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

TikTok is a fun app where Users can create and share short videos using music, stickers, and filters. The app is known as Douyin in China and has over 1.5 billion daily users.

Currently, TikTok has become the first non-game app to reach $10 billion in-app spending in 2023 on Apple App Store and Google Play.

A 2023 app spending report released by Bloomberg showed an 11% increase in revenue. Meanwhile, the gaming sector saw a slight decrease of 2% from the previous year. 

The need for video platforms drove the growth. According to the data, TikTok became the first app to surpass $10 billion in in-app spending Brink.

Furthermore, the analysis shows a protracted trend of phone usage, especially in Indonesia, where users spend an average of 6.05 hours daily on their phones. This shows the addictive nature of short-form multimedia platforms such as TikTok.

In 2024,  Experts predict that people globally will have spent approximately $402 billion on mobile phone ads.