TikTok has recorded an unprecedented $10 billion in user spending, standing toe-to-toe with heavyweight mobile gaming giants. Data.ai reveals that TikTok, boasting 1 billion monthly active users in 2021, has now become the first non-gaming mobile application to breach the $10 billion milestone across the Apple App Store and Google Play.
This spending spree on TikTok saw a staggering 61% year-over-year increase, catapulting from $6.2 billion at the start of 2023 to a remarkable $10 billion. The app’s unique in-app currency, “coins,” serves as the driving force behind this financial frenzy, enabling users to shower creators with virtual gifts, each gift translating into tangible rewards. Notably, the most sought-after in-app purchase was a bundle of 1,321 coins priced at $19.99, claiming a quarter of the overall user spending.
It’s worth noting that TikTok’s revenue sources are primarily centered around the U.S. and iOS users in China, both contributing around 30% each to the platform’s coffers. Other global players, including Saudi Arabia, Germany, the UK, and Japan, combined to contribute 13% to TikTok’s in-app shopping revenue. This financial triumph solidifies TikTok’s position above other non-gaming apps like Tinder and YouTube, both trailing in the wake of the social media sensation.
Data.ai anticipates a continued surge in TikTok’s spending momentum, projecting an impressive $15 billion in user spending by 2024. As TikTok’s financial narrative unfolds, it marks a paradigm shift, redefining how non-gaming applications secure a place among the revenue giants in the mobile app landscape.
