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SENSOR TOWER · SEEMA SHAH · APRIL 2024
Rapid Growth and Competitive Dynamics: The State of AI photo and video Apps
The AI photo and video app market is rapidly growing, with over 60 new apps released each quarter in 2023, compared to ~23 during each quarter in 2022. Traditional photo and video editing apps are also integrating AI technologies to stay competitive, while newer apps like Remini, Snow, Epik, and Photoroom are innovating with AI features to align with social media trends.
Key Takeaways:
The AI photo and video cohort experienced a surge in downloads in the US and Europe, with remarkable 24% and 16% YoY growth in 2023, respectively. Despite a modest 1% increase in Asia, the region maintains dominance in the adoption of the cohort, commanding over 50% of the download share
The gross revenue of the cohort across all regions saw impressive growth in 2023. Asia, in particular, saw a significant 65% YoY increase in revenue, driven by Snow. The app experienced a staggering 1400% YoY increase in 2023, propelled by the launch of its new AI Profile feature
Remini's AI headshots feature garnered substantial attention following its endorsement by TikTok users, sparking widespread discussion in mid-2023. This surge in interest resulted in a notable 138% MoM increase in global downloads in Jul '23, propelling Remini to overtake Picsart as the no. 1 AI photo and video app by downloads
Photoroom distinguishes itself in the competitive market by catering specifically to e-commerce sellers. The app has exhibited consistent growth in both downloads and revenue, with a remarkable 238% YoY increase in downloads and a notable 124% increase in revenue in 2023
According to ST Audience Insights data, Photoroom has established itself as a popular tool among online sellers. There is a high overlap between e-commerce sellers and Photoroom users in US, with 7.6% of US Shopify users, 6.9% of Amazon Seller’s users, and 5.6% of Etsy Seller’s users also utilizing Photoroom
The yearbook photo trend, which went viral in Oct '23, spurred substantial momentum in user acquisition for both Epik and Photo Lab. While both capitalized on the trend, Photo Lab seamlessly introduced new photo themes like 'Capturing Your Wild Dreams' and 'A Retro ‘90s Photoshoot', setting it apart. This proactive approach sustained user interest beyond the trend's peak, resulting in a 40% retention rate after one month
For more information, request the full report from reports@sensortower.com.
