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Sensor Tower · Seema Shah · November 2022
MMM: Crypto Exchange App Installs Down 43% YoY in 3Q22
Crypto exchange app installs were down 43% YoY in 3Q22, while US ad spend by crypto exchanges fell 81% YoY in the same period, according to Sensor Tower and Pathmatics data. Meanwhile, Sea Limited's e-commerce arm, Shopee, reported a 19% YoY increase in gross orders in 3Q22, and the company aims to shift its focus to profitability from hyper-growth amidst macroeconomic uncertainty. Digital entertainment bookings were down 46% YoY in 3Q22, with Sea lowering its full-year guidance for its Garena arm.
Key Takeaways:
Per Sensor Tower estimates, installs for the crypto exchange app cohort* were down a collective 43% YoY in 3Q22 as consumer sentiment worsened for the sector amidst the collapse in crypto prices
Per Pathmatics advertiser data, US ad spend by crypto exchanges has also plummeted as the industry grappled with price volatility and all-around turbulent macroeconomic conditions: US ad spend in 3Q22 fell 81% YoY and 78% compared to 4Q21 figures
Sea Limited reported a 19% YoY increase in 3Q22 Gross Orders for its e-commerce arm (Shopee) vs Sensor Tower MAU estimates for the Shopee mobile app up 33% YoY
Reported Digital Entertainment bookings in 3Q22 were down 46% YoY (-7% QoQ) vs Sensor Tower bookings estimates for the broader Shooter category, down 31% YoY (-8% QoQ)
Sea lowered its full-year guidance for its Garena arm for the remainder of the year with the company citing macroeconomic turbulence, inflation, and FX headwinds as drags on bookings growth for Garena
Looking ahead, Sea noted that it aims to shift its overall focus to profitability from hyper-growth amidst the current macroeconomic uncertainty
For more information, request the full report from reports@sensortower.com.
