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

Bloomberg’s analysis of the mobile app world in 2023 revealed some big changes in revenue. Overall, there was an 11% increase, showing how the app economy is always changing. Video platforms played a major role in this growth, while the gaming sector saw a small decrease of 2% from the previous year.

A notable highlight was TikTok’s achievement, surpassing $10 billion in in-app spending. This makes TikTok a pioneer in the mobile app world, thanks to its unique system allowing users to tip creators and live streamers. This strategy, created by TikTok’s parent company ByteDance, is seen as a successful way to make money in the mobile app industry.

In 2023, there was a shift in app spending beyond gaming, with users investing more in streaming services, user-generated content platforms, and dating apps. This change reflects what users are looking for on their mobile devices.

Even with these shifts, advertising remained the major source of mobile revenue. A significant 66% of mobile sales came from ads, totaling an impressive $362 billion. This is an 8% increase from the previous year, emphasizing the crucial role of advertising in the mobile world.

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