PALM BEACH, Fla., April 28, 2022 /PRNewswire/ -- Over the past several years many social media apps have become household words around the world. They have led to many social changes and make the world a bit smaller. The internet has become (almost) available everywhere and social media apps lets individuals tune into and get onboard the same place, even if they are around the world. The apps let you chat, let you see and hear, let you share video and whatever is coming down the road next. Livestreaming seems to be that next biggest growing path. An article in TechCrunch recently pointed out that the livestreaming boom is driving a significant uptick in the creator economy consumers has spent $6.78 billion in social apps in 2021 and that figure will grow to $17.2 billion annually by 2025, according to data from mobile data firm App Annie, which notes the upward trend represents a five-year compound annual growth rate (CAGR) of 29%. By that point, the lifetime total spend in social apps will reach $78 billion, the firm reports. The Annie report said: "Today, the apps that enable livestreaming are outpacing those that focus on chat, photo or video. This is why companies like Instagram are now announcing dramatic shifts in focus, like how they're "no longer a photo sharing app." They know they need to more fully shift to video or they will be left behind. The total time spent in the top five social apps that have an emphasis on livestreaming are now set to surpass half a trillion hours on Android phones alone this year, not including China. That's a three-year CAGR of 25% versus just 15% for apps in the Chat and Photo & Video categories, App Annie noted. Active companies with recent developments in the industry include: Hello Pal International Inc. (OTCQB:HLLPF) (CSE:HP), Roblox Corporation (NYSE:RBLX), Netflix, Inc. (NASDAQ:NFLX), fuboTV Inc. (NYSE:FUBO), Roku, Inc. (NASDAQ:ROKU).
