TikTok User Spending Set New Record in June, Climbing 588% to More Than $10 Million
ByteDance’s short video social app TikTok continues to experience impressive growth in user spending, hitting a new record of $10.8 million last month.
TikTok’s gross revenue from in-app purchases of virtual currency (known as Coins) was up 588 percent year-over-year from $1.6 million in June 2018. Spending in the app increased 19 percent month-over-month from $9 million in May.
This increase in spending has been most pronounced during the first half of 2019 and is being driven primarily by users in China, where gross revenue for the app has increased 271 percent since January. By comparison, TikTok’s revenue from IAP last month was down 16 percent from January in the United States.