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1、Investing in Consumer AppsThe Next Hotspots for Growth2 Consumer apps remain big business and a new cohort of Lifestyle and Content apps could represent the next growth frontier 3 emergent categories in particular could represent exciting opportunity for investment Health&Wellness Casual Learning Fi

2、tness&Outdoors Favourable dynamics including intersections with mega-trends are likely to support growth in each of these categories and in each we see examples of businesses increasingly hitting PE scale,or with markers that they will Insights from OC&Cs work with apps in more established categorie

3、s reveal learnings about building a user base,internationalisation and monetisation as well as pointing to some of the key questions investors should be asking themselves including how attractive is the headroom,what are the drivers of competitive moat and what is the threat of disruption from Big T

4、echHighlights1InvestinginConsumerApps_OCC_Abbridged3Technological advancements and evolving consumer habits are supporting a thriving,diverse eco-system of Lifestyle and Content appsAlmost everyone has a smartphoneConsumers are more comfortable paying for digital products and servicesCheck bank bala

5、nceOnline searchBrowse shopping websitesMake online purchases26%66%22%50%21%44%13%43%20182023Smartphone Preferred Method for Activity(UK)Source:DeloitteSmartphones are increasingly the go-to for daily activitiesFunctionality continues to improveProcessing PowerConnected DevicesAI2023Non-Gaming In-Ap

6、p PaymentsSource:Data.ai$64bn310m2024Smartphone Users USSource:Statista24EmergentEstablishedSocial Media&NetworksDatingFitness&OutdoorVideoMusic/PodcastsCasual LearningHealth&WellnessWeatherNavigationBooks/Publishing3 emergent categories of Lifestyle and Content app could represent exciting opportun

7、ities for investmentGrowing user adoptionMany businesses monetising at scaleUser adoption slowingCategory User GrowthLevel of MonetisationFew businesses monetising at scaleIllustrativeCategory ProfilesBubble Size Indicates Indicative MAU(Apr 24)Source:Sensortower;Data.ai;OC&C analysis35Each of these

8、 three categories has favourable dynamics with some intersecting with global megatrends that will drive growthHealth&WellnessCasualLearningFitness&OutdoorAging Population&Lifestyle DiseasesRemote and Digital Learning(accelerated by Covid)Environmental Awareness,Urbanisation and Demand for Nature Esc

9、apesWomens Health MovementTrend towards Social and Gamified ExperiencesIncreased Personalisation driven by AI AdvancementPenetration of Wearable TechnologyYounger Generation Preference for Experience over ThingsLifelong Learning&Skills DevelopmentMacro Trends Driving Growth4InvestinginConsumerApps_O

10、CC_Abbridged6In all we see evidence of businesses reaching meaningful scale or with the markers they willHealth&WellnessAppGlobal MAUApr 24DescriptionCasual LearningAppFlo38mMenstrual/pregnancy trackerYAZIO9mCalorie and diet trackingClue9mMenstrual/pregnancy trackerMyFitnessPal19mCalorie/fitness tra

11、cker GismartVarious(Total 30m+)Various health and wellness apps Calm6mMeditationLose it!4mCalorie and diet trackingHeadspace3mMeditationWeWard7mGuided walks and step countYuka6mFood scanningFitness&OutdoorsAppGlobal MAU Apr 24DescriptionStrava19mRunning/cycling trackingkomoot9mRoute planning/inspira

12、tionJustFit13mFemale fitnessAllTrails5mRoute planning/inspirationDuolingoBabbelBuusuMemriseClassDojoKahoot!HeadwayNextVisionSimplyBrainlyGlobal MAU Apr 2475m1m10m7m5mVariousVarious27mDescriptionLanguage learningLanguage learningLanguage learningLanguage learningEducator/student/parent communication

13、platformEducational quiz platformDaily,fifteen-minute book summariesMultiple nature identification appsMultiple instrument learning apps(eg Simply Piano)Homework help platform1m2mSource:Sensortower;OC&C analysis5InvestinginConsumerApps_OCC_Abbridged7OC&Cs work with apps in more established categorie

14、s reveal learnings about building a user base,internationalisation and monetisationMultiple paths to monetisation exist but careful selection of optimal journey is requiredCharging users directly is successful when there are sufficient premium features for which they are willing to pay;advertising h

15、as high potential but carries trade-offs with user experienceTrade-offs between monetisation and building user base,particularly in the early yearsSignificant monetisation in the first 2 years is unlikely;new entrants to an established category can get a second-mover advantage that allows more rapid

16、 ramp Internationalisation is a key growth lever but not all markets have the same potentialN America and Western European markets have structurally higher propensity to pay for digital products and higher revenue per payer potential Longer-term there could be more innovative opportunities to moneti

17、se engaged,specialist communitiesIncluding a trend of convergence between content and commerce 68 as well as pointing to some of the key questions wed be asking ourselves looking at any potential target in this spaceQuestions we would ask:Will the economics of scaling become incrementally harder as

18、maximum penetration in sweetspot users is reached?Could the market converge to a single“winner takes all”where outside of the#1 it can be very hard to succeed?Or will it support multiple subtly differentiated offerings?Will the proposition resonate as highly outside of the existing market,and could

19、this make scaling more challenging and/or expensive?What is the risk of larger competitors increasing marketing spend,and how would this impact economics?How likely are large tech players to replicate comparable functionality for free to support their own eco-system stickiness or support uptake of w

20、earable devices?How hard have monetisation levers been pulled?Is there scope to go further without damaging the user experience?Really how attractive and sustainable is the underlying market:could it be a fad/fashion that results in user decline or reverse network effects?What impact will/could AI h

21、ave?Does it substantially lower barriers to entry?Levers to GrowCompetitionDisruption79In many categories there are 3 phases to building monetisation as an app carefully trades off building user base with revenuePhase 1Establish User Base&PropositionPhase 2Monetisation GrowthPhase 3Optimisation&Dive

22、rsificationUp to 2 years post launch2-5 years post launch3+years post launchTypical Phases of MonetisationTikTok Case Study Monetisation not priority Grow users and get them used to proposition Build with view to monetisation in future(eg story ads)Start monetising via one primary mechanic Experimen

23、t keep what works and ditch what doesnt Build monetisation slowly in to offering as integral component Optimise monetisation Continue to tweak primary mechanic Trail diversification and alternative mechanics(eg in-app,gifting,ads)Launch:September 2017(as Tiktok in 2018)Concept:Short-form video conte

24、nt creation and sharingFocus on growing user baseMonetisation:Ads introduced 2019-20Format:Initially in-feed ads,with expansion to branded hashtags and effects,shoppable contentAds as primary mechanismMonetisation:New mechanics from 2021Format:Introduced creator gifting,content promotion and launch

25、of Tiktok Shop Diversification of monetisation mechanisms including to eCommerce8InvestinginConsumerApps_OCC_Abbridged10Most large apps have diversified internationally but ARPU potential varies across geographies2019 2020 2021 2022 2023 2024040%50%60%LATAMN AmericaEuropePremium Subscriber Penetrati

26、on,Q1(%of MAU)Source:Spotify Shareholder Statements;OC&C analysis2024 Premium Plan Price1$10.99$11.88$4.201.Individual premium plan price.Where relevant converted to USD at prevailing exchange rate in May 202410089878555428Example Dating App Monthly ARPU,Indexed(UK=100)911There are several motivations for Tech Giants to develop consumer apps being clear on threat and lines of defence is key Support wearables/integrated technology sales(for revenue and customer sti