TikTok users have generated more than 1 billion in spending globally in just one quarter.
The ByteDance-owned platform TikTok has seen tremendous growth in recent years. And it is a social network that came into our lives just 7 years ago, in 2016, and now, it already has more than 1,000 million active users, according to the data collected in the latest Hootsuite Digital Report. But now, TikTok has even made history: it has become the first non-video game app to generate $10 billion in consumer spending.
AI-powered unified data platform that brings together consumer figures and market estimates, data.ai, has revealed that TikTok has become the first mobile app to generate billions of dollars in user spending of this social network. But what do TikTok users spend their money on?
Consumer spending on TikTok
With the aim of making money, TikTok has been launching advertising proposals over the years for brands to advertise on its platform, in addition, it also launched TikTok Shop. This platform has tried to make its user base profitable through actions such as those mentioned above and, finally, it has managed to generate, thanks to its algorithm, benefits that no other application, that is not focused on the world of games, has achieved until now. today.
Although it is not yet available in Spain, TikTok Shop has been one of the latest additions to the platform (although it is not present, as we mentioned, in all markets). Through this section, users of this social network will be able to make product purchases. Consequently, every time a product is purchased, TikTok takes a percentage of the income.
In addition, in addition to this action, in 2021, TikTok began allowing its users to make donations to the influencers they wanted in the form of gifts.
All these steps that TikTok has been taking have meant that, currently, this platform, without being a video game, has generated a large amount of money from the spending of its users.
More than 1 billion in consumer spending in one quarter
According to data.ai, TikTok generates more than 1 billion in consumer spending worldwide in just one quarter. This means that, at the beginning of 2023, the platform obtained more than 6.2 billion euros and, throughout the year, it has managed to add 3,800 more.
Following this data, TikTok is positioned on the list of applications where users spend the most money along with gaming applications such as Candy Crush Saga, Honor of Kings, Monster Strike and Clash of Clans. All of these games earn more than 10 billion dollars thanks to the spending of their users.