TikTok, the short video app, reached a new milestone with $9 million from in-app purchases according to new figures published by Sensor Tower, marking a rise of 500% year-on-year from 2018 when in-app spend was at $1.5 million.
The findings exhibit that the app continues to attract significant revenue growth, up 22% from April ($7.4 million).
Back in January 2019, the app’s earnings from coins stood at $6 million as users were spending 50% more than the previous month.
iOS users in China were found to spend the largest portion of May’s $9 million nearing 65% (or $5.9 million).
Meanwhile, US Google Play and App Store users contributed around 22% or $2 million to May’s revenue. Although India represents the app’s largest user base, it accounted for just 0.5% or $45,000 in spending.
Installs of the app jumped month-on-month rising 27% in May, with India accounting for the largest percentage of new installs (53% or 29.7 million).
However, the app faced a rebound due to a government ban in India, which Sensor Tower estimates could have cost it 15 million new users.
At the same time, new installs of the app were down 20% from January 2019.
The app is predicted to cross the $100 million revenue mark in June this year.