor at LensCulture. Her professional photography has also been widely exhibited throughout Europe, including Italy, Portugal and the UK. She is currently writing several books, all related to mobile art and is always open to requests for new commissions for either writing or photography projects or a combination of both. Please contact her at: [email protected]
