How many apps do you have on your mobile phone?
If you're like most modern consumers the number ranges anywhere from 11-20 (Pew Research), and the time you spend interacting with them is growing at record pace.
Globally, time spent in apps grew by a staggering 114 percent on Android phones from 2014 to 2016 according to App Annie Intelligence, with communication and social apps like WhatsApp Messenger and Facebook attracting the largest share of time spent. Time spent in media and video apps (like YouTube) has also grown by 212 percent over this period and is on the brink of overtaking games.
Even so, app retention remains a critical issue in this ecosystem with 75 percent of all app users churning within 90 days (Localytics). Despite this challenge, many brands are considering tapping into this competitive yet potentially lucrative market.
Knowing the factors that contribute to app downloads, engagement and revenue is a good place to start. Take this months' Quiz Time to test your app-savvy and see if your app idea has legs based on 2016 data from App Annie (answers at the bottom of the page).
1. The global revenue opportunity for publishers of mobile apps is forecast to grow by 270 percent - from $70 billion in 2015 to this amount in 2020:
a. $189 billion
b. $1.2 trillion
c. $250.93 billion
d. $727 billion
2. What were the top three paid apps by iOS and Google Play revenue in the first half of 2016?
a. Grand Theft Auto: San Andreas, Facetune and Terraria
b. Monster Strike, Clash of Clans, Game of War - Fire Age
c. Facebook, Snapchat and Selfi
d. Shutterfly, Minecraft and Pok‚Äö√†√∂¬¨¬©mon Go
3. Which country recently surpassed the U.S. in iOS App Store revenue?
4. Not all apps are created to generate revenue through the app stores or in-app advertising. We've listed some of the strategies of popular apps below. Which one is not true?
a. HBO Go: Allows current subscribers to stream content on the go
b. Uber: Drives mobile transactions that are processed outside of the app store
c. eBay: Drives online shopping conversion
d. Venmo: Uses augmented reality to let users see how furniture would look in their homes
5. True or False: While there are more app downloads on Android devices worldwide by a factor of 7:2 due to its larger base of users, iOS leads on revenue generated from apps by 3:2 due to its more affluent user base.