According to reports, TikTok has generated more than $10 billion in revenue this year, becoming the first non-mobile game application to achieve this achievement in global consumer spending. A new report pointed out that TikTok is expected to become the highest-paid application in history, and it is predicted to reach $15 billion in 2024. Users spend more than $11 million a day on their favorite content creators, pushing TikTok beyond the most profitable mobile phone application to date. It is estimated that by the end of 2024, TikTok users will work 40 hours a week on applications, with an increase rate of 22%.
This huge consumption expenditure mainly comes from TikTok’s in-app purchase, and users reward online celebrity on the platform by purchasing “tokens”. These gifts not only encourage creators to continue to create high-quality content, but also bring extra income to TikTok. In addition to in-app purchases, advertising and e-commerce are other major sources of income for TikTok.
At the same time, TikTok e-commerce also announced ambitious plans to achieve the GMV goal of 50 billion US dollars in 2024. At present, the GMV of TikTok e-commerce in Southeast Asia has exceeded 13 billion US dollars, of which the Indonesian market contributed 4 billion US dollars and the Thai market reached about 3.5 billion US dollars. Although the Indonesian market lost at least $1 billion due to the ban for more than two months, with the unblocking and cooperation with local e-commerce platform Tokopedia, TikTok e-commerce seems to be full of confidence in the goal of 2024.
At the same time, as one of the “Four Little Dragons at Sea”, Pinduoduo’s cross-border e-commerce business Temu also announced that it will set a GMV target of 30 billion US dollars in 2024, twice the target of this year. This shows that companies such as TikTok and Temu will gradually strengthen their influence on the global e-commerce industry, and the global e-commerce market will also usher in more intense competition.
Post time: Dec-25-2023