Bloomberg has just posted an analysis showing app spending for 2023, and TikTok basically takes a massive piece of the pie as the app has surpassed $10 billion in in-app spending. This is the first time any app has managed to post results like that, and honestly, it goes to show the hold this app has on the market.
TikTok shows absolute market domination as we head to another year where people are going to want to spend more time on their phones
There is a reason why TikTok managed to achieve such a monumental milestone. For instance, the platform allows users to tip their favorite creators and streamers, and the report even talks about how social media has managed to find a way to generate more revenue and find a new way to monetize.
The report also shows how spending on apps has become larger than it was for games. Users are showing paying for streaming services, user-generated content, and dating apps. Despite all of this, the biggest revenue generation was done by advertisement. Still, it does not discount the impressive results that TikTok has managed to generate.
In addition to that, the report also suggests that users remained longer on their phones, with people in Indonesia taking the lead as users spend an average of 6.05 hours on phones per day. This goes to show the addictive side of TikTok and other similar apps that excel in providing entertaining short-form content that people love so much.
Honestly, after looking at these stats, I find myself wondering how the numbers for next year could actually surpass the stats from last year. 2024 will bring a lot of technological advancements, and all of them will increase user engagement and give users more reasons or excuses to stay on their phones. For instance, I spent 2 hours on my phone playing Call of Duty Mobile earlier today instead of working because I was hooked from the moment I installed the game. With AI-generated content becoming a norm on modern phones, the numbers will only go up by the time 2025 is here.
News Source: Bloomberg
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