TikTok, the viral short video platform, has not only amassed over a billion monthly active users but has also set a new milestone by raking in an impressive $10 billion in user spending. Data.ai’s latest report reveals that TikTok has become the first non-gaming mobile application to reach this financial feat, placing it in the echelons of mobile gaming giants.

The report highlights that TikTok catapulted into 2023 with a substantial $6.2 billion in user spending. Surging ahead, it accumulated an additional $3.8 billion, reflecting a remarkable 61% year-over-year increase. Notably, this figure surpasses the 2022 record of $3.8 billion, signifying the platform’s sustained and robust growth. It’s worth noting that the report specifically encompasses consumer spending on TikTok through the Apple App Store and Google Play, excluding third-party Android app stores in China.

TikTok’s revenue is predominantly driven by user purchases of virtual currency known as “coins,” which are utilized for gifting creators. These gifts serve as rewards for engaging content and can be converted into cash. A key insight from the report unveils that the most popular in-app purchase was a bundle of 1,321 coins priced at $19.99, constituting a significant quarter of user expenditures.

Geographically, U.S. consumers and iOS users in China emerged as the primary contributors, each accounting for approximately 30% of TikTok’s revenue. Noteworthy markets following suit include Saudi Arabia, Germany, the UK, and Japan, collectively contributing 13% to the platform’s in-app shopping revenue.

Comparatively, other non-gaming apps with considerable user spending include Tinder and YouTube; however, both trail behind the financial prowess exhibited by TikTok. Data.ai anticipates further financial ascent for TikTok, projecting a spending surge to hit $15 billion in 2024, solidifying its status as a financial juggernaut in the app industry.