TikTok has joined an exclusive club among top apps.
The video-sharing service has generated over $10 billion in global consumer spending, making it the only non-gaming app to do so. It’s on track to become the highest-earning app of all time, according to a new report from Data.ai.
TikTok added nearly $4 billion this year alone, the report says. The introduction of virtual coins to purchase gifts for content creators on the platform has led the growth.
To date, only five apps have crossed the $10 billion consumer spend threshold. Candy Crush Saga is the top earner, having taken in more than $12 billion. Honor of Kings from Tencent has earned $11 billion. Monster Strike boasts $10.6 billion in earnings, and Clash of Clans has taken in $10.2 billion.
Next year, however, those rankings will likely look a lot different. Data.ai predicts TikTok will reach $15 billion in consumer spend by the end of next year.
“TikTok is poised to become the highest earning mobile app ever,” said Lexi Sydow, head of insights at Data.ai, in a statement. “Consumers are spending over $11 million per day tipping their favorite content creators… TikTokers are poised to spend a 40-hour workweek each month in the app by the end of 2024, [up] 22% from 2023.”
That figure does not include TikTok revenues from advertising or e-commerce.
Tinder and YouTube are likely to join the club in the next year or two as well. Tinder currently has $8 billion in consumer spend, while YouTube is close(ish) behind at $7 billion.
The milestone in consumer spending isn’t likely to quash longstanding concerns about TikTok. Congressional sentiment has been strongly against the app for years, with many in Washington (and state governments) pushing for a ban. CEO Shou Zi Chew faced a stringent grilling by Congress in March, one of the few times both Republicans and Democrats have agreed on anything this year.