Canva is Rumored to be Going Public Soon - Do the Numbers Support It?
This is a single insight from This Week in Apps - Coming Soon. Check out the full article for more insights.
Over the last few years, several apps have managed to grow their revenue quietly, in a way that's worth of praise. LinkedIn is on the list, as are Audible and YouTube Music. Aaaaaand, Canva.
The graphic design app has seen meteoric growth in the last few years, and that's probably why there are rumors of an upcoming IPO.
Just how big is Canva on mobile?
According to Appfigures Intelligence, Canva earned $84M of net revenue in Q4 of 2024. Net means what the company gets to keep after Apple and Google take their fees.
That was Canva's biggest quarter of revenue and it comes after consecutive quarters of growth, but, Canva's mobile revenue has grown every single quarter since 2020. Our estimates show Canva grew its revenue 38% in 2024, and 2,000% since 2020.
In 2024, 81% of Canva's revenue came from the App Store in the US, where Canva is currently ranked 34th on the Top Grossing chart. It hasn't caught as much traction on Google Play, where Canva is ranked 97th in the Top Grossing chart which means there's more room for growth.
Canva's most popular competitor, Adobe Express, might have the brand recognition but it doesn't have the revenue. According to our estimates, Adobe Express earned just $1.9M of net revenue from the App Store and Google Play. It's not little, but it's a whole order of magnitude lower than Canva's.
The real question is, will this amazing growth continue after Canva's IPO?
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All figures included in this report are estimated. Unless specified otherwise, estimated revenue is always net, meaning it's the amount the developer earned after Apple and Google took their fee.
