Social media has grown into a large ecosystem. The platform has expanded from communication to retail, digital marketing, and content development. Photo and video apps help social media users expand their online presence.
Snapchat and YouTube usage are rising. Use cases like live broadcasting and image manipulation have also been significant.
OnlyAccounts found $12 billion in revenue from photo and video applications this year.
Read also: Tecno Mobile unveils Pova 5 Series, MEGABOOK Laptop
App downloads reached 29.1 billion. This shows that photo and video apps are becoming increasingly popular, with users willing to pay for their diverse capabilities. It’s no surprise that they’re among Google Play and the App Store’s highest-grossing categories.
Smartphone users use a lot of photo and video apps, which is another thing to consider. Depending on how much computer power they have, smartphones can easily do different things, like edit photos.
Statista’s Global Consumer Survey found that about 4 out of 10 people who own smartphones in many big markets use photo editing apps often. Because of this, picture editing apps are now more popular than news, video, dating, and fitness apps. Canada (46%), Spain (44%), the U.S. (42%), China (40%), and India (40%) are the top five markets where people regularly use picture editing apps on their smartphones.
“Samsung Unpacked” unveils 7 new “budget-friendly” Galaxy products
Trends for photo and video apps in the future
Statista says that 37 billion picture and video apps will be downloaded by 2027, based on their fast growth. Because there are benefits for both businesses and individuals and because the number of downloads is rising, the above prediction is not entirely impossible.
FaceApp, which lets people take pictures of their younger or older selves, took the world by storm in 2019 because it could do that. Similarly, Lensa AI, a picture editing app that uses AI, hit over 19 million downloads in a month after adding the Magic Avatars feature.
When it comes to money, there’s a good chance that the industry’s cash streams will grow. In-app purchases and ads are two of the most significant ways businesses make money. Statista thinks the money from in-app sales and paid apps will grow by 50% in 2027. Over the next four years, income from ads is expected to grow by 66%.
