China-owned TikTok is trouncing its competitors in in-app purchases (IAPs), generating more revenue in the fourth quarter of 2022 than its top four competitors combined.
TikTok, which is currently facing down a potential ban by the U.S. Congress, has long had an in-app purchase feature. Some of its competitors, including Facebook and Twitter, have only recently introduced such features, and have a great deal of catching up to do if they want to approach TikTok’s revenues.Besides Facebook, other American-based entities including Snapchat and Twitter also require a subscription from users.
While these figures serve as the start of something that may eventually prove to be sustainable for these firms, they are all lagging behind TikTok which generated more than $350 million from IAPs in the previous fourth quarter. “TikTok has had IAPs [in-app purchases] since its very beginning and its app revenue last year was a whopping $1.5 billion,” Blacker says. “Its IAPs are similar to Facebook’s in that users pay for coins which can be used to tip and pay for things from their favorite creators.”
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