Short-form video app TikTok has become the 2nd non-gaming app to reach an all-time high in in-app consumer spending, reaching over $6 billion in consumer spending as of the end of Q4 2022, according to Data.ai, an AI market intelligence group.
The report highlighted that despite the social platform not even ranking among the top 100 apps by consumer spending in any year until 2020, TikTok has since exploded onto the scene, reaching the top spot in 2022 with more than $3 billion in consumer spending. Only Tinder has higher consumer spend to date.
TikTok's recent success was well beyond that of other Entertainment apps. At over 3.5 billion downloads, TikTok has had more than twice as many downloads as the next closest app, YouTube, which had just over 1.5 billion downloads, over the past 10 years.