TikTok becomes the first app to reach $10 billion in-app spending in 2023

Bloomberg posted an analysis of app spending for 2023, revealing an 11% rise in revenue. Demand for video platforms drove the increase, while games were down 2% on a yearly basis. The data reveals TikTok surpassed $10 billion in in-app spending, making it the first app to reach this threshold. The milestone was achieved through a system, allowing users to tip their favorite creators and live streamers. Market researchers said the ByteDance-owned social media “unlocked the secret to monetization on mobile”. Spending in apps, rather than games, grew in 2023, as users paid more for...