August 2024 was another great month for social media platforms but the rankings are starting to feel repetitive.
App giants are raking in a huge chunk of revenue as per stats taken from
App Figures. They did cement their standing position at the top of the list and we’ve got all the details for our readers below.
Similar to July, there is certainly something interesting taking place in the top 10 list. When we combine everything together, the overall revenue hit $880 million. This means last month, we got closer to the target of hitting $1 billion but just how close is a question worth investigating.
There’s no surprise here. The leading TikTok platform was again the world’s highest-earning platform last month. It managed to rake in a whopping $240 million combined revenue for ByteDance. This is more than $19 million from what was seen last month and a whopping 9% rise MoM from the past.
Video search engine YouTube was steady with the second position, adding another striking $7 million last month. Meanwhile, the top five were completed by Disney+, Tinder, and the Max app. Here is where revenues barely altered from what was seen in July.
In August, Peacock managed to go beyond Hulu and we’ve got the grand Paris Olympics to thank for this. It snagged position number nine and then in August, it hit position number 8, which added another $4 million.
Interestingly, Duolingo's popular language learning app is on the list once more. We last saw it make the rankings in April but to enter, it pushed Tencent Video out. But how close did these platforms get to the $1 billion mark?
The top 10 apps managed to bring in $917 million last month. And if things continue at this rate, we don’t see why they cannot break the $1 billion mark by the end of 2024.
Moving on to the most downloaded apps for August 2024, it wouldn’t be wrong to deem this as a slipping and sliding show. Downloads for apps are declining with time so that is why experts took the rankings as a mere surprise.
The top five most downloaded platforms didn’t alter from what was seen in July. However, things got interesting when you looked at matters more closely than the real installation figures.
Instagram continued to hold on to position number one and these figures grew by more than three million installations over July. They bucked the continuous downward trend while in second place, we saw TikTok take a major fall of two million when compared to July of this year.
In position four it was WhatsApp which did take a small hit, adding close to four million downloads from what was witnessed in July. Meanwhile, Facebook sat at number three and remained at 43 million installs. In position five it was Temu who held a steady rank but dropped close to two million from July’s 37 million total.
When you look at the other complete list, minor shifts were similarly noted. Threads moved up to position number six and ChatGPT entered the list at position number nine as the AI keeps introducing new models.
As a whole, the top 10 apps list managed to bring in 353 million installations for the last month. This is one million more than what was witnessed in July. This is not a sign that the slump period is over just yet. The small dip taking place in June and July, followed up closely by a minor growth last month means things are moving in the right direction.
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