As expected, the most popular video sharing and social media app is also succeeding in getting many of its users to separate their money from their bank accounts. In a report published by Bloomberg focusing on in-app spending, it is clear to see that TikTok is leading the charge.
Spending on mobile apps as a whole also reached a new high of $64 billion in 2023, so it’s not just TikTok that’s causing people to spend their money. However, the video sharing app is the first to reach this $10 billion milestone, which is likely explained by the methods TikTok has implemented to increase spending.
Tipping your favorite creators is something that is sure to boom in 2023, with the rise of NPC livestreams. Sending your favorite creator a rose may cost less than a US dollar, but over time those small expenses add up, allowing TikTok to bring in money.
How much money have you spent on apps?