TikTok users spent $914.4m in the app during the third quarter of 2022, according to research firm Sensor Tower. Its estimates are based on in-app purchases made within TikTok – for example virtual coins and subscriptions – but do not include advertising revenues.
Sensor Tower also claims that TikTok’s lifetime consumer spending – this is all based on estimates for Apple’s App Store and Android’s Google Play – has now reached around $6.3bn. Meanwhile, TikTok was the most downloaded non-game app across these two stores in Q3, notching up 196.5m installs according to Sensor Tower’s analysis.
There’s quite a story around this. TikTok is not just generating more quarterly consumer-spending revenues than any other non-game app; it’s also outperforming all the mobile games too. The top-ranked game, Tencent’s Honor of Kings, grossed $639.3m of spending in Q3.
The news comes as TikTok tweaks its music team, with some internal promotions. The company’s head of music operations for the UK and EU, Paul Hourican, is now global head of music operations at TikTok. Meanwhile, former director of artist partnerships Isabel Quinteros is now global lead for music partnerships.
Finally – and getting back to the topic of consumer spending – it seems TikTok’s ambitions around live shopping aren’t dead after all, despite it having reined in experiments in Europe. The Financial Times reported that it may partner with startup TalkShopLive to launch live shopping in North America with “large brands” this side of Christmas.
While brands may be the focus for this partnership, it’s something the music industry will be keenly interested in, given the potential for artists and merchandise sales. When we reported on a $6m funding round for TalkShopLive in July 2021, we noted that it had worked with the likes of Garth Brooks, Dolly Parton and Alicia Keys already.