Power and Glory to Religious Apps Finally Capturing VC Attention
Source: App Annie via Bloomberg
The Signal: Membership in religious and faith-based apps has surged since the pandemic forced congregations online. According to Bloomberg, Christian meditation apps alone amassed 2.3m downloads from March to August 2020 — a 325% increase compared to the same period in 2019.
Abide, for example, is a Christian sleep and meditation app that offers a library of meditations, Bible bedtime stories, and “step-by-step guides through life experiences.” Since the pandemic, the company has recorded a 45% increase in users who are also spending 52% more time on the app.
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The signal: Since killing the headphone jack, Apple has graced the world with AirPods, which did an estimated 60m units in 2019. That means AirPods alone are bringing in approx ~$10b in revenue, more than Twitter, Shopify, or Spotify, to name a few popular tech giants. Opportunity lies in Apple opening up SiriOS or the wave of iPhone accessories (including cases, cleaning kits, hooks, and keychains) which have shown “hockey stick” growth alongside their hardware predecessor.
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