[Graphic News] TikTok leads global social app revenue surge in Q1

Global in-app payment revenue for social applications reached an all-time high in the first quarter of 2024, with the Chinese platform TikTok leading the charge, according to a report by data analysis company Sensor Tower.

In-app payment revenue for social apps worldwide hit $4.5 billion in Q1 2024, marking a 19 percent increase year-over-year. TikTok’s in-app purchases soared to over $2 billion, a 26 percent rise from the previous year, driven primarily by livestreaming sponsorships.

YouTube followed in second place with a 10 percent increase in in-app revenue, while dating app Tinder ranked third with a 9 percent rise. Business-focused social media platform LinkedIn secured the fourth spot, and US dating app Bumble ranked fifth.

Instagram experienced a significant boost in revenue, with a 230 percent increase attributed to the introduction of a subscription feature late last year.