This App makes $500K per month
Happy Sunday!
Your boy is back with some gems. The threads app is all the rage now on social media, #1 in the charts.
Look closely at #2. It’s an app called Temu. Hidden in plain sight.
What the heck is Temu?
Why is it #2 on the chart?
Temu.com
Temu made $5.1B last year, the year it was founded. Yes, the company was only founded in 2022.
It’s an online marketplace that offers heavily discounted goods that are shipped to consumers directly from China.
Unlike Shein which sells its own brand, Temu is just a marketplace.
Who owns Temu?
Temu is owned by a Chinese-based company PDD Holdings. The company also owns Pinduoduo, a popular online commerce platform in China.
The Temu platform first went live in the United States in September 2022. In February 2023, Temu launched in Canada.
This is what I call an aggressive launch plan.
The company will spend $1.2B in advertising this year and is estimated to spend $4B next year, competing against Amazon and eBay is costly.
…
How does Temu make money?
Temu makes money by taking a percentage cut from the purchases made via its platform. That commission is paid by the merchants who sell on Temu.
Now, look again at #3 on the chart. It’s an app called Remini AI. This AI app has more downloads than ChatGPT mobile app.
What the heck does it do?
Why is it making $500k per month?
Remini.ai
Remini allows their users to turn old or damaged pictures into high-definition photos with just one tap!
You can:
- Turn your portrait, selfie, or group picture into HD
- Repair old, scratched photos
- Clear vintage and old camera photos
- Sharpen and unblur out-of-focus pictures
- Increase the number of pixels in low-quality photos and retouch them
A few Stats:
40M Monthly Active Users
15M Monthly Downloads
100M+ Installs
It’s literally one of the most popular AI photo enhancers in the world.
The company
The company behind Remini is Bending Spoon and is based in Milan, Italy.
It’s a mobile app product studio that started in 2013.
They have a lot of other super successful apps all-around video and photo editing.
Fascinating stuff!
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Alright, that was just me thinking out loud. Hope you like this issue.