In the second quarter of 2024, the mobile app market continued its expansion, showing significant growth trends, especially on social and video platforms. This article highlights the key findings from the Sensor Tower report, focusing on the mobile app market.

Consumer spending on mobile apps in the United States surpassed $27 billion, marking a 15% year-over-year increase. This growth included a total of 3.3 trillion ad impressions within apps, underscoring the crucial role mobile platforms play in modern marketing strategies.

Social networks have firmly established themselves as the dominant channel for consumer spending in U.S. apps, accounting for more than $3 of every $4 spent. Facebook and Instagram lead this segment, combining for nearly 50% of total app spending. TikTok, while still trailing Meta’s giants, showed the highest year-over-year growth among social channels, with a 28% increase.

Video and OTT (Over-The-Top) advertising also saw significant growth, with a 35% y-o-y increase driven primarily by desktop video ads. OTT platforms like Hulu, Netflix, and Peacock have been pivotal in this surge, reflecting the audience’s shift toward streaming content.

The shopping category remained the top in U.S. app spending, exceeding $5 billion, although it experienced a slight year-over-year decline. Financial services and software categories saw the fastest growth in spending, with nearly a 50% increase. Insurance companies like Liberty Mutual and Progressive, along with software brands such as Adobe Creative Cloud, Shopify, and Grammarly, led this growth.

Tencent made a remarkable impact in Q2 2024 with a massive ad campaign for its new mobile game, Squad Busters. This campaign propelled Tencent to the 15th spot among top advertisers, a significant jump from outside the top 100 in Q1. The campaign was predominantly through YouTube, complemented by ads on Instagram, TikTok, and Snapchat.

The Sensor Tower report for Q2 2024 shows that the mobile app market is on an upward trajectory, with robust growth across multiple channels, especially social and video. Companies are diversifying their advertising strategies to capture consumer attention in an increasingly competitive digital environment. Co-branding partnerships and targeted campaigns on specific platforms are essential tactics for maximizing advertising impact in this dynamic market.

These findings highlight the importance of mobile app spending as a vital component of modern marketing strategies, offering a comprehensive view of consumer behavior and campaign effectiveness across various platforms.