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Please give me a general overview of the digital meditation industry.
Hello! Thank you for your question about the general overview of the digital meditation industry. I understand that you were concerned about the stated revenue for Headspace, which was mistyped in the original response. The short version is that the estimated revenue for Headspace is $11 million. Below you’ll find a deep dive of my findings.
METHODOLOGY
I started by reading the initial job submission which gave me an in-depth understanding of your request. I realized that the writer cited the revenue for Headspace at $1 million, when in reality it is closer to $11 million. I believe this was a typographical error and not reflective of the remaining information in the brief. However, I made sure to fully examine the remaining portion of the research to ensure accuracy. To compare my research with that of the original, I searched exhaustively through corporate websites, industry reports, and trusted media sites to dig out authentic data. The revenue information for Headspace came from Owler, a reputable business listing site that generally provides accurate estimations of revenues. It is important to note that Headspace and companies like this are private and they do not publish their financials on the web regularly.
After searching through every single company's website, I found that only Buddhify provides information on the track and audio product approach that you requested. I then used Google Play to verify the products these companies are offering and in what forms, which will provide you some new information. Since we provided other information about digital meditation and meditation apps in the previous response, I tried to add as much new data in my write-up covering all of your queries as possible.
FINDINGS
DIGITAL MEDITATION
According to Inc., digital meditation is considered "one of the best industries for starting a business in 2017." One of the main reasons why it is such a hot market is because companies are beginning to "embrace the idea that employees' mental health is directly tied to their performance" and as a result are "allocating budgets to benefits that help improve focus and alleviate stress." Based on a study by the National Business Group on Health, only 22% of companies currently offer meditation training at work, which means there is significant room in the market for expansion. In fact, this same study indicates that an additional 21% of companies intend to add meditation training in 2017, effectively doubling the market. Google is just one major company that has chosen to offer meditation training to its employees. The "Inside Yourself Leadership Institute" was developed by Google specifically for employee-training sessions, but can be accessed by any company that wants to "teach leaders tools for focus, self-awareness and resilience."
In addition, consumers are increasingly turning to meditation on their own as a way to alleviate stress and they are choosing to use technology to help them become more mindful and focused. According to the U.S. Department of Health and Human Services, about 18 million Americans practice meditation and 46% believe that "keeping a positive mindset is one way they manage their overall health." Due to the fact that technology has become such an ingrained part of people's lives, "meditation apps are exploding in the marketplace." As reported by IBISWorld, mindfulness training makes up 7.4% of the $15.1 billion U.S. alternative care market, meaning mindfulness training is worth an estimated $1.12 billion as of 2016. Moreover, IBISWorld believes the alternative care market, including mindfulness training, is "still in a growth phase," having increased $100 million over 2015.
THE BEST 5 MEDIATION APPS
1. HEADSPACE
Meditation is a fast-growth business according to Inc. editor-at-large Kimerbly Weisul. Headspace founders Andy Puddicome and Rich Pierson supply 12 million active users with a mobile app. It has estimated revenue of $11 million. It sells subscriptions to its downloadable app for $12.99 per month, Annual subscriptions are available for $7.99 per month and lifetime subscriptions can be purchased for a one-time payment of $399.99. Headspace runs 40 different studies on the apps uses for chronic pain, fatigue, and sleep patterns. They have an in-flight entertainment network on seven airlines and sells their apps to large corporations who offer them to their employees (Uber, LinkedIn, and Google).
2. CALM
Calm's estimated revenue is $1.6 million. Monthly subscriptions are $12.99 per month and annual subscription $4.99 per month. The lifetime subscription is $299.99. This app offers subscribers "unique services like Sleep Stories, bedtime tales for adults, as well as ambient background sounds and nature scenery." Although Calm does advertise its products on Facebook, 99% of its customer base comes from word-of-mouth advertising. Alex Tew, co-founder and co-CEO of Calm said, "When people have a good experience and feel the benefits of meditation, it turns them into evangelists."
3. BHUDDIFY
The Android/iOS Buddhify App is available both on iTunes and Google Play. The company has an estimated revenue of $2 million as of 2017. They have 80 custom guided audio meditation tracks. These tracks are designed for 15 locations and range from 5-30minutes. Their products are made in the "Mindfulness Everywhere" studio by combining meditation, technology and design.
4. THE MINDFULNESS APP
The Mindfulness App has a global focus and available in 30 languages. It includes guided and silent timed sessions as well as reminders and statistics to keep track of progress. It is also audio-based, and it includes a library filled with premium meditations and courses. The app has 100k—500k total installs on Android and a revenue of $5.5 million. In addition, The Mindfulness App has also "partnered with El Al Airlines and Mini to offer meditation sessions on flights and in London traffic, respectively, and tested the app on 100 hospital employees in Sweden and the U.K. to measure its impact on staffers’ trauma management and interactions with patients." Co-founder Magnus Fridh said, "It’s been proven over and over again that meditation reduces stress and helps people with compassion."
5. SMILING MIND
The Smiling Mind Android/iOS app is free and features programs designed for specific age ranges. It has a web interface and a mobile version. It operates on donations to its Australian-based headquarters. There is no revenue statistics listed in Owler or anywhere else on the web, as they seem to operate on a donation only basis.
OTHER MEDIATION APPS
Other noteworthy meditation apps are listed below:
6. OMVANA APP
Omvana provides audios in their app. In-app products range from $0.99 to $7.99 per item. Company’s 2017 estimated revenue is $1.5 million.
7. meQuilibrium
meQuilibrium offers a product that begins with online interaction assessment, personalized journey, progress tracking, engagement and client reports of employees. The company’s 2017 estimated revenue is $3 million. The app is free on Google Play store.
8. STOP BREATHE & THINK
Stop, Breathe & Think is available on Slack, web, and mobile (Android and iOS). The company's estimated revenue as of 2017 is $1.5 million. Premium membership is $5.83 per month and $9.99 a month when you buy an annual subscription. iOS is the only paid program in place at this time. Products listed on Google Play ranges from $0.99-$74.99 per item.
CONCLUSION
To wrap it up, the three major players in the digital meditation space are Headspace, Calm, and Buddhify. Headspace is the largest of the three, with estimated revenue of $11 million. Most apps are audio-based and include guided sessions, independent sessions, and options to track progress. Thanks for using Wonder! Please let us know if we can help with anything else!