Technology

TikTok app sales surpass $10bn spending milestone

Generative AI apps surpassed $10 million in monthly consumer spending by late 2023

Direct consumer monetisation in social apps through in-app purchases is set to grow 150 per cent to $1.3 billion

TikTok, the Chinese video-streaming platform owned by Bytedance, has became the first app to surpass $10 billion in cumulative consumer spending.

Video-streaming platforms drove an 11 per cent rise in consumer app sales in 2023, showing resilient demand while the games industry dealt with a double-digit sales decline in China that dragged global sales down 2 per cent.

TikTok’s in-app purchases of credit that can be used to tip favoured creators and live streamers accounted ...