TikTok user-spend soars from $1.6 million to $10 million

TikTok garnered user-spend of $10.8 million last month, a jump from $1.6 million in June 2018. The social networking platform wherein the user can develop small clips recorded a year-over-year growth of 588 per cent, as mentioned in the report by Sensor Tower, a mobile app intelligence firm. 

Owned by Beijing-based start-up ByteDance, the application had an increase of 19 per cent month-over-month, from $9 million in May. While India remains the largest market for TikTok, the growth was witnessed due to users driven in the home grounds of China. The gross revenue for TikTok grew by 271 per cent since the month of January. 

Sensor Tower Founder Oliver Yeh stated that the Chinese users accounted for 69 per cent of the application's revenue. TikTok reported a 30 per cent growth in June 2018. He further added that with TikTok testing several enhancements, some inspired by rival Instagram, boosted user interference. 

Till date, TikTok has grossed  $113 million from in-app purchased to date. this however, does not include spending on third-party Android app stores such as those in China, states Yeh.

The video-sharing application has been installed by 1.27 billion times, as per Sensor Tower.