With few entertainment options during the coronavirus pandemic, locked-down mobile users around the globe turned to app stores.
Global Google Play downloads spiked 35% year-over-year and 18% sequentially in the second quarter, with net in-app revenue rising 18% and 5%, respectively. Downloads of Apple products saw less dramatic growth, with 23% year-over-year and 2% sequential download increases and 20% and 3% in-app revenue growth.
A breakdown of the downloads by BofA Securities reveals how cooped up mobile users are spending their time.
BofA's Social Data
Lockdown measures made socialization digital and drove significant increases in social media downloads.
“Y/Y growth was impacted by tough comps vs the 2Q’19 viral filter uptick with 2Q’20 total downloads seeing 2nd highest levels since the IPO quarter in 1Q’17,” analyst Justin Post said in a Thursday note.
On a quarter-over-quarter basis, Twitter rose 17% and Snap 2%, while Facebook was flat and Instagram fell 7%, the analyst said.
“Social media applications in our coverage universe showed continued strength in 2Q with Snap, Pinterest, and Twitter all growing downloads from strong 1Q’20 bases.”
NFLX & Chill Data
The coronavirus didn’t halt online dating. Tinder downloads rose 12% on an annual basis but fell 13% quarter-over-quarter, while Hinge increased 47% year-over-year.
Home Office & E-Commerce Data
Photo courtesy of Pinterest.
Latest Ratings for NFLX
|Jun 2020||Imperial Capital||Maintains||Outperform|
|May 2020||Jefferies||Initiates Coverage On||Buy|
View More Analyst Ratings for NFLX
View the Latest Analyst Ratings
See more from Benzinga
- M&A Activity Falls To Decade Low During Pandemic
- Your Favorite Companies, As Defined By Urban Dictionary
- Citron On Genius Brands: 'The Lowest Form Of Retail Investor'
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.