TikTok’s Rise Continuing Unabated, Third Quarter Report for 2020 Reveals

TikTok is quickly starting to become the single most popular app in the world, and a big part of the reason why that is the case has to do with the fact that it has managed to tap into markets that other social media platforms had failed to properly end up taking advantage of. According to the third quarter industry report released for 2020, TikTok has been the highest earning as well most downloaded app that wasn’t a game, something that shows that even the recent problems with the US government as well as other issues with its interface have in no way slowed down the monumental growth of this platform at the end of the day.

TikTok is now marking two consecutive quarters where it was the highest earning and most downloaded app, and it turns out that people aren’t just using the app they are spending money on it as well which is quite clear because of the fact that the app has seen an 800% increase in spending from consumers based on where this statistic was at in the previous year.

Just short of $30 billion were spent on apps this quarter, and if you compare this number to the same quarter in 2019 you would see that a 32% increase has been seen. A big part of the reason why that is the case has to do with the fact that the covid-19 pandemic has prevented people from going out as much as they used to which means that they have to stay at home and entertain themselves thereby leading to them being a lot more open with regards to the apps that they are going to decide to spent money on and start using.

Both the App Store as well as the Play Store have seen pretty comparable increases in consumer spending and downloads. The App Store’s revenue of $19 billion is a 31% increase from the same quarter last year, and the Play Store earned $10.3 billion which is a 33.8% increase. This does indicate that the App Store is still doing far better than the Play Store, although Google’s slightly bigger increase in app revenue means that the tech giant might just be making some headway at long last against is long time rival corporation.

With all of that having been said and out of the way, it is important to note that TikTok’s performance is a sign that the app is here to stay, and that a lot more will have to be done to stop its rise than one government banning it or having it sold to a local corporation.

Read next: New research suggests that growing small and medium-sized businesses are conforming to more digital transformation and adaptability after-effect of the COVID-19 pandemic
Previous Post Next Post