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We all know video streaming has gained in popularity in recent years, but what you might not realize is that more than half of every dollar spent now in the entertainment app category goes to streaming services, according to the 2024 Streaming App Industry Report from App Figures.
Streaming video apps are currently downloaded more than 100 million times every quarter. "thanks in part to several new services launching in just the past couple of years," App Figures says. In North America, consumers reportedly spend an average of $1,400 every quarter across the top streaming apps.
(Credit: App Figures)Consumer spending in video streaming apps has reached an all-time high, ruled by the growth of apps like Disney+, Peacock, Paramount+, and Max. According to App Figures, consumer spending on video streaming apps on mobile is 383% greater now than it was during the first quarter of 2019.
The leader of the pack might surprise you. According to the report, Max is currently the leading video streaming app in the US, beating every other competitor both in new downloads as well as in-app revenue.
The report estimates the Max app was downloaded 6.4 million times from the App Store and Google Play in the US in Q1 and saw gross revenue hit $244 million. Netflix came in a close second for downloads and Disney+ was second in terms of revenue.
All that growth isn’t just in traditional streaming services. 9to5Mac notes that short video app revenue increased by more than 1,500%, something that the report attributes to users buying coins to reward live streamers on TikTok.