Users across the globe have spent 740 billion hours on social media apps in the first half (H1)this year, equal to 44% of time spent on mobile, research says.
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Consumer spending on social apps stands at $3.2B in H1 2021 growing 50% from the same duration in the previous year, according to research firm App Annie.
The firm estimates that social apps have neen downloaded 74 billion times till date, with 4.7 billion downloads in the first half of this year alone.
India has the highest number of downloads in H1 this year -- more than 1.5 billion. This is five times the number of downloads in the US, which is in the second position followed by Indonesia, Brazil and China.
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Time spent in social apps in India has surged over the past 3.5 years, shrinking the gap between India and China to 7% in H1 2021 from 115% in 2018, App Annie said.
Live streaming apps at the forefront
App Annie believes that live streaming is the new frontier for social media.
The research firm estimated that outside of China, consumers will spend 548 billion hours live streaming in top social apps this year on Android phones alone.
Apps with live streaming have risen up the rankings based on downloads, with Snapchat and MX TakaTak in the top 10, according to App Annie.
"LIVE streaming has provided new avenues for creators on social media to reach out to a broader audience. A real-time connection with their audiences drives meaningful growth for creators and helps to foster an affinity for their brand with the end consumer," said Janhavi Parikh, Business Head, MX TakaTak.
App Annie believes that live streaming apps have outpaced chat and photo and video social Apps. It estimates that these apps compound at an annual average rate of 25% compared to 15% for chat and photo and video apps.
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Social apps that offer live streaming as a prominent feature account for $3 of every $4 spent in the top social apps in the first half of 2021.
India is set to dominate the live streaming industry for the next five years, believes Bolo LIVE, one of India's live streaming platforms.
"We expect at least 1 unicorn coming out of India in the next 3 years based on live streaming at the core," said Varun Saxena, chief executive officer and founder, Bolo LIVE.
