- Globally, the short video-sharing app has been installed 1.27 billion times so far, according to Sensor Tower.
- TikTok has over 800 million users in the world, millions of whom are in India.
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 revenue by 588 percent, 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 percent month-over-month from $9 million in May, said the report.
While India is TikTok’s largest market, the growth in spending was driven by users in China, where gross revenue of TikTok has increased 271 percent since January.
“Chinese users accounted for 69 percent of TikTok’s in-app revenue last month, up from 30 percent 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.
Rise of TikTok
Tiktok emerged as a major competitor for social media platforms such as Instagram, Facebook and Periscope soon after its launch in 2016 due to its short video feature which allows users to create videos up to 15 seconds. Tiktok recorded 188 million new installs in March quarter beating Facebook which got 176 million new downloads in the same period. 47% of Tiktok new users belonged to India.
TikTok has over 800 million users in the world, millions of whom are in India.
Challenges faced by TikTok
In February, the U.S. Federal Trade Commission struck TikTok with a record fine to collect information on kids under the age of 13. The fine linked to Musical.ly, a Bytedance video-sharing app purchased in 2017 and merged last August with TikTok.
In India also, Tiktok was removed from app stores for Android and iPhone due to an interim order by Madras High Court, although it was restored after the Supreme Court ruled out the order.
With TikTok implying strategies such as giving ad space to brands and introducing coin for in-app purchases, the user growth is estimated to grow more.