TikTok Breaks Past $3B In User Spending
On the first weekends of November TikTok has broken pas $3B in user spending.
— by Diana Levintova
TikTok, the No. 1 non-gaming app by revenue, continues to grow steadily, breaking past total of $3B in user spending on the first weekends of November 2022. Launched in September 2016 by Chinese studio ByteDance, the app has started generating large volumes of revenue only in 2019 and has not stopped ever since, continuing to increase its potential with $120.9M revenue monthly. Regionally, the large part of the app’s revenue comes from China (54%), followed by the USA (19.3%) and Saudi Arabia (7%).
It all started back in 2014 when Chinese social media app Musical.ly became extremely popular with teens, fastly acquiring millions of users. In the app they were able to combine their pre-recorded videos where they were lip-syncing or dancing with popular songs. ByteDance decided to follow the success and launched Musical.ly's competitor in 2016 - Douyin, that firstly was majorly covering only China, but quite soon was rebranded into TikTok for a better international appeal. In late 2017, Musical.ly was acquired by ByteDance for $800M. With the merger of two apps in 2018, TikTok was generating more than 70.5M of new users per month in December 2018 with the biggest number of followers from India (53%), followed by the USA(8%) and China 6(%).
