The social video app has raised $3.8 billion this year, up from $3.3 billion in 2022, consumer and market data provider data.ai said on Monday
TikTok has generated $10 billion in consumer spending, becoming the first non-game mobile app to do so.
The social video app has raised $3.8 billion this year, up from $3.3 billion in 2022, consumer and market data provider data.ai stated in a Monday blog post.
TikTok is set to become the highest earning mobile app ever — approaching the $15 billion milestone in 2024, Lexi Sydow, head of insights at data.ai, said in the post. Consumers are spending more than $11 million per day tipping their favourite content creators, propelling TikTok past the world’s most lucrative mobile game to date: the addictive and beloved Candy Crush Saga.
The consumer spending generated by TikTok comprises of TikTok coins that users spend on virtual gifts for content creators on the platform, as per the post. The creators can then convert those coins into fiat currency.
TikTok retains 50 per cent of the payout amount, the post added.
The $10 billion total does not include the app’s other revenue streams, which include in-app advertising and, as of September, eCommerce in the new TikTok Shop, according to the post.
TikTok is one of only five mobile apps that have topped the $10 billion gross revenue milestone, as per the post. The other four are mobile games: King/Activision Blizzard’s Candy Crush Saga ($12 billion), Tencent’s Honor of Kings ($11 billion), XFLAG/Mixi’s Monster Strike ($10.6 billion) and Supercell’s Clash of Clans ($10.2 billion).
The next-closest applications approaching the $10 billion milestone are Tinder and YouTube, both of which trail TikTok by between $2 billion and $3 billion, according to the post.
TikTok is expected to reach $15 billion in consumer spend in 2024, according to the post.
TikTokers are poised to spend a 40-hour work week each month in the app by the end of 2024, (up) 24 per cent from 2023, Sydow stated in the post.