Short video-sharing platform TikTok now ranks among the social media apps generating the highest revenue, building on its recent global success.
TikTok’s revenue also highlights the app’s position as a critical competitor to established social media companies.
In particular, data compiled by Finbold on October 27 indicates that in September 2022, TikTok generated $2.5 million daily on Android and iPhone devices worldwide, excluding the iPad. The value translates to an hourly revenue of about $104,000. During the month, the social media platform recorded a cumulative revenue of $75.8 million.
Notably, TikTok recorded the highest revenue among social media platforms, with the value for Google Play Store standing at $35.14 million to emerge second overall behind the dating app Tinder, which had $37.58 million.
Other leading apps by revenue generated on Google Play include Honor of Kings ($24.05 million), Candy CrushSaga ($21.1 million), Puzzle & Dragons ($20.84 million), Disney+ ($19.01 million), Game for Peace ($17.87 million), Genshin Impact ($17.03 million), Monster Strike ($16.34 million), and Tencent Video ($15.43 million).
On the Apple App Store, TikTok’s revenue also emerged second at $40.66 million behind the gaming app Coin Master, which had $47.96 million.
Additionally, other top revenue-generating apps on App Store include Candy CrushSaga ($38.67 million), Roblox ($18.26 million), Royal Match ($12.36 million), Garena FreeFire: 5th Anniv. ($12.02 million), Pokémon GO ($11.19 million), Tinder ($10.55 million), Evony ($10.43 million), and PUBG MOBILE ($9.97 million).
TikTok’s model drives revenue growth
The report pointed out some key drivers that propelled TikTok to rank among apps with the highest revenue. According to the research report:
“The growth of TikTok has birthed a cultural economy containing influencers and marketing agencies dedicated to the platform, with the initiatives central to the app’s impressive revenue in a highly competitive social media scene.
“TikTok has sustained an upper hand thanks to its main selling point of built-in recording and editing capabilities. The features make it convenient for content creators to quickly record, edit, and share videos.”
Overall, TikTok’s success has pushed other social media companies to emulate its success. Notably, other apps are cloning popular TikTok features to attract new demographics.