TikTok has achieved a significant milestone by surpassing $10 billion in global consumer spending, making it the first non-gaming app to achieve this feat. The app is expected to become the highest-earning app ever, even surpassing popular games like Candy Crush. According to a report by app intelligence provider data.ai, TikTok is projected to approach the $15 billion milestone in 2024.
The primary source of revenue for TikTok is in-app purchases, particularly the sale of “coins” that users can buy to send gifts to their favorite content creators. TikTok retains 50% of the payout when these gifts are cashed out by creators. The platform’s most popular in-app purchase this year has been a bundle of 1,321 coins priced at $19.99, contributing to about a quarter of the app’s in-app revenue.
TikTok’s user spending is expected to continue growing, with users projected to spend a significant amount of time on the platform. By the end of 2024, TikTok users are estimated to spend a 40-hour work week each month on the app, representing a 22% increase from the previous year.
Aside from in-app purchases, TikTok also generates revenue through advertising and e-commerce. The platform’s success has positioned it as a major player in the social media landscape, outperforming other popular apps like Candy Crush, Honor of Kings, Monster Strike, and Clash of Clans in terms of consumer spending.
The report also mentions that TikTok’s closest competitors in terms of reaching the $10 billion milestone are dating app Tinder and video platform YouTube, but they trail behind TikTok by $2 to $3 billion as of the end of 2023. Despite concerns and controversies, including allegations of addiction and mental health issues, TikTok has recently secured legal victories in the United States, making it more challenging for critics to impose restrictions on the platform.
Additionally, the NTSB received photos of the lost door plug from a school teacher named “Bob,” who found it in his backyard near Portland and sent it to the safety board for investigation. The plug, measuring 26 by 48 inches and weighing 63 pounds, will undergo examination to determine how it detached from the plane.
Instagram has become one of the most effective social media channels for business promotion in the modern digital era. Instagram has more than one billion active users, providing a large and interested audience that you may leverage to market your goods or services. There are more inventive methods to use Instagram for marketing, even while many companies use it for simple brand promotion and content sharing. We’ll look at five creative ways to improve your Instagram company marketing in this blog post.
Instagram Stories for Sneak Peek and Product Teasers
Instagram Stories is a great tool for giving your goods and services a dynamic, time-sensitive display. Use Stories to provide behind-the-scenes information, run temporary promotions, and give customers first looks at new products. Because Stories are temporary, they instill a sense of urgency in your audience and motivate them to keep watching your material. Additionally, you can add interactive elements like surveys, questionnaires, and quizzes to get users to participate and get insightful input.Collaborate with Influencers
Partnering with Instagram influencers is a well-liked and successful way to reach a wider, more specific audience. Find industry influencers that have the same values and ethos as your brand, and collaborate with them to produce content that highlights your goods and services. Influencers may support your company with genuine, relatable endorsements that connect with their audience, increasing credibility and trust.
Campaigns for User-Generated Content (UGC)
Use user-generated content campaigns to inspire your fans to produce and distribute brand-related material. This helps you use your customers as brand ambassadors and increases engagement. Urge customers to share their product or service experiences on social media by using a specific hashtag that represents your business. The greatest user-generated content (UGC) can then be highlighted on your profile to increase social proof and foster a feeling of community around your company.
With the help of Instagram Shopping, businesses can easily tag products in their posts and stories. With the help of this feature, users can see product details, prices, and even complete purchases inside the app. It simplifies the client experience and has the potential to greatly increase revenue. Make sure your product catalog is properly organized and use high-quality photos that highlight your products to get the most out of Instagram shopping.
Run Giveaways and Contests
Organizing giveaways and contests on Instagram is a great way to grow your following and boost engagement. To be eligible to win, users can like, comment on, and tag friends in your posts. This not only raises awareness of your brand but also creates buzz about it. One of your products or a special opportunity connected to your business could be the prize. Just make sure that, when holding contests, you adhere to Instagram’s rules.
In conclusion, Instagram gives companies a plethora of imaginative ways to promote their goods and services. Instagram Stories, influencer partnerships, user-generated content, Instagram Shopping, and competitions are just a few of the features that you can use to interact with your audience, foster brand loyalty, and increase revenue. To make sure your company stays competitive in the always shifting field of digital marketing, keep up with the most recent Instagram trends and modify your approach as the platform changes.