RevenueCat, where I was the first investor, is now the embedded mobile subscription API for 30,000 mobile apps, serving 290,000,000 subscribers and tracking $6.7 Billion in revenue.
Their recent 2024 State of Subscription Apps Report reveals some key insights:
#1. 70% of Mobile Subscription Apps Now Offer Free Trials, a significant increase from 60% in 2023.
Mobile apps are moving towards offering more free trials to attract customers faster.
#2. Mobile Subscription Pricing Remains Flat
Mobile subscription prices have not seen a significant increase, possibly due to the challenge of changing existing price points.
#3. 85.1% of Business Mobile App Trials Begin Within 24 Hours
This rapid onboarding process highlights the importance of quick customer deployment in the mobile space.
#4. Conversions Have Dropped by 3% Compared to Last Year
Despite the challenges, mobile app conversions have slightly declined.
#5. 74% of Mobile Business Apps Renew, with Top Apps Seeing 4.5x Better Retention
Retention rates are crucial for mobile business apps, with top performers showing significantly higher renewal rates.
These findings offer valuable insights for all businesses, emphasizing the importance of strong UI/UX, efficient onboarding processes, and high conversion rates.
You can access the full report here.
