As holiday season is coming to the close, in app spending on TikTok rises.
According to new data from data.ai, TikTok users spent $3.8 billion in the app throughout 2023, up 15% year-over-year, and highlighting the massive opportunity that TikTok has to become a broader marketplace.
As per data.ai:
“Consumers in the United States are tied with iOS users in China for the amount of TikTok’s life-to-date revenue they’ve contributed. Both have generated approximately 30% of it alone, and together comprise 60% of the total, or about $6 billion. After that tie for #1, the top five markets are rounded out by Saudi Arabia at #2, Germany at #3, the United Kingdom at #4 and Japan at #5. Those four countries combined contribute about 13% of the app’s IAP revenue.”
According to data.ai, which tracks app activity, TikTok Coins are the biggest money earner for TikTok at present. TikTok Coins enable users to purchase virtual gifts in the app, who can then trade them for real world currency.
In-stream shopping is now the main source of revenue for the Chinese version of the app, called “Douyin”, with in-app purchases now a common expansion of initial viewing activity.
It’s a good sign for to see in app spending on Tiktok rising as it’s will contribute to overall revenue and growth of the app.
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