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SENSOR TOWER · ABRAHAM YOUSEF · JUNE 2024
MMM: Life360 Goes Public; Retail Trading Apps Experience Surge in Interest Amidst GameStop Share Price Run
Life360, a location-tracking and parental monitoring app, raised $155mn in its recent US IPO. Per Sensor Tower data, it is the largest app in its cohort, boasting strong user engagement and growth over the past few years. Also, US retail trading platform active users and engagement have soared over the past 4-6 weeks due to the return of famed GameStop trader Keith Gill to social media
Key Takeaways:
Life360 raised $155mn in its US IPO (priced at $27/share for 5.6mn shares) on Nasdaq, under the symbol “LIF”. Life360 is the largest app in the location-tracking and parental monitoring app cohort, comprising 64% and 89% of downloads and MAUs, respectively, in 2023
Life360 is seeing robust growth in its subscription revenue, up 44% YoY in 2023 and in line with Sensor Tower’s in-app revenue growth of 52% YoY. Engagement on Life360 has also been strong, with positive YoY growth in session count and time spent every quarter since 1Q22. As of 1Q24, users registered ~13 sessions/week and spent just over 7 mins/wk on the app
Through 2024 YTD, GameStop’s share price has surged more than 95% with the most momentum exhibited during the week of May 13, 2024, shortly after retail investor Keith Gill returned to social media for the first time in more than two years. This return has prompted many retail investors to join in on the frenzy around the meme stock, sending trading platform activity soaring. Per ST data, US mobile app WAUs for the retail trading app cohort increased an average of 8% WoW for the week of May 13, 2024 as Fidelity (+12%), Webull (+11%) and E Trade (+10%) led with double-digit growth
User engagement similarly soared for the US retail trading app cohort, with weekly average sessions and user time spent up a collective average of 29% and 30% WoW, respectively, for the week of May 13
Similar to the previous run on GameStop shares in 2021, consumers have been flocking to online social platforms such as Reddit to discuss potential plays. Per ST data, US Robinhood users registered 11% more sessions on Reddit during the week of May 13, 2024 than the average Reddit user
Further demonstrating that this recent over indexed usage of Reddit by US Robinhood users was spurred by the frenzy around Keith Gill’s return, ST data shows that the same week in 2023 (May 15, 2023) saw no difference in the number of sessions logged by US Robinhood users on Reddit vs average Reddit users
For more information, request the full report from reports@sensortower.com.
