A report by Sensor Tower revealed that TikTok is yet again the highest-grossing app in 2022.
TikTok just delivered another record-breaking quarter as the highest-grossing app in the world in 2022 Q3. The Chinese short-form video hosting service has been steadily making waves with an increasing user base worldwide. The social media platform entices users with in-built recording and editing capabilities. These features make it easier for content creators to record, edit and post content on the forum. As a matter of fact, the app has made many become successful content creators with no prior knowledge or background in video editing.
TikTok Breaks Record Again in Q3
A report by Sensor Tower revealed that TikTok is yet again the highest-grossing app in 2022. The social media app has generated the most quarterly revenue for the fourth straight quarter in a row. The report noted that TikTok generated approximately $914.4 million in consumer spending in Q3. The latest quarterly figure brings the app’s lifetime total to around $6.3 billion. It became the No.1 revenue generation non-game app on Apple’s App Store.
On the other hand, it was the second on Google Play, following Google One. Notably, the data on revenue TikTok amassed in Q3 includes its Chinese version Douyin. So technically, the 2022 Q3 revenue is for both TikTok and Douyin. Douyin topped the list as the world’s most valuable unicorn in H1 2022.
TikTok attained this achievement despite the reduction in consumers’ mobile app spending in Q3. Global consumer spending on mobile apps on App Store and Google Play dropped in the third quarter. The percentage went down almost 5% YoY to $31.6 billion.
App Store vs Google Play
Apple‘s App Store was the biggest contributor to consumer spending in Q3. The App Store generated $21.2 billion, more than X2 compared to Google Play which recorded $10.4 billion. However, the figures were lower than during the same quarter in the previous year. While the App Store reported 21.7 billion in consumer spending in 2021 Q3, Google Play had $11.5 billion. These represent a 2.3% fall for Apple’s app store platform and a 9.6% decline for the android app marketplace.
Furthermore, consumers are beginning to spend less on games, reducing by 12.7% YoY to $19.3 billion. Game spending went low on both Apple and Google’s app marketplaces. App Store went down 9.8% YoY to $11.9 billion, and Google Play fell 16.9% YoY to $16.9 billion. Even though some apps did not do so well in Q3, TikTok was the most downloaded non-game app. It was the most downloaded non-app with about 196.5 million installs.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
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