TikTok user spending hit $10 million in June, records 588% year-over-year growth: Report

While India has become TikTok’s largest market, user spending growth was driven by China users, according to the latest SensorTower report.

By: INDO ASIAN NEWS SERVICE
| Updated on: Jul 23 2019, 18:12 IST
TikTok user spending crosses $10 mn in June: Report
TikTok user spending crosses $10 mn in June: Report (Bloomberg)

User spending on short video-sharing app TikTok reached $10.8 million last month from $1.6 million in June 2018, recording a year-over-year growth of 588 %, says a new report from Sensor Tower, a mobile app intelligence firm.

Spending in the app owned by Beijing-based start-up ByteDance increased 19 % month-over-month from $9 million in May, said the report.

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While India is TikTok's largest market, the growth in spending was driven by users in China, where gross revenue for the app has increased 271 % since January.

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"Chinese users accounted for 69 % of TikTok's in-app revenue last month, up from 30 % in June 2018," Sensor Tower Founder Oliver Yeh wrote in a blog post on Monday.

"Last month's record spending comes as TikTok is testing several enhancements to its user experience, some inspired by rival Instagram," Yeh said.

"TikTok has grossed $113 million from in-app purchased to date, not including spending on third-party Android app stores such as those in China," he added.

Globally, the short video-sharing app has been installed 1.27 billion times so far, according to Sensor Tower.

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First Published Date: 23 Jul, 17:38 IST
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