Communist Cash Bonanza: Consumer Spending on China’s TikTok Jumped 77% in 2021

Users reportedly spent around $2.3 billion on the popular Chinese-owned social media platform TikTok last year, according to a recent report. This represents an astounding 77 percent increase from the previous year. TikTok also surpassed 3 billion global installations, the first app to do so since Facebook.

Pandaily reports that users sent around $2.3 billion on the popular video-sharing app TikTok last year, according to recently released information from Sensor Tower. This includes transactions made on the iOS version of TikTok’s Chinese counterpart app Douyin which is more heavily censored in order to align with Chinese law.

TikTok has seen 77 percent year-on-year growth up from $1.3 billion in 2020. Consumer spending on the app reached $824.4 million in the fourth quarter of 2021, more than double the $382.4 million generated by the app during the same period in 2020.

57 percent of spending in the fourth quarter of 2021 came from Chinese users compared to 85 percent of in-app spending in the fourth quarter of 2020. The U.S. was the second-highest revenue-generating company for TiikTok, also increasing its spending on the app from 2020. U.S. consumers spent almost $110 million on TikTok, accounting for 13 percent of global revenue. – READ MORE