Beijing, Jan 14 (IANS) The global consumer spending in TikTok has only continued to grow. Users spent approximately $2.3 billion last year in the mobile app, which includes the iOS version of its Chinese localisation Douyin.
This figure represents 77 per cent year-over-year growth from $1.3 billion in 2020, reports Sensor Tower.
Consumer spending in ByteDance’s short video platform reached $824.4 million in Q4 2021, more than double the $382.4 million generated during the same period in 2020.
Although China remains TikTok’s largest market in terms of consumer spending, its share has diminished significantly.
In Q4 2021, 57 per cent of spending came from Chinese users, whereas China’s App Store represented 85 per cent of in-app spending in Q4 2020.
The US maintained its rank as the number two revenue-generator for TikTok, with its share in spending growing Y/Y.
In Q4 2021, US consumers spent nearly $110 million in the app, representing 13 per cent of global revenue. This was 5 points higher than in Q4 2020 when the US was responsible for $29.6 million or about 8 per cent of worldwide spending.
In June 2020, the Indian government banned the popular short-form video app TikTok amid border tensions with China.