The obsession for self-care apps has grown exponentially over the years, especially among the millennials. One such industry that has reaped from this growth is the meditation apps industry. Sensor Tower reports that the top 10 meditation apps had pulled $8 million in revenue in 2015 which rose to a staggering $195 million in 2019.
The top meditation apps include Calm, Headspace, Breethe, Insight Timer and many more. Out of all these apps, only two apps have stayed in the top 10 since 2015, Headspace and Calm. A big chunk of self-care apps’ revenue is being claimed by these two apps. Calm had grossed an estimated $92 million globally and headspace with $56 million spent by its users.
Experts say that the pervasive informational resources available on the internet have led to increased awareness about self-care in general. That combined with the depressive nature of social media has let to the growing need for self-care tools. Nonetheless, these apps have enabled people to indulge in meditational practices with the comfort of their own home. The convenience offered by these apps has allowed many to start their spiritual journey which would have otherwise been very difficult to follow due to accessibility constraints. However, not all self-care apps should be considered as a replacement for traditional mental health care.
Now that meditation apps have grown from being a potential gimmick to a significant revenue generator, the possibilities are now endless concerning the growth of this industry. We expect meditation apps to branch out and establish themselves in particular niches. We already see some apps following this pattern with one such example being abide, which adds a Christian focus to meditation.