{"id":54756,"date":"2023-12-13T09:04:33","date_gmt":"2023-12-13T09:04:33","guid":{"rendered":"https:\/\/prosfunds.com\/business\/tiktok-hits-10-billion-user-spending-milestone\/"},"modified":"2023-12-13T09:04:33","modified_gmt":"2023-12-13T09:04:33","slug":"tiktok-hits-10-billion-user-spending-milestone","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=54756","title":{"rendered":"TikTok hits $10 billion user spending milestone"},"content":{"rendered":"
\n

\n Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter, which explores what you need to know about the country\u2019s rise and how it impacts the world.\n<\/p>\n<\/p>\n

\n Video-sharing platform TikTok has become the first app that isn\u2019t a mobile game to generate $10 billion in global consumer spending, according to a new report, and is expected to become the highest earning app ever.\n <\/p>\n

\n The other four apps identified by app intelligence provider\u00a0data.ai as having reached the milestone are all games: Candy Crush Saga\u00a0from Activision Blizzard,\u00a0Honor of Kings\u00a0by Tencent,\u00a0Monster Strike\u00a0from Mixi and\u00a0Supercell\u2019s Clash of Clans.\n <\/p>\n

\n Candy Crush is the current all-time top earner with than $12 billion in lifetime user spending, according to the Monday report. The totals are based on revenue derived from Google Play and Apple\u2019s iOS App Store. But TikTok is expected to be even bigger than the popular game.\n <\/p>\n

\n \u201cTikTok\u00a0is poised to become the highest earning mobile app ever \u2014 approaching the $15 billion milestone in 2024. Consumers are spending over $11 million per day tipping their favorite content creators, propelling TikTok past the world\u2019s most lucrative mobile game to date,\u201d Lexi Sydow, head of insights at data.ai, said in a statement introducing the report.\n <\/p>\n

\n \u201cTikTokers are poised to spend a 40-hour work week each month in the app by the end of 2024, [which is up] 22% from 2023,\u201d she added.\n <\/p>\n

\n The spending comes from TikTok\u2019s in-app purchases of \u201ccoins,\u201d which can be used to buy gifts for influencers on the platform. These gifts reward creators for their content and can be cashed out, with TikTok retaining 50% of the payout.\n <\/p>\n

\n According to data.ai,\u00a0TikTok\u2019s most popular in-app purchase this year has been its bundle of 1,321 coins for $19.99, which said it makes up about a quarter of the app\u2019s in-app revenue. Besides in-app spending, the wildly popular short-form video app has other other revenue streams including advertising and e-commerce.\n <\/p>\n

\n The data provider said\u00a0dating app Tinder\u00a0and\u00a0video platform YouTube are the next closest apps to the $10 billion milestone, but they trail\u00a0TikTok\u00a0<\/em>by between $2 and $3 billion as 2023 comes to a close.\n <\/p>\n

\n TikTok, owned by China\u2019s ByteDance, has won a pair of back-to-back court victories in the United States early this month that are likely to make it harder for the company\u2019s critics to clamp down on it.\n <\/p>\n

\n Concerns about TikTok\u2019s connections to China have led governments worldwide to ban the app on official devices. The app has also been accused of addicting teen users and causing other mental health harms, which TikTok denies.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter, which explores what you need to know about the country\u2019s rise and how it impacts the world. Video-sharing platform TikTok has become the first app that isn\u2019t a mobile game to generate $10 billion in global consumer spending, according to a new report, and is […]<\/p>\n","protected":false},"author":1,"featured_media":54757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-54756","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nTikTok hits $10 billion user spending milestone | Prosfunds<\/title>\n<meta name=\"description\" content=\"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter, which explores what you need to know about the country\u2019s rise and how it impacts the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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