TikTok users spend over $5.5 million every day on in-app purchases

Share via:

TikTok is emerging to be one of the most popular social media platforms, the app has recorded over 246.9 million downloads globally since the start of 2023. In-app purchases on the platform generate up to $5.5m in a day. So far in this quarter, TikTok has generated $497.7m from in-app purchases alone.

According to a recent report, “TikTok continues to demonstrate resilience despite the renewed push to ban the app in different countries led by the U.S. Various governments have raised concerns that TikTok, owned by the Chinese firm ByteDance, may endanger sensitive user data. In this line, U.S. lawmakers are pushing for new legislation to ban the app. This comes after the White House directed Federal agencies to delete the app from government devices.”

Last week, TikTok was fined over $16m by UK privacy regulators for failing to protect children’s data, the breaches allegedly happened between May 2018 and July 2020.

“There are laws in place to make sure our children are as safe in the digital world as they are in the physical world. TikTok did not abide by those laws,” said John Edwards, Information commissioner.

Earlier this month, Australian government officials were banned from using the social media application on government-issued devices.

The decision comes amid concerns over the platform being a national security risk and the possibility of it being used for foreign interface by the Chinese government.

Similar decisions were implemented in other countries around the world including US, Canada, New Zealand and the UK.

TikTok, however, has denied that it poses any national security risk and was “extremely disappointed” with the decision.

The application has taken the world by storm with a steep surge in usage, especially by the younger generation during the pandemic. Other social media platforms were seen introducing short-form video features such as YouTube Shorts.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

Popular

More Like this

TikTok users spend over $5.5 million every day on in-app purchases

TikTok is emerging to be one of the most popular social media platforms, the app has recorded over 246.9 million downloads globally since the start of 2023. In-app purchases on the platform generate up to $5.5m in a day. So far in this quarter, TikTok has generated $497.7m from in-app purchases alone.

According to a recent report, “TikTok continues to demonstrate resilience despite the renewed push to ban the app in different countries led by the U.S. Various governments have raised concerns that TikTok, owned by the Chinese firm ByteDance, may endanger sensitive user data. In this line, U.S. lawmakers are pushing for new legislation to ban the app. This comes after the White House directed Federal agencies to delete the app from government devices.”

Last week, TikTok was fined over $16m by UK privacy regulators for failing to protect children’s data, the breaches allegedly happened between May 2018 and July 2020.

“There are laws in place to make sure our children are as safe in the digital world as they are in the physical world. TikTok did not abide by those laws,” said John Edwards, Information commissioner.

Earlier this month, Australian government officials were banned from using the social media application on government-issued devices.

The decision comes amid concerns over the platform being a national security risk and the possibility of it being used for foreign interface by the Chinese government.

Similar decisions were implemented in other countries around the world including US, Canada, New Zealand and the UK.

TikTok, however, has denied that it poses any national security risk and was “extremely disappointed” with the decision.

The application has taken the world by storm with a steep surge in usage, especially by the younger generation during the pandemic. Other social media platforms were seen introducing short-form video features such as YouTube Shorts.

Disclaimer

At StartupNews.fyi we strive to uphold the highest ethical standards in all of our reporting and coverage. We want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

More like this

Gig Workers in California to receive back payments for...

Uber, Lyft, DoorDash, and other app-based ride-hail and delivery...

Over 60% of GCC businesses adopting Artificial Intelligence: McKinsey

According to a recent report by McKinsey, more than...

Shopify introduces Shop Cash rewards program for Shop app...

Shopify has unveiled a new rewards program called Shop...

Popular

Upcoming Events

Startup Bootcamp - Entrepreneurship Alchemy | May 18 - July 6

Transforming Ideas into Gold: Learn The Entrepreneurship Alchemy"

The Startup Mixer - Bengaluru | June 04

Pushstart presents The Startup Mixer, which is coming to Bengaluru on 4th June (Sunday).

The Startup Mixer - Mumbai | June 04

Pushstart presents The Startup Mixer, which is coming to Mumbai on 4th June (Sunday).

CoinDCX Lucknow Chapter - The Power of Web3 Communities | June 03

With the rapid growth of Web3 technologies, such as blockchain and crypto, it has...

Startup Information that matters. Get in your inbox Daily!

325th Startup Meetup @ Delhi 3rd June - Sold Out