TikTok racks up over $75 million from in-app virtual currency

TikTok racks up over $75 million from in-app virtual currency

It seems that social app TikTok is still bringing in the big bucks.

Data from Sensor Tower has revealed that ByteDance, TikTok’s parent company, managed to gross around $75 million through virtual currency sales inside the app.

For context, coin bundles can be purchased on TikTok from 99 cents to nearly $100, with different options in-between.

This figure comes from just the Google Play and App Stores, without additional revenue from China’s third-party Android stores being included in the data. In the United States alone, TikTok users have spent more than $41.3 million on the app.

Much of the revenue earned comes from users purchasing digital currency on TikTok, which can be exchanged for a variety of gifts and other items.

Huge earnings

Last month, TikTok users spent around $5.5 million globally, a huge increase in activity since 2018. 

The TikTok app has already been installed on the devices of more than one billion users worldwide, ranking it high on the charts for most digital markets outside of the United States.

However, the app was also slapped with a record-breaking FTC fine last month, after it was found conducting “disturbing practices” that included collecting and exposing personal data belonging to children.

Staff Writer