TikTok Receives Record Breaking Q3 Revenues

Consumer spending has been on the decline for quite some time now, with the third quarter of 2022 showing an as much as 5% decrease in consumer spending overall. In spite of the fact that this is the case, TikTok seems to be immune to the wider economic downturn, with the upstart social media app enjoying an extended streak of quarters in which it ended up being the app which generated the highest amount of revenue overall.

TikTok along with its sister app Douyin brought in an estimated $914 million in the third quarter of 2022 alone, and with all of that having been said and now out of the way it is important to note that 53% of this revenue came from TikTok with the rest coming from Douyin. TikTok also managed to get to the top spot on the App Store in terms of non-gaming apps. On the Play Store it was only surpassed by Google One, Google’s cloud and storage service, but it still kept a comfortable lead to hold onto second place.

If one were to take a wider view of the app market, a starker picture emerges. Consumer spending fell by 4.8% across both stores, although the App Store’s 2.3% decline was much lower than the Play Store’s 9.6% with all things having been considered and taken into account. The same quarter last year yielded $21.7 billion for Apple and $11.5 billion for Google, and this year it has dropped to $21.2 billion and $10.4 billion respectively.

The decrease for Apple is minor enough to be perceived as a rounding error, but Google is increasingly at risk of seeing Play Store consumer spending dropping below double digit billions. Apple continues to bring in twice what Google does, and that suggests that Google will have an uphill battle to fight if it wants to compete with its rival.

Meanwhile, TikTok seems to be having a great time with four straight quarters of record breaking revenues. It will be interesting to see how things shape up since these numbers show that TikTok has a level of dominance that seems almost unbreakable.
H/T: Sensor Tower.
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