In a groundbreaking announcement, data.ai, a leader in mobile data analytics, has released its much-anticipated mobile market predictions for 2024. These insights, revealed on November 7, 2023, in Singapore, paint a vivid picture of the evolving digital landscape and the seismic shifts expected in the coming year.
Lexi Sydow, Head of Insights at data.ai, encapsulates the essence of these predictions, stating, “2024 will see consumers demand authenticity, video-first content, and control of their social media experiences through the power of a dollar. Next year will unleash the next wave of innovation in AI and cement how we consume content.”
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1. The Decline of Microblogging: A Shift to Video Dominance Data.ai forecasts a notable decline in microblogging platforms, with Twitter’s Daily Active Users (DAU) expected to drop from 316 million to 250 million in 2024. Similarly, Meta’s Threads could see a fall below 20 million DAU. This shift underscores the rising dominance of video content, with platforms like TikTok becoming the go-to source for news and entertainment.
2. TikTok’s Unprecedented Financial Triumph: TikTok is on track to become the highest-grossing app ever, with projections of reaching a staggering $14.6 billion in 2024, surpassing Candy Crush Saga. This marks a significant milestone, as TikTok was the first non-game app to outperform a game in quarterly consumer spend in 2022, demonstrating a 70% year-over-year growth.
3. The Resurgence of Gaming: A Lucrative Uptick After a slight downturn, the gaming sector is poised for a 4% increase, reaching $111.4 billion in 2024. This growth is driven by genres like RPG, Match, Party, and Casino, with the US leading the charge in spending growth.
4. The Rise of Generative AI in Apps: Generative AI (GenAI) apps have seen a 9x increase in downloads in 2023. Data.ai predicts that 2024 will witness 2.3 billion app downloads featuring GenAI functionality, sparking a wave of innovation in areas like Video Editing and Selfie & Beauty Editor products.
5. In-App Purchases: The New Revenue Frontier in Social Media Moving away from traditional ad-based models, social media platforms are increasingly turning to in-app purchases as a revenue source. TikTok pioneered this trend with its “tip” feature for content creators, followed by YouTube and Instagram. This shift is expected to result in a 152% increase in consumer spend for social media apps in 2024.
About data.ai
data.ai stands at the forefront of digital market insights, leveraging applied AI to illuminate the digital landscape. Their mission is to unlock unique customer and market insights, offering competitive advantages across all digital channels worldwide.
As the digital world continues to evolve at a breakneck pace, data.ai’s predictions offer invaluable insights for businesses and consumers alike. Stay tuned to Marketing In Asia for the latest updates and in-depth analyses of these emerging trends.
Contact: data.aiSG@hoffman.com
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