TikTok becomes the first app to reach $10 billion in-app spending in 2023

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TikTok becomes the first app to reach $10 billion in-app spending in 2023

January 12, 2024, 01:03 AM

Bloomberg posted an analysis of app spending for 2023, revealing an 11% rise in revenue. Demand for video platforms drove the increase, while games were down 2% on a yearly basis. The data reveals TikTok surpassed $10 billion in in-app spending, making it the first app to reach this threshold.

The milestone was achieved through a system, allowing users to tip their favorite creators and live streamers. Market researchers said the ByteDance-owned social media â€œunlocked the secret to monetization on mobileâ€.

Spending in apps, rather than games, grew in 2023, as users paid more for...

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