TikTok Becomes the First Platform to Surpass $10 B in in-app Spending

In a recent breakthrough, the popular video platform TikTok became the first platform to cross the $10 billion mark in in-app spending. It was revealed through a Bloomberg analytical report on mobile app spending for 2023, showing an 11% rise in revenue. The demand for video platforms was the reason behind the increase.

The milestone was accomplished through a system that enabled users to tip their favorite creators and live streamers. Market researchers said that Tiktok “unlocked the secret to monetization on mobile.”

The overall spending on apps as compared to games grew in 2023 as users opted to pay more for streaming, user-generated content, and dating apps. However, the largest revenue driver on mobile remained advertisements; two-thirds of mobile sales accounted for mobile ads, reaching a total of $362 billion, which was reportedly 8% more than the previous year.

Moreover, the analysis showed that the retention time on the mobile phone also increased. Indonesia topped the list, with an average of more than 6 hours per person per day. The average in the top 10 markets was around 5 hours of daily app usage, and spending increased by 3% as well.

 

 

On the other hand, the most downloaded apps were Temu and Shein, with the former being the most downloaded app across 125 markets. Apart from that, the travel and ticketing sectors witnessed a revival in popularity and spending.

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