TikTok (with Douyin) becomes first app to reach $6B in annual consumer spending

TikTok, including its Chinese counterpart Douyin, in 2024 became the first non-game app to reach $6 billion in in-app purchase revenue in a year. According to a new report from app intelligence provider Sensor Tower, TikTok also generated a record high of $1.9 billion in gross in-app purchase (IAP) revenue in the fourth quarter of last year.

Among non-games, only YouTube and Google One’s subscription were able to surpass TikTok’s fourth-quarter total in the whole calendar year, the report said.

With its $6 billion in IAP revenue, TikTok generated more than double the revenue from any other app or game in 2024. Monopoly GO, for example, came in at $2.6 billion over the past year, earning second place.

TikTok’s annual IAP revenue in 2024 represented a significant year-over-year increase, as well; it’s up from $4.4 billion in 2023, the report noted.

By downloads, however, TikTok was only No. 2 in Q4 2024, with Instagram at No. 1. It was followed by WhatsApp, Facebook, and Temu, rounding out the top 5.

TikTok’s comparison to other apps is a bit uneven because it includes its separate Chinese sister app, Douyin. Despite having the same corporate parent, ByteDance, the two apps offer a different experience. Douyin’s content is tailored to the Chinese audience, has stricter controls due to China’s regulations, and more heavily focuses on ecommerce. Both are focused on short-form videos, with TikTok designed more for an international audience.

In the U.S., TikTok has returned to the app stores after President Trump delayed a deadline to ban the app from this market over national security concerns. With an executive order, the ban was delayed 75 days and Trump has suggested that could be extended, if need be.

TikTok’s revenue is another example of how important the app has become to the creator economy. Users spend real money to buy creators virtual gifts, which can then be cashed out as fiat currency, with TikTok retaining 50% of the payout.

The short video app has hit several revenue milestones before now, including in 2023, when it became the first non-game app to reach $10 billion in total consumer spending.