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Reddit app installs exceed 6 million in January on GameStop trading frenzy

U.S. consumers are said to represent more than a third of total spending in the app to date, according to Sensor Tower.   | Photo Credit: Reuters

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Social networking website Reddit hit 6.6 million app installs worldwide last month, making January its best ever month.

The app gained significant traction last week as individual investors coordinated on the platform to buy shares of GameStop Corp, AMC Entertainment Holdings Inc and BlackBerry, and squeeze hedge funds that had bet big on the struggling companies to tank.

Reddit’s installs rose over 40% last month, compared to 4.6 million installs in December last year, according to app intelligence firm Sensor Tower. The app grew about 128% in January, compared with the same period in the previous year.

The app has about 122 million installs globally from both Google Play store and Apple’s App Store. Most of these downloads including in-app purchase revenue comes from the U.S., which accounts for nearly 46% of the total installs.

Also Read | What GameStop's surge says about online mobs

U.S. consumers are said to represent more than a third of total spending in the app to date, according to Sensor Tower.

The California-based company’s monthly active users grew more than 50% in January compared to the previous year. This trend is likely to continue, Sensor Tower estimates.

However, the pace of Reddit’s continued growth may depend on how many users it can retain after the conversation dies down around the platform’s role in last month’s stock market disruption, the app intelligence firm added.

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Printable version | Apr 13, 2021 4:53:03 AM | https://www.thehindu.com/sci-tech/technology/reddit-app-installs-exceed-6-million/article33758827.ece

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