For many people, apps have become an essential part of navigating through daily life. During a time that has caused a lot of stress for people, those struggling have turned to technology to cope with the challenges they face. Mental health apps have been particularly helpful to consumers and that has resulted in the growth of the category’s revenue and downloads. Meanwhile, a new forecast reveals that the global games market will decline slightly this year but is expected to trend upward in the next few years. Learn all about it in this week’s Mobile Monday!
Global Games Market Will Decline Slightly in 2021
Newzoo recently published their Global Games Market Report and shared their forecast that the 2021 market will generate $175.8 billion, a slight year-over-year decline of -1.1%. While this forecast may alarm some industry professionals, Newzoo reassures that this will not have a long-term effect. The report points to ongoing semiconductor chip shortage and Apple’s privacy changes as reasons behind the decline that could eventually be resolved. Despite the decrease, Newzoo expects revenue will grow for the next few years and reach $200 billion in revenue in 2025. Additionally, the games analytics firm approximates there will be 2.9 billion gamers worldwide by the end of the year.
When it comes to mobile, the sector is predicted to grow over 4% this year to almost $91 billion. Mobile accounts for more than half of the games markert and has seen less of an effect during the pandemic than PC and console games. The report also says that mobile gaming will be the fastest growing segment but will then be taken over by console gaming in 2020 when the industry catches up on product delays. While Apple’s removal of the IDFA poses a bit of a threat to the mobile sector, Newzoo is confident that developers will adjust to the regulations and retain a positive outlook in terms of forecasts.
Consumer Spending is up 25% for Meditation Apps
After a tough year spent in lockdowns during a global pandemic, consumers made it a priority to focus on their mental well-being in order to feel some relief in a trying time. Many of them turned to mobile apps to help them address these issues. According to App Annie, consumer spending in the United Kingdom grew 25% in Q1 2021 compared to the previous quarter in the top 10 meditation apps. Furthermore, spending increased by 10% year-over-year, totaling $9.7 million in the country. The top five meditation apps for consumer spending in the UK included Calm, Headspace, Moshi Twilight Sleep Stories, Waking up With Sam Harris, and Breethe.
Android apps also saw a boost in their meditation apps. Total time spent on meditation apps on the operating system grew 15% in Q1 2021 and reached over 2.1 million hours. Additionally, downloads of the top 10 meditation apps jumped 30% in Q1 2021 from the previous quarter to 1.2 million. App Annie predicts that these consumer habits will be long-lasting and result in a major shift towards managing well-being, stress levels, and mindfulness through mobile apps.
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