When ByteDance launched TikTok to the world, no one could imagine that years later it would become the most downloaded app in the world, surpassing giants like Facebook and Instagram.
Bloomberg has just published an analysis showing the app spending in 2023, and TikTok can boast of taking a large share of the pie, as the app has surpassed $10 billion in in-app purchases.
It is the first time in history that an app achieves such results and, honestly, it demonstrates the dominance it has in the market.
How did TikTok achieve such a huge record?
There is a reason why TikTok has achieved such a monumental milestone. For example, the platform allows users to tip their favorite creators and streamers, and the report even talks about how the social network 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 greater than on video games. Users show that they pay for streaming services, user-generated content, and dating apps.
Despite all this, the majority of income has been generated through advertising. However, this does not dismiss the impressive results that TikTok has achieved.
In addition to that, the report also suggests that users spend more time on their phones, with Indonesia leading the way, as users spend an average of 6.05 hours per day using their smartphone.
This demonstrates the addictive side of TikTok and other similar applications that stand out for offering short and entertaining content that people enjoy so much. Here are some tips if you want to try to disconnect a little.
2024 is going to bring many technological advances, and all of them are going to increase user engagement and give them more reasons or excuses to stay on their phones.
With content generated by artificial intelligence becoming the norm in modern phones, the numbers will only increase by the time 2025 arrives.
