TikTok became the first app to cross $10 billion in cumulative consumer spending, propelling mobile app sales to a new high in a year when revenue from games was down, according to data.ai’s latest annual report.
TikTok and Disney+ video-streaming platforms led to an 11% increase in consumer app sales in 2023, demonstrating persistent demand. Meanwhile, the games industry faced a double-digit sales decline in China, dragging worldwide sales down 2%, reported Bloomberg.
The report noted that TikTok’s in-app credit purchases can be used to tip favored creators, and live streamers accounted for most of its income.
Spending on apps, rather than games, increased as consumers increased their spending on streaming, user-generated content, and dating applications. Still, advertising was the stronger revenue driver in 2023, rising 8% to $362 billion and accounting for two-thirds of mobile revenues.