Video-streaming apps are leading the growth in global app revenues, with Netflix generating $244 million in Q3 alone. Tinder and Tencent Video followed.
We are consuming a lot of apps now. What’s more, we are paying for them too. Consequently, app store revenues are at an all-time high.
Sensor Tower’s latest report indicates consumer app spending increased 23 percent in the third quarter of 2018. Global app revenues surged to $18 billion during the period. A large chunk of it was driven by video-streaming apps, with Netflix, unsurprisingly, topping the list.
Netflix ranked as the world’s top-grossing (non-gaming) app for the third quarter in a row. Suffice to say, the service has become indispensable in a video-first internet world. In Q3 2018, Netflix pulled in revenues of $244 million across Apple App Store and Google Play Store. That is a yearly growth of 90 percent.
“Thanks to this success, the popular streaming app has now surpassed an estimated $1.4 billion in total gross revenue to date worldwide on the App Store and Google Play,” Sensor Tower stated.
Netflix also witnessed strong growth in downloads, adding more than 50 million installs in Q3. US, Brazil and India led the growth accounting for 19 percent, 13 percent, and 10 percent of the downloads, respectively. Netflix now has over 600 million installs worldwide.
India emerged as a strong market for the global streaming giant. “Each of these regions saw growth in installs compared to Q2, but none as large as India, which experienced an increase in downloads of more than 100 percent,” Adam Spannbauer, Mobile Insights Strategist, Sensor Tower, stated.
That Netflix is growing in popularity in India is no secret. In a recent conversation with YourStory, Netflix Global VP of Innovation, Michael Spiegelman, revealed,
“Indians are among the top mobile downloaders in the world for Netflix content. In general, operating in India has encouraged us to take a very mobile-focused approach to design an experience that makes viewing on the phone just as good as watching on a Smart TV.”
Netflix was followed by Tinder and Tencent Video (sometimes known as ‘China’s Netflix’) in revenue generation. iQIYI, Pandora and YouTube occupied the next three spots, clearly establishing the supremacy of streaming apps across the world.
Overall, Apple’s App Store revenues grew to $12 billion during Q3, widening its lead over Google Play Store by 93 percent. This represents the biggest revenue disparity between the two platforms since 2014, Sensor Tower stated in its report.