Robinhood, the investing app with no fees, was everything everyone talked about for quite a while in 2021. Pandemic woes and funky stocks made it the place to invest and shot it to the top of the App Store multiple times.
But all of that popularity is now gone.
A few PR mistakes mixed with stock-market stability have led to the lowest downloads Ronhood has seen in a loooong time. I had to go all the way back to 2017 to find monthly downloads so low!
Robinhood ended 2022 with 321K downloads in December from both the App Store and Google Play, according to our estimates. That's the lowest downloads have been since June of 2017.
There was a single Dip in early February but it recovered quickly.
321K may sound like a lot but if we compare it to December of the previous year, it was nearly a half, and that was already on the negative side of the trend. Comparing it to Robinhood's peak, which came in January of 2021 with 2.2M downloads, December is tiny.
Comparing all of 2022's downloads, all 4.1M of them, to that one month, shows a bad trend for Robinhood.
And I'm not surprised. I haven't seen Robinhood trying to do anything about it, and I'm a user so I should know.
I was a big fan of Robinhood for a very long time. The idea of simplifying the process and taking away the industry jargon excited me enough to jump on the bandwagon, but for some reason, Robinhood never became my primary trading app. Maybe it oversimplified the process...
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