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According to data.ai's most recent annual report, ByteDance's TikTok became the first app to cross $10 billion (€9.14 billion) in cumulative consumer spending, propelling mobile app sales to a new high in a year when revenue from games fell.
TikTok, Disney+ Outperformed Gaming In Record Year For Mobile Apps
TikTok's in-app credit purchases, which can be used to tip favored creators and live streamers, accounted for the majority of its revenue and "unlocked the secret to monetization on mobile," according to the market researchers, whose services are used by many of the world's biggest brands to track the performance of their mobile apps and ads, as per Irish Examiner.
“Social apps and the creator economy pioneered new pathways to monetization beyond advertising,” Lexi Sydow, director of corporate marketing and insights at data.ai, stated. "In 2024, direct consumer monetization in social apps through in-app purchases is set to grow 150% to $1.3bn (€1.19bn) as competition ramps up.”
Consumer spending on streaming, user-generated content, and dating apps increased more than on gaming. However, advertising remained the primary revenue driver, rising 8% in 2023 to $362 billion (€330.8 billion) and accounting for two-thirds of mobile sales.
As a result, the competition to capture and hold consumer attention is critical, with data.ai estimating that global mobile ad spending will reach $402 billion (€367.3 billion) by 2024. Consumers spend more time on cell phones again, with Indonesia leading the way with more than six hours per person every day.
The top ten markets averaged five hours of daily app usage, with app spending increasing by 3% in 2023. South Korea, Brazil, Mexico, and Turkey all saw a 25% or more rise in consumer app expenditure this year, according to data.ai.
Shein, a Chinese cheap shopping hit, and PDD Holdings Inc's Temu jumped 140% in the download rankings, with Temu leading downloads in 125 areas.
Travel and Ticketing Boom Post-Pandemic, Generative AI Drives Digital Innovation Surge
In other news, the travel and ticketing industries experienced a surge in popularity and spending following the pandemic, as demand for in-person events and experiences increased dramatically. Artificial intelligence has become a crucial channel for recruiting new users, with generative AI growing sevenfold and different sub-segments emerging around AI chatbots and art generators, according to Bloomberg.
By late 2023, consumer spending on generative AI apps had topped $10 million per month. "This AI growth also fueled embedded features across virtually all mobile sectors, paving the way for a fresh wave of digital innovation," according to the report released by data.ai.
Photo: Solen Feyissa/Unsplash
