What you need to know
- Downloads of Reddit in January rocketed to more than 6.5 million following the global phenomenon of 'meme stocks'.
A new report says Reddit recorded its best-ever month on the back of users investing in the stock market and generating global attention around "meme stocks".
From Sensor Tower:
"Meme stocks" took the financial world by storm in January, driven largely by users on the social platform Reddit. This fervor led to the mobile app's best ever month of installs as it hit 6.6 million worldwide downloads in January, Sensor Tower Store Intelligence data reveals.
To date, Reddit has approximately 122.5 million installs globally from across the App Store and Google Play. The majority of these downloads, as well as most of its in-app purchase revenue, comes from the United States, which accounts for about 46 percent of the installs or approximately 55.8 million. U.S. consumers represent 76 percent of spending in the app to date, or approximately $5.5 million.
In January, Reddit was downloaded approximately 6.6 million times globally, up 43% on the month before and 128% more than January 2020. Not lucrative by comparison, Reddit only generated around $670,000 in user spending last month.
Sensor Tower notes Reddit's user base has "consistently grown" since 2016, and that historic trends indicate this will likely continue. Looking ahead the report claims "the pace of Reddit's continued growth may depend on how many new users it can retain after the conversation dies down around the platform's role in last month's stock market disruption."
Sensor Tower further states that a number of social media platforms like Clubhouse has seen a big spike in popularity in 2021 and that consumers will continue to seek out new ways and platforms to connect with each other going forward.