Mobile app trends: 2024 edition

Feb, 2024 Mobile app trends:
2024 edition
EBOOK
A global benchmark of
app performance

2
02
03
Contents
Introduction: Stability and consistency
in the developing mobile app marketing landscape …………………….. 3
Emerging technologies and AI-driven
personalization to change more than just the game …………………….. 5
New channels to central channels ………………………………………………………7
Methodology and key takeaways ………………………………………………………..8Part 1: Finance and fintech apps
Industry stats, trends, and predictions ……………………………………………11
Essential industry roundup …………………………………………………………….. 12
Finding and keeping users ………………………………………………………………\
14
Part 2: Gaming apps Industry stats, trends, and predictions …………………………………………. 21
Essential industry roundup ……………………………………………………………. 22
Finding and keeping users …………………………………………………………….. 24
Part 3: Shopping and e-commerce apps Industry stats, trends, and predictions ………………………………………… 36
Essential industry roundup ……………………………………………………………. 37
Finding and keeping users …………………………………………………………….. 39

Conclusion ………………………………………………………………\
…………………………….. 47
 
01
Mobile app trends: 2024 edition

3
The digital marketing space has evolved dramatically. App advertisers and developers have continued
to face new and ongoing challenges that bring increased complexity to finding the right audiences and
converting them effectively. A myriad of exciting avenues and opportunities, however, have contributed to
the continued acceleration of growth within our industry, which has unequivocally confirmed its resilience.
In 2023, mobile ad spend grew by 8% to $362 billion , the market reached a value of USD$228.98 billion—a
figure projected to rise to $567.19 billion by 2030—and mobile apps are expected to become a half a
trillion dollar industry in 2024 in terms of revenue.
To formulate a successful growth strategy in the modern
mobile ecosystem, app marketers are tasked with diversifying
channels, finding the right media mix, adapting to the
transformative nature of user behavior and expectations,
and harnessing the power of next-generation technologies.
Getting each of these crucial components right isn’t always
easy, and the inevitable waves of change and adaptation
are not set to slow down. Forming the requisite mindset
and onboarding the right tools are essential to establishing a framework of stability and consistency amid this constant
development, in 2024 and well beyond.
Regardless of how and when new channels and sources
enter your mix, or whether new data privacy regulations are
enforced, the questions for marketers remain the same: How
do I know where to allocate budget? Where will I get the
best return on investment? How can I continue impactful
campaign optimization?
INTRODUCTION
Stability and consistency in the developing
mobile app marketing landscape

4
Adjust data reveals that, following a downward trend throughout 2022,
mobile app installs grew globally in 2023, with Q4 up 4% YoY.
With fragmented data sources and types, air-tight
measurement and predictive analytics are the fundamental
building blocks on which a stability-driven strategy will be
built now and moving forward, ushering in consistency to
an otherwise disjointed, cross-channel landscape.
Mobile app trends 2024 deep-dives into actionable Adjust
data, benchmarks, and insights, coupled with analysis and
expertise from AppLovin. As always, this report provides
marketers and developers with the information needed to
make tactical decisions and build a strategy that outpaces
the competition.
Global app installs 2022 – 2023
APR 22
M AY 2 2 JUN 22 JUL 22
AUG 22 SEP 22
OCT 22
NOV 22 DEC 22JAN 23FEB 23
MAR 23 APR 23
M AY 2 3 JUN 23 JUL 23
AUG 23 SEP 23
OCT 23
NOV 23 JAN 22
FEB 22
MAR 22
DEC 23
…air-tight measurement and
predictive analytics are the
fundamental building blocks on
which a stability-driven strategy
will be built…

5
As investment in AI inevitably continues
to soar ( 55% of C-level executives
worldwide consider it a leading concern ),
embracing its full potential will become a
cornerstone of mobile marketing systems
and strategy development in 2024. Savvy
growth marketers have already harnessed
AI’s power to enhance decision-making
processes related to campaign setup,
analysis, and optimization, facilitating
smarter and quicker outcomes. Every
partner in a marketer’s tech stack, including
your MMP, should be demonstrating,
without ambiguity, the mechanisms they’re
employing to prioritize AI capabilities that
drive your growth and success. Personalization is a key area that will see
AI-powered evolution in 2024. Long-
term user retention is a critical factor for
sustained ROI in the app industry, and as
the emergence of gaming’s hybrid casual
genre has demonstrated, the strategic
incorporation of personalization to a game’s
UX can dramatically boost retention rates
and revenue—in 2024, hybrid casual is
poised to surpass the $2.1 billion in revenue it
achieved in 2023. Verticals like e-commerce
and finance should adopt a similarly data-
centric and AI-driven approach to the
gaming sector. Just as AI can segment users
to customize and calibrate individual game
progression, e-commerce and finance apps
can tailor in-app experiences to their own
specific segments, cohorts, and UX flows to
increase retention and conversion. This kind
of ingenuity is a game changer—but it’s not
limited to gaming. This focus on personalization should start
from the initial ad impression through
onboarding (where ATT opt-in rates can also
be driven up), and deep into app UX, from
game levels to product pages or the core
features of your app.
PRIVACY, MEASURABILITY, CREATIVE ADVANCEMENTS
Emerging technologies and AI-driven personalization
to change more than just the game

6
ATT opt-in update
Speaking of App Tracking Transparency, let’s
take a look at how rates changed globally
across app verticals throughout 2023.
Since ATT’s enforcement with the rollout
of iOS 14.5 in April of 2021, we’ve seen opt-
in rates gradually climb as marketers have
improved in communicating the value-add
of consented data sharing and as users have
come to better understand what the prompt
is even referring to. Opt-in rates once again
climbed across the board in 2023, with
the industry-wide rate up from 29% to
32%. Gaming has the highest rate globally
(39%) and fintech and e-commerce had the
biggest jumps at 7 percentage points each.
ATT opt-in rates Q1 2024 vs. Q1 2023 (Global)
0%
Q1 2023Q1 2024
Industry-wide
Gaming
E-commerce Fintech
Food & Drink
Health & Fitness Entertainment
LifestyleSocialTravel
Publications 5% 25%35%
10% 15%20% 30% 45% 40%

7
New channels to central channels
We talk a lot about the importance of new
channels and the strategic necessity of
creating a healthy media mix. AppLovin
and Adjust are both huge advocates
for connected TV (CTV) as an essential
component of a marketing strategy that
reaches high quality audiences and provides
cross-channel uplift. As CTV transforms into
the digital hub of households, we expect
to see the emergence of even more robust
opportunities to connect advertisers to
consumers. CTV is becoming a central
performance channel, with the transition
from cable to streaming continuing its march. New channels like PC and console will
become the next frontier for advertisers,
particularly those in the gaming space. It’s
the marketers who enthusiastically tackle
these new opportunities to find audiences—
and measure them with precision from day
one—who will stay ahead of the curve and
see the most impactful results.

8
The methodology
VERTICALS:
Fintech, gaming, e-commerce
REGIONS:
Global, APAC, EMEA, LATAM, North America
DATASET:
A mix of Adjust’s top 5,000 apps and the total dataset
of all apps tracked by Adjust. Our data comes from two
sources, one including a list of 45 countries and one with
approximately 250 based on the ISO 3166-1 standard.
DAT E R A N G E :
January 2022 – January 2024
RATIOS AND SHARES:
Reattribution and paid/organic are both expressed as
ratios, where X:1. In the case of the paid/organic ratio,
a value of 3 (3:1) would mean that for every 100 paid
installs, there are 300 organic installs. Similarly, for the
reattribution share, a value of 0.7 (0.7:1) would mean
that for every 100 installs, there are 70 reattributions.
Stickiness is represented as a percentage, meaning a
stickiness ratio (daily active users (DAU) / monthly active
users (MAU)) of 0.34 would be represented as 34%.
Methodology and key takeaways
Key takeaways
$
1.33
Fintech app installs and sessions grew by 42% and 24% YoY
in 2023, respectively.
E-commerce app installs and sessions grew by 43% and 14% YoY,
and stickiness reached 16.1%
In-app revenue for fintech apps grew 118% YoY in 2023 and

month 0 LTV hit $4.45 for iOS and $2.05 for Android.
Gaming app installs bounced back in Q4 2023, up 7% globally,
3% in APAC, 12% in EMEA, 19% in LATAM, and 6% in North America.
The global median eCPI for e-commerce apps is $1.33, while

month 0 LTV is $10.35 for iOS users and $5.85 for Android users.
In-app revenue for gaming apps globally grew 6% YoY in 2023.
42
%
118
%
%
43
%
7
%
6

Mobile app trends: 2024 edition
9
Simon DussartCEO
“Successful and impactful mobile app marketing and campaign
optimization doesn’t require a crystal ball. By incorporating predictive
analytics into your cross-device and cross-channel marketing
efforts, you unlock the data and insights needed to make fast, smart
decisions on budget allocation and the ability to scale confidently.
Prioritize building an efficient, next-gen tech stack, and working with
partners that actively demonstrate their contribution to your growth.”

10
“
A focus on foundation sets up businesses for long-term success in any
environment. This means advertisers need to have a growth stack
that empowers them to measure what they buy, so they know the
exact performance across the wide variety of channels that are out
there , and can act rapidly according to any changes. They also need a
process to expand their user acquisition channel portfolio so they can
act, add new additions to it, and scale.”
Andrey KazakovVP of Demand Non-Gaming

11
PA RT 1
Finance and fintech apps
Industry stats, trends, and predictions
PhonePe
Digital Wallets & Payment
Paytm
Digital Wallets & Payment
PayPal
Digital Wallets & Payment
Google Pay
Digital Wallets & Payment
Alipay
Digital Wallets & Payment Nubank
Mobile Banking
Bajaj Finserv
Personal Loans
DANA
Digital Wallets & Payment
Google Wallet
Digital Wallets & Payment
Binance
Cryptocurrency Trading
Top 10 finance apps by downloads 2023 (worldwide)
Powered by data.ai’s App IQ Taxonomy
1
2 3
4 5 6
7
8
9
10
Source: data.ai intelligence Note: iOS & Google Play

12
The value of a Bitcoin
surpassed $44,700 in
December 2023, its highest
point in over a year. The global mobile banking
market is projected to reach
a value of $7 billion by 2032 ,
with a CAGR of 16.8%
from 2023. Mobile banking users are
growing globally and are
expected to surpass 3.6 billion
this year , meanwhile, 70% of
U. S. users cite mobile banking
as their primary means of
account management. Mobile stock trading is
currently valued at $34.98
billion and is expected to
grow at a CAGR of 21.1% from
2023 to 2033 . Mobile payments are set to
make up 79% of all digital
transactions by 2025 and
the market is projected
to reach a value of $607.9
billion by 2030 .
Essential industry roundup
What we’re keeping an eye on in 2024: Digital wallets as everyday commerce, real-time cross-border payments, and enhanced mobile banking security.
$44,700
$7 BN $
70%
79
%

13
“
In the fintech industry, achieving optimal customer
acquisition cost (CAC) efficiency is an important goal. This is
because CAC directly impacts profitability and guides the
appropriate allocation of marketing resources —especially
when the ROI is strong—ensuring sustainable growth in a
competitive market.”
J o y c e Ye
Director of Non-Gaming

14
Fintech app installs and sessions both
grew YoY in 2023, up an impressive 42%
and 24%, respectively. The highest point
for installs in 2023 was between April and
May, which was up another 28% compared
to the yearly average and a huge 95% YoY.
Regionally, the biggest installs uptick was
seen in APAC (48%), while the biggest
boost in sessions was charted in EMEA
(31%). North America was the only region
to see decline, dropping 12% in installs
and 16% in sessions, which can partially be
attributed to the sharp fall in funding for
fintechs throughout the year.
North America did chart a 6% boost in banking app sessions YoY. While not as impressive as the global figure of 82%,
it’s still a positive growth signal. For payment apps, sessions increased 27% globally and an identical 27% in LATAM. Fintech app install and session growth
January 2022 – December 2023 (Global)
Finding and keeping users
BONUS
Fintech app install and session growth percentages
YoY 2022 – 2023
Installs
Sessions 60%
50%
40%
20%
30%
10%
0%
-10%
-20% 42%
Global
24%
48% 22%
APAC
26% 31%
EMEA
16%
2%
L ATA M
-12% -16%
North America
Sessions
Installs
APR 22
M AY 2 2 JUN 22 JUL 22
AUG 22 SEP 22
OCT 22
NOV 22 DEC 22JAN 23FEB 23
MAR 23 APR 23
M AY 2 3 JUN 23 JUL 23
AUG 23 SEP 23
OCT 23
NOV 23 JAN 22
FEB 22
MAR 22
DEC 23

15
Overall, session lengths for fintech apps
increased globally between 2022 and
2023, up from 6.1 minutes per session to
6.4 minutes. The longest sessions took
place in North America, although the
market did see a fractional decrease from
just over 7.2 minutes to just under.
In 2023, the global average for fintech
app sessions per user was 1.64 on day 0
and 0.85 on day 1. This pattern is universal
across APAC, Europe, LATAM, MENA, and
North America, and highlights the value
that can be driven by creating compelling
experiences that promote continued app
usage beyond the first day. Increasing
session numbers even marginally drastically
improves monetization potential. Fintech app session lengths
2022-2023 Fintech app sessions

per user per day 2023
Session lengths for banking apps globally came in at an average of 5.94 minutes, payment at 5.68 minutes, crypto at a
much bigger 14.12, and stock trading at 11.66.
BONUS
0 12 34 56 8
Time in minutes 2022
2023
Global
APAC
EMEA
North America L ATA M
7
0
1.8
1
0.8 0.6
0.4 0.2
Global APAC EuropeL ATA M
Day 0
Day 1
1.2
1.4 1.6
MENANorth America

16
While sessions and installs climbed,
retention rates fell in 2023, indicating the
importance of leveraging personalization
to create experiences that deliver long
term users. Interestingly, day 1 rates
climbed two percentage points YoY (from
22% to 24%) before tailing off throughout
the rest of the 30-day post-install period,
ending at 7%, down from 9% in 2022.
Retention may have fallen, but stickiness
increased globally for fintech generally
and for banking apps—dropping one
percentage point for payment apps.
This demonstrates that of installs that
are converting into daily active users, an
increasing proportion are also converting
into monthly active users. An improvement
on the retention side would push these
figures up even higher. Fintech app retention rates 2022 – 2023
(Global) Fintech app stickiness 2022 – 2023 (Global)
Of all fintech installs recorded globally by Adjust, 50.6% were banking apps, 35.9% were payment apps, 11.37% crypto,
and 2% stock trading. For sessions, 58.7% were banking, 33.3% payment, 3% crypto, and 4.8% stock trading.
BONUS
0%
Day after install
2022 2023
10%
20%
30% 40%50%60% 70%
80% 90%
100% All
BankPayment2022
2023
0% 5%
10% 15%
20% 25%
30% 35%
20%
26%
22%
29%
17%
16% 0 30
8 18
2 1424
16 2628
10 20
4 12 22
6
1 3 5 7 21 13 19 17 15 11 23 9 25 27 29

17
Fintech app eCPI 2022 – 2023
(Global)
In 2023, on day 0, the median
LTV for banking apps on Android
globally stood at $3.1. This figure
rose to $7.1 by day 30. The median
LTV for payment apps on Android
was $0.9 on day 0, increasing to
$5.2 by day 30.
BONUS
Fintech app LTV over 30 days
(Global)
Adjust data shows that the median eCPI for fintech apps
decreased across the board YoY in 2023. Banking apps
dropped significantly, down from $2.33 per install to $1.37.
Payment remained somewhat more consistent but still
decreased from $1.43 to $1.31. With higher install rates and
lower eCPIs, it’s a moment of great potential for UA in the
fintech space. Pivoting to lifetime value (LTV), marketers can also expect
to see a steady overall increase over the 30-day post-install
period, despite an incremental daily decrease. On day 0, the
median iOS LTV is $1.40, while the Android figure is a clean $1.
By day 30 or month 0, these numbers sit at $4.45 and $2.05,
respectively. Given the median eCPI and LTV, as it currently
stands, UA marketers should be able to prove ROI on their
retained fintech users within the first seven days.
$1.50 $2
$2.50 $3
$3.50 $4
$4.50 $5
$1
$0.50 $0 Day 0 Week 0 Month 0
iOS daily
LTV increment Android daily

LTV increment iOS

cumulative LT V Android
cumulative LT V
$1.40
$1
$0.20 $0.14 $0.07
$0.36
All BankPayment
2022
2023
$0
$0.50 $1
$1.50 $2
$2.50 $3
$USD

18
In 2023, fintech app installs globally resulted
in a paid/organic ratio of 0.79, showing that
a high share of users are coming to the apps
organically. When analyzed regionally, slight
variations are seen: EMEA’s ratio was close
to the global average at 0.78, APAC’s was
slightly lower at 0.73, and North America
had the lowest share of organic installs at
0.68. Considering the high portion of users
installing organically, working to improve
ASO performance will help drive more
high-quality, organic users to fintech apps,
particularly in North America.
0.62 0.64 0.660.68 0.70.72 0.74 0.8
Global
APAC
EMEA
North America 0.760.78
Fintech app paid/organic ratio 2023

19
Banking apps saw a rise in
reattributions YoY, with the median
rate increasing from 0.18 in 2022 to
0.2 in 2023.
BONUS
Fintech app reattribution share 2022 – 2023
A noticeable global increase in median share of reattributions
is apparent in 2023, rising from 0.13 to 0.15. Looking into
regional specifics, APAC jumped from 0.09 to 0.11, and
EMEA experienced the biggest increase, with reattributions
climbing from 0.12 to 0.17. In contrast, North America saw a
slight decrease, down from 0.19 to 0.17. This, coupled with the
solid performance of non-paid installs in the vertical, indicates
strong, organic interest in finance and fintech apps that meet
user needs.
0 0.02 0.04 0.060.08 0.10.12 0.18
2022 2023
Global
APAC
EMEA
North America 0.140.16 0.2

20
Fintech apps maintained an average of
four partners per app in 2023. Banking
apps within this sector saw notable growth
in channels worked with, rising from an
average of 3.3 to 4. Conversely, stock
trading apps experienced a decrease in
their average number of partners, dropping
from 5.5 to 3.5.
In 2023, global in-app revenue for fintech
apps increased by a huge 118% YoY. This
surge was most sharply driven by the
months of July and August, during which
in-app revenue was 26% and 24% above
the year’s average, respectively. Fintech partners per app
2022 – 2023 (Global) Fintech in-app revenue

January 2022 – December 2023 (Global)
0 6
5
4 32 1
All Bank Crypto Payment 2022
2023
Stock trading JAN 22 APR 22 JUL 22 OCT 22 JAN 23 APR 23 JUL 23 OCT 23 DEC 23 MAR 22 M AY 2 2
SEP 22
NOV 22
MAR 23 M AY 2 3
SEP 23 FEB 22 JUN 22 AUG 22 DEC 22 FEB 23 JUN 23
AUG 23
NOV 23

21
Industry stats, trends, and predictions
PA RT 2
Gaming apps
Subway Surfers
Action | Runner
Free Fire
Shooting | Battle Royale
ROBLOX
Simulation | Creative Sandbox
Ludo King
Tabletop | Ludo
Candy Crush Saga
Match | M3 Royal Match
Match | M3-Meta
8 Ball Pool
Sports | Simulation Sports
My Talking Tom 2
Simulation | Pet
Race Master
Hypercasual | Racing
Block Blast Adventure Master
Puzzle | Tile-Matching
Top 10 gaming apps by downloads 2023 (worldwide)
Powered by data.ai’s Game IQ Taxonomy
1
2 3
4 5 7
6
8
9
10
Source: data.ai intelligence Note: iOS & Google Play

22
AD 49%
Mobile represented 49% of
total revenue generated by
the global games market in
2023, $90.4 billion. The top 10 titles for
consumer spend globally
were Candy Crush Saga,
Honor of Kings, ROBLOX,
Royal Match, Coin
Master, Genshin Impact,
Gardenscapes, Monopoly
GO, Pokemon GO, and
Game for Peace. Mobile games ad spend will
reach $103 billion in 2024
and $131 billion in 2025. Mobile Legends: Bang
Bang was the most watched
mobile gaming esports title
in 2023, with 530.16M hours
watched, followed by PUBG
with 135.16M hours. Consumer spending on
mobile games decreased
2% YoY in 2023, to $107
billion , but grew 4% outside
of China.
Essential industry roundup
What we’re keeping an eye on in 2024: The in-game NFT space, cloud gaming on CTV and OTT, augmented reality and virtual reality gaming, an uptick in subscription
models on mobile, and cross-platform PC and console play.
$
$
530.16M
HOURS

24
2023 didn’t represent the great bounce-
back for mobile gaming app installs and
sessions that the industry was hoping for,
but things are starting to look up. While
installs decreased by 2% globally and
sessions by 7%, installs in Q4 of 2023 grew
by 7% YoY. With the ongoing boom of
hybrid casual, we’re quietly confident that
the needle will keep moving in the right
direction overall.
Finding and keeping users
Gaming app install and session growth
January 2022 – December 2023 (Global)
Sessions
Installs
JAN 22
FEB 22
MAR 22 APR 22
M AY 2 2 JUN 22
AUG 22 SEP 22
OCT 22
NOV 22 DEC 22JAN 23FEB 23
MAR 23 APR 23
M AY 2 3 JUN 23
AUG 23 SEP 23
OCT 23
NOV 23 DEC 23 JUL 23JUL 22

25
Regionally, LATAM bucked the global
trend, with gaming installs bouncing up
7% and sessions by a modest 1%. EMEA
saw the highest degrowth in sessions (9%)
and North America charted the biggest
decrease in installs (6%). Looking at the
YoY installs numbers for Q4, however,
APAC grew by 3%, EMEA by 12%, LATAM
by 19%, and North America by 6%.
Gaming app install and session growth percentages
YoY 2022 – 2023
-15%
-10% -5%0%5%
10% 15%
Installs
Sessions
-2%
Global APACEMEA
2%
L ATA MNorth America
1%
-7%-3%-6% -3% -6%-7%
-9% 7%

Mobile app trends: 2024 edition
26
Daniel TchernahovskyVP, Global Business Development
“

While overall gaming installs had modest growth compared to
2022, a closer look reveals a different story. In the latter half of
2023, a notable uptick in DAV (daily active viewers) and a surge
in CPMs led to stronger returns for app developers. This is most
evident when looking at sub-categories such as hybrid casual,
where we’ve seen a significant rise in revenue compared to last year.
These trends highlight healthy growth for the gaming industry.

27
3%
3%
Of all gaming installs, action accounted for the largest share with 18%, followed by hyper
casual (14%), puzzle (14%), casual (9%), and sports (8%). Action also accounted for the
largest piece of the sessions pie at an even bigger 27%, followed by puzzle (12%), sports
(12%), board (7%), and casual (6%).
Gaming app installs and sessions by subvertical (Global)
Action
Card
Casino
Casual
Educational
Adventure
Arcade
Board
Family
Hyper casual
Puzzle
Racing
Strategy
RPG
Simulation
Sports
Music
Word
Tr i v i a
1% 1%
1%
1%
2%
2%
2%
2%
18%
8%
3%
14% 2%
5%
14% 9%
7%
5%
4%
1%
1%
3%
2% 2%
1%
27%
12% 12%
7%
6%
5%
5%
4%
4%
3%
1%
Installs
Sessions

28
The overall sessions and installs landscape might look less
than optimistic, but at subvertical level, there were a healthy
number of growth areas in 2023. Racing and simulation games
saw the highest installs spikes at 61% and 53%, respectively,
while arcade and adventure charted the biggest sessions
increases, 19% and 7%.
Gaming app subvertical install growth percentages
YoY 2022 – 2023 (Global)
Action
Adventure ArcadeBoard
0%
70%
50%
40% 30%20% 10%
60%
Puzzle
Racing
Simulation
20%
2%
9%7%
38%
19%
30%
3%
15%1%
61%
2%
53% 6%
Tr i v i a
12% 5% Installs
Sessions
Word
13%
4%

29
Interestingly, the average session lengths
for games remained identical YoY from
2022 to 2023 at 32 minutes per session.
The longest session lengths took place
in APAC, which grew from just under 35
minutes per session to just over. LATAM,
the only region with YoY sessions and
installs growth overall, dropped from 27 to
26 minutes per session.
In 2023, gaming apps saw a significant
(but expected) decline in user
engagement from day 0 to day 1. Users
started with an average of 1.93 sessions on
the first day and dropped to 0.63 by the
next day. Hyper casual games showed the
most considerable reduction, beginning
with 1.86 sessions on day 0 and falling to
just 0.51 by day 1. Simulation charted the
highest figures, with 0.77 on day 1 and 2.06
on day 0. Gaming app session lengths
2022-2023 Gaming app sessions per user per day
2023 (Global)
Action games had the longest session lengths at 45.65 minutes, followed by RPG at 40.43. Hyper casual sessions were
the shortest at 16.36 minutes.
BONUS
0
2.5
2
1.5 1
0.5 Day 0
Day 1
All
Action
Adventure Board
Hyper casual Pirate
Simulation Word 0510 1520 2530 40
Time in minutes 2022
2023
Global
APAC
EMEA
North America L ATA M
35

30
Retention rates were consistent across
the gaming vertical when comparing 2022
to 2023, but did tend to a slight overall
decrease. Day 1 rates for all games dropped
from 29% to 28.3%, day 7 from 14% to 13%,
day 14 from 9.7% to 9.3%, and day 30 from
6.4% to 5.3%. Hyper casual, with its very
different retention pattern to most gaming
subverticals, increased its day 1 rate from
26% to 27%, its day 7 rate from 8% to 8.4%,
day 14 from 4.3% to 5% and day 30 from
1.8% to 2%.
Gaming app stickiness was resilient in
2023, maintaining the 2022 rate of 20%
globally. Looking at different categories,
there was a lot of growth, indicating that
although install rates are down overall, for
many subverticals (including those where
installs are up), an increasing number
of DAUs are converting into MAUs.
Adventure games charted the highest
stickiness (31.6%), followed by puzzle and
RPG (both 29.8%), board (24.5%), and
word (23.1%). Gaming app retention rates
2022 – 2023 (Global) Gaming app stickiness
2022 – 2023 (Global)
Day after install
0%
10%
20%
30% 40%50%60% 70%
80% 90%
100%
2022 (All) 2023 (All) 2022 (Hyper casual) 2023 (Hyper casual)
0% 5%
10% 15%
20% 25%
30% 35%
2022
2023
Sports
Action
Adventure
BoardHyper casual Puzzle
Simulation Word
All
ArcadeCasual
RPG
0 30
8 18
2 1424
16 2628
10 20
4 12 22
6
1 3 5 7 21 13 19 17 15 11 23 9 25 27 29

31
Daniel TchernahovskyVP, Global Business Development
“

The best way for gaming developers to increase long-term retention
is to make their game or app feel like it’s designed especially for
their players. AI helps by enabling the developer to segment users
and customize game progression so it feels as if the game’s level
of difficulty has been uniquely calibrated to a user. Segmentation
can create custom experiences that feel unique to each user, which
leads to more engagement–and that leads to more retention. We’re
likely to see more of this application of AI–in gaming and beyond–to
personalize app experiences and successfully retain users.”

32
The increase seen in cost per install
across the board in gaming throughout
2023 is probably the highest driver of the
decrease in installs, as high acquisition
costs lead, overall, to less acquisition. The
cost increase for adventure and simulation
(among others) proved to be an exception,
with their installs and sessions numbers
booming despite the price. Simulation saw
the biggest jump ($1.23), and RPG actually
decreased by $0.42.
Focusing on LTV, we see that the
subverticals with more expensive eCPI
do also offer higher payoff over a 30 day
period. RPG games represent the highest
median LTV, around $3.31 per user by
month 0, followed by adventure games
users at $2.35. Comparing the eCPI and
LTV directly, neither vertical’s users pay
for their install cost by month 0, indicating
the importance of understanding user
expectations to create more monetization
opportunities and higher revenue medians. Gaming app eCPI 2022 – 2023 (Global) Gaming app cumulative LTV (Global)
0
0.5 1
1.5 2
2.5 3
5
2022
2023
Sports
Action
Adventure
BoardHyper casual Puzzle
Simulation
Word
All
ArcadeCasual
RPG
3.5
4.5
4
$USD
$0
$0.50 $1
$1.50 $2
$2.50 $3
$3.50
Day 0
Week 0
AdventureBoard Hyper casual Simulation
All CasinoRPGMonth 0

Mobile app trends: 2024 edition
33
Cyril Cael
VP, EMEA Business Development
“

App businesses aim to acquire as many users as possible that
engage and yield a profit. In the past, a UA manager focused on
hitting short-term targets like a D7 ROAS because that number
indicated a high likelihood of profitability. Today, the priority
is to understand the curve of user behaviors within their app
when acquiring players across different channels with their own
algorithms and associated campaign types. By segmenting and
optimizing toward these behaviors, UA managers can achieve
profitable growth more quickly and sustainably.”

34
Gaming app paid/organic ratio 2022 – 2023 (Global)
In 2023, APAC had the gaming
vertical’s highest paid vs. organic
ratio globally at 0.56, followed by
MENA at 0.51, LATAM at 0.42, and
North America at 0.4.
BONUS
Gaming app reattribution share 2022 – 2023 (Global)
0 .005 .01.015 .02.025 .03.035 .04.045
Mobile gaming experienced an overall decrease in the ratio
of organic to paid installs, falling from 0.71 to 0.54. This
reduction was noticeable in subgenres such as board, puzzle,
and word games, the latter of which saw the biggest drop
in organic installs. Action and adventure games, however,
climbed from 0.42 to 0.82 and 0.3 to 0.72, respectively,
suggesting heightened interest in these particular genres,
and a decreased emphasis on paid UA. In 2023, gaming apps saw a significant decrease in
reattributions, with the share dropping from 0.04 to 0.02.
This trend was most evident across board, hyper casual,
puzzle, simulation, and word games. While the first three
typically monetize via new users and fast-paced UA,
simulation’s figures map to the increase in installs across the
board for the vertical.
2022
2023
All
Board
Hyper casual Puzzle
Simulation Word
2022
2023
All
Action
Adventure
PuzzleBoard
0 0.2 0.4 0.60.8 11.2 1.6
1.4
Simulation
Word

35
There was a slight decrease in partnerships
within the gaming app industry in 2023,
which correlates with the decrease in
share of paid installs and drop in installs
overall. The median number of partners
dropped from 6.5 to 6. The biggest drop
was seen for puzzle games, down from 9
to 5. Adventure and word games, on the
other hand, expanded their networks. The
number of partners for adventure games
rose from 7.5 to 8, and for word games, it
increased from 6.3 to 7.
Gaming apps experienced a notable 6%
rise in in-app revenue YoY, indicating high
spend from the smaller number of users
overall. The trend was especially noticeable
in December, when in-app revenue was
17% higher than the yearly average, which
correlates with the YoY installs boost
seen in Q4. Looking ahead, we anticipate
this growth to extend into 2024, with
marketers and developers that embrace
AI-driven personalization likely to reap the
most rewards as they unlock clever ways of
finding and monetizing users. Gaming partners per app 2022 – 2023 (Global) Gaming in-app revenue
January 2022 – December 2023 (Global)
2022
2023
0 2
4
6
8
10 12
Tr i v i a
Action
Adventure
BoardHyper casualPuzzle
Simulation Word
All
Arcade
JAN 22 APR 22 JUL 22 OCT 22 JAN 23 APR 23 JUL 23 OCT 23 FEB 22 MAR 22 M AY 2 2 JUN 22 AUG 22 SEP 22 NOV 22 DEC 22 FEB 23 MAR 23 M AY 2 3 JUN 23 AUG 23 SEP 23 NOV 23 DEC 23

36
Industry stats, trends, and predictions
PA RT 3
Shopping and e-commerce apps
SHEIN
Shopping | E-Commerce
Te m u
Shopping | E-Commerce
Amazon
Shopping | E-Commerce
Shopee
Shopping | E-Commerce
Meesho
Shopping | E-Commerce Flipkart
Shopping | E-Commerce
Shopsy
Shopping | E-Commerce
AliExpress
Shopping | E-Commerce
Pinduoduo
Shopping | E-Commerce
Alibaba.com
Shopping | E-Commerce
Top 10 shopping apps by downloads 2023 (worldwide)
Powered by data.ai’s App IQ Taxonomy
1
2 3
4 5 6
7
8
9
10
Source: data.ai intelligence Note: iOS & Google Play

37
Global mobile e-commerce
sales reached $2.2 trillion
in 2023 and are expected
to hit 2.5 trillion in 2024,
representing 60% of total
e-commerce sales. 91% of smartphone users
make purchases with
their device. Social commerce has
an expected CAGR of
31.6% between 2023 and
2030, and 83% of Gen Z
consumers say shopping
starts on social media. 71% of millennials and 60% of
Gen Z have used Apple Pay,
which controls 82% of the
U.S. digital wallet market . There were 100 billion hours
spent in shopping apps
worldwide in 2023.
Essential industry roundup
What we’re keeping an eye on in 2024: Curated content and AI-driven personalization, BNPL, third-party payments, cross-border e-commerce,
and augmented reality shopping.
100BN
HOURS
$2.5 TN
91
%
$
83
%

38
Simon Baptist
Director of Commerce Business
“We continue to see mobile increasingly dominate online shopping
(54% of sales this Black Friday came from mobile, up 10% from
just one year ago). This trendline will continue up and to the right.
As marketers grapple with the convergence of paid advertising
and owned media, it’s imperative that mobile affiliate marketing
continues to take center stage as its role in influencing the entire
buyer’s journey cannot be understated. M-commerce will soar in
2024, and affiliate marketing has an opportunity to play a large part
of that growth”

39
Install and session numbers for
e-commerce apps globally were promising
in 2023, with the former up an impressive
43% YoY and the latter by 14%. While this
indicates some room for improvement
in the retention and longer-term LTV
space, it’s an excellent rate of growth and
bounceback, considering the previous
year’s slight decrease. The numbers are
even better when we look at the vertical’s
all-important Q4, in which installs grew
by 59% YoY.
Finding and keeping users
Shopping app installs and sessions
increased by 56% and 14% YoY
globally. In North America, shopping
app sessions and marketplace app
sessions both grew by 13%.
BONUS
E-commerce app install and session growth percentages
YoY 2022 – 2023
Sessions
Installs
APR 22
M AY 2 2 JUN 22 JUL 22
AUG 22 SEP 22
OCT 22
NOV 22 DEC 22JAN 23FEB 23
MAR 23 APR 23
M AY 2 3 JUN 23 JUL 23
AUG 23 SEP 23
OCT 23
NOV 23 JAN 22
FEB 22
MAR 22
DEC 23

40
All individual regions we examined also
saw growth in the mobile e-commerce
space across both installs and sessions.
The highest YoY rates of growth for installs
were seen in North America (98%) and
EMEA (60%) and the biggest sessions
boosts were charted in LATAM (26%)
and EMEA (20%). Prioritizing tech that
provides the necessary personalization to
increase conversion rates and basket sizes
will make the most difference.
E-commerce app install and session growth percentages
YoY 2022 – 2023
Global EMEANorth AmericaInstalls
Sessions
0%
20%
40% 60%
80%
100% 120%
APAC
L ATA M
43%
14% 6%2% 60%
20% 12%26% 98%
2%

41
E-commerce app session lengths 2022-2023
Of all e-commerce installs globally,
63.5% were shopping apps, 25.6%
were marketplace, and 9.6%
were deal discovery. Shopping
accounted for 34% of sessions,
marketplace for 62%, and deal
discovery for 4%.
BONUS
E-commerce app sessions per user per day 2023
Globally, average session lengths for e-commerce apps
dropped in 2023, down from 11.2 minutes per session to 10.1.
The only region to see an increase was LATAM, up from 8.4
to 8.6. EMEA’s sessions maintained a steady 11.2 minutes,
which is also the longest average length recorded in 2023.
North America dropped marginally from 10.1 to 10 minutes.
The big increase in sessions coupled with this backward
trend in lengths suggests an overall improvement in path to
conversion or in models requiring shorter sessions. E-commerce apps worldwide recorded an average of 1.52
sessions per user on day 0 and 0.32 on day 1, indicating initial
exploration (and hopefully early conversion) followed by
a quick decline in engagement. This trend was even more
pronounced in North America, where users started with
an average of 1.34 sessions on day 0, and just 0.19 on day 1.
Marketers should work to find the balance between pushing
for conversion on the all-important day 0 while also engaging
users longer term. Again, personalization and analyzing
segment-based behaviors will unlock this strategic ability.
0 24 6810 1214
Time in minutes 2022
2023
Global
APAC
EMEA
North America L ATA M
0
1.6
1
0.8 0.6
0.4 0.2
Global APAC EuropeL ATA M Day 0
Day 1
1.2
MENANorth America
1.4

42
In line with the retention trends seen across
the board, e-commerce experienced a
slight dip, with its day 1 rate down from 19%
to 17.3%. By day 7, the figures dropped from
11% to 9%, day 14 from 8% to 7%, and day
30 from 5% to 4.2%.
Also in line with app industry trends in
general and despite the retention drop,
e-commerce app stickiness improved
significantly in 2023, increasing from a
median 15% to 16.1%. Marketplace and
classifieds apps saw the biggest jump
(from 19% to 27.5%), which maps to the
share of sessions (62%) that this category
represents within the e-commerce data
set, as a high portion of its installs (a lower
share) are converting into MAUs. E-commerce app retention rates
2022 – 2023 (Global) E-commerce app stickiness 2022 – 2023 (Global)
In 2023, Europe had the highest day 1 retention rate for e-commerce apps at 17.5%, followed closely by MENA at 16.5%.
APAC and LATAM were tied, each with a retention rate of 16%, while North America was considerably lower at 12%.
BONUS
0%
Day after install
2022 2023
10%
20%
30%
40% 50%60%
70%
80% 90%
100% All
Deal discovery Shopping 2022
2023
0% 5%
10% 15%
20% 25%
30%
Marketplace & classifieds
15%
16.1%
14%
19%
15%
15%
19%
27.5% 0 30
8 18
2 1424
16 2628
10 20
4 12 22
6
1 3 5 7 21 13 19 17 15 11 23 9 25 27 29

43
Cost per install decreased slightly globally
for e-commerce apps in 2023, dropping
from a median of $1.37 per install to $1.33—
a small but positive signal for the vertical
considering the large uptick in installs—
meaning marketers are acquiring higher
volumes of users at lower prices. Shopping
apps saw the biggest decrease, down from
$1.78 to $1.29 while deal discovery was the
only subvertical to increase, up a significant
$0.56 per install.
In terms of how much LTV these installs
are generating, the landscape for
e-commerce was also very positive in
2023. On day 0, both iOS and Android
median revenue generated is higher than
the cost of the acquisition. By week 0,
daily increments of $0.86 and $0.49 are
added, respectively, and by month 0, the
median LTV for iOS users sits at $10.35
and $5.85 for Android users. E-commerce app eCPI 2022 – 2023 (Global) E-commerce app LTV over 30 days (Global)
AllMarketplace & classifiedsShopping
2022
2023
0
0.2
0.4 0.6
0.8 1
2
$USD
1.6
1.4
1.2 1.8
Deal discovery $6
$8
$10 $12
$4$2
$0 Day 0 Week 0 Month 0
iOS daily
LTV increment Android daily

LTV increment iOS

cumulative LT V Android
cumulative LT V
$3
$2
$0.49$0.35
$0.20
$0.86

Mobile app trends: 2024 edition
44
Andrey Kazakov
VP of Demand,
Non-Gaming
“Acquiring high-value users begins with an effective channel
acquisition strategy. Marketers must understand the channels
compatible with their specific app’s audience and goals . Then,
they need to determine their budget and how much they need
to spend to hit a critical mass of experiments that can drive more
efficient performance.”

45
E-commerce app paid/organic ratio 2023
In 2023, marketplace apps had a
reattribution rate of 0.31 (above the
global average for 2023) and saw a
significant rise in its paid vs. organic
install ratio, which increased from
0.25 in 2022 to 0.72.
BONUS
E-commerce app reattribution share 2022 – 2023
In 2023, e-commerce apps globally recorded a organic to
paid install ratio of 0.68. Regionally, LATAM had the highest
ratio at 0.84, APAC had a ratio of 0.73, EMEA equaled the
global average of 0.68, and North America had the lowest
ratio at 0.62, suggesting a more balanced approach between
paid and organic installs than other regions. That being said,
Adjust data shows that with the right strategy, paid installs to
e-commerce apps prove ROI very quickly. There was a marked global downturn in reattributions for
e-commerce apps in 2023, with the rate falling from 0.46 to
0.25. Regionally, LATAM experienced the most significant
decline, with reattributions decreasing from 0.5 to 0.18 in
2023. North America witnessed the least decline, dropping
from 0.48 to 0.44. This smaller decrease suggests a higher
emphasis being placed on returning users in the market as
part of UA strategies. Seasonality around Q4 in the market
(Black Friday, Cyber Monday, and the holidays in general)
often serves to reactivate large swathes of dormant users.
Global
APAC
EMEA
L ATA M
00.1 0.2 0.30.40.5 0.6 0.9
0.7
North America
0.80
0.1 0.2 0.30.4
2022
2023
Global
APAC
EMEA
North America 0.50.6
L ATA M

46
Among all of the UA success for
e-commerce apps in 2023, interestingly,
they also decreased their median number
of partners worked with from five to four.
At subvertical level, deal discovery and
marketplace apps followed this trend, each
collaborating with four partners. Shopping
worked with slightly more partners, down
from just over five to almost exactly five
per app.
Since January 2022, in-app e-commerce
revenue has consistently increased. In
2023, it grew by a significant 34% YoY.
This growth accelerated in the vertical’s
all-important November, which was
another 34% above the year’s average,
and December, up 21%. The spikes in
the latter part of the year reflect the key
shopping events cited regarding the uptick
in reattributions—Black Friday, Cyber
Monday, and the holiday season in general. E-commerce partners per app
2022 – 2023 (Global) E-commerce in-app revenue

January 2022 – December 2023 (Global)
JAN 22 APR 22 JUL 22 OCT 22 JAN 23 APR 23 JUL 23 OCT 23
0 6
5
4 32 1
E-commerceall Deal
discovery Marketplace
& classifieds 2022
2023
Shopping FEB 22 MAR 22 M AY 2 2 JUN 22 AUG 22 SEP 22 NOV 22 DEC 22 FEB 23 MAR 23 M AY 2 3 JUN 23 AUG 23 SEP 23 NOV 23 DEC 23

47
Success in the mobile app marketing landscape requires precise and swift decision making. This means that marketers
and developers need the tools, technologies, and partners that enable them to make these decisions with utmost
confidence. Our data and insights have demonstrated that despite some recent areas of degrowth—particularly in
the mobile gaming vertical—app performance and mobile’s ability to deliver significant returns is as strong as ever.
And despite intense competition, the space is still full of potential and untapped areas of opportunity.
As privacy changes and regulations continue
to change the methodological approaches
we take to app marketing and measurement,
AI will play a pivotal role in every aspect
of our development as an industry. Those
who prioritize intelligently integrating it into
their marketing and attribution efforts now
will see the biggest payoff, and will position
themselves ahead of the competition.
The goal should be to understand the
benchmarks of success, actively diversify
your media mix, explore new channels, and
onboard technologies that empower you to
measure everything, everywhere. Predictive analytics and automated
workflows, combined with incrementality
and media mix modeling, give a 360-degree
view of your marketing efforts, bringing
crystal clear clarity into which channels
and platforms should be scaled and which
should be paused. This framework is more
than just a strategic approach, it’s the
future of modern growth marketing and
measurement. It’s the key to overcoming any
obstacles that stand in the way of sustained
growth, on any channel, and at any time. Adjust and AppLovin are proud to
stand at the forefront of these next-gen
developments as we empower our clients,
partners, and the industry at large to take
these pivotal next steps together. To learn
more about how our cutting-edge solutions
can benefit your app business, reach out to
hear more, or request a demo today.
CONCLUSION
Embracing new technologies
to power unparalleled growth

ABOUT ADJUST
AppLovin makes technologies that help businesses of every size
connect to their ideal customers. The company provides end-to-end
software and AI solutions for businesses to reach, monetize and grow
their global audiences.
For more information about AppLovin, visit:
www.applovin.com
ABOUT APPLOVIN
Adjust, an AppLovin (NASDAQ: APP) company, is trusted by marketers
around the world to measure and grow their apps across platforms,
from mobile to CTV and beyond. Adjust works with companies at every
stage of the app marketing journey, from fast-growing digital brands
to brick-and-mortar companies launching their first apps. Adjust’s
powerful measurement and analytics suite provides visibility, insights
and essential tools that drive better results.
adjust.com
Learn more about Adjust at:
www.adjust.com
@adjustcom
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