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The app industry is continuously growing with massive downloads and consumer spending across Google Play and iOS stores in 2021. However, global spending across Google Play, iOS, and 3rd party Android app stores boosted by around 20% and reached $170 billion. Mobile Ad spending increased 22% and marked $295 billion. Moreover, downloads of mobile apps climbed by 5% in 2021 and reached $230 billion.

Consumers are now spending more time on apps than watching TV or other entertainment options. The average Americans are watching TV for around 3 hours per day and they were found to spend 4 hours on their mobile devices. Users in South Korea, Brazil, and Indonesia spent up to 5 hours per day in 2021 on mobile apps. However, the mobile apps business is rapidly growing around the world.

More than 234 apps and games produced around $100 million in consumer spending and 13 of them marked $1 billion. It was a 20% increase from 2020. Around 194 apps and games generated $100 million in 2020 in consumer spending and 9 of them marked $1 billion. The app industry offered an efficient way to keep up with this industry in one place during this week.

The downloads of Web3 Apps increased 5 times

The latest report has indicated that the number of mobile apps (Web3) has consistently improved from 2020 to 2022. Moreover, the number of available Web3 apps for downloading increased around 5 times this year than in 2021. The number of apps available for download also increased by 88%. The study analyzed data across the Google Play and App Store.

Most of these available apps boosted up to 45% of the revenues. The increase involved NFT apps and mobile wallets are app stores now found flooding the app stores. However, some of those apps have shown an increase in the social, utilities, gaming, tools, and business categories. The study says the number of downloading apps is seemingly retreating and flowing.

NFT Marketplace Apps showed a Downfall

Moreover, the study also discovered that NFT marketplace apps Veve and Open Sea dropped 85%. The top 50 crypto apps also experienced a downfall in downloading at 64% since November 2021. Web3 apps have now shown a significant increase including the running app STEPN and the economy app Twig. It allowed users to collect NFTs more efficiently and powerfully.

Meanwhile, Elon Musk decided this week to invest more money into Twitter. He earlier tried to jump out of the deal after alleging Twitter for lying about the number of bots on the social platform. Musk said in a filing that his personal financial dedication has now reached $33.5 billion from $27.25 billion. CEO of SpaceX and Tesla earlier said executing a margin loan of $12.5 billion.

Musk was alleged of manipulating Twitter Stock

However, the shares of Tesla have experienced a rapid downfall after purchasing plans for Twitter from Musk in April. A group of Twitter shareholders also sued Musk. The group alleged Musk of manipulating Twitter stock for his own interests throughout the process of Twitter purchase. The lawsuit said the complaint from Musk regarding the bots on the platform dropped the deal price.

The lawsuit also pointed out issues that how he put the deal on hold. There wasn’t any process in place to stop the deal from the undertaking. It also mentioned that Musk also delayed filing a disclosure as his shares in the company crossed 5%. This move enabled Musk to buy shares at a discounted price and was considered a violation of securities law.

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