Question of the Day: Do consumers send more money on Venmo or spend more money on Amazon?
You might be surprised by the answer.
Answer: Send more money on Venmo. $463,000 sent every minute on Venmo vs. $455,000 spent on Amazon.
Questions:
- Which payment app, if any, do you use to send money to friends?
- How many of the companies listed above do you use? Which one do you think you use the most?
- Which company do you think will experience the fastest growth over the next five years?
- How many of the services listed are free? are subscriptions?
Behind the numbers (DOMO):
With the amount of data and information in the digital universe effectively doubling every two years, it’s fair to say the internet minute has gone through some changes over the years. Here are just some areas that have experienced impressive growth:
- In 2016, Snapchat users 527k photos per minute, compared to 2 million in 2021
- In 2017, Twitter saw 452k Tweets per minute, compared to 575k in 2021
- In 2018, $862,823 was spent online shopping, while 2 million people were shopping per minute in 2021
- In 2019, 4.5 million videos on YouTube were being viewed every minute, while in 2021 users were streaming 694k hours
- In 2020, Netflix users streamed 404k hours per minute, growing to 452k hours in 2021
About the Author
Dave Martin
Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.
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