TikTok, most popular social media platform for GenZ and younger people is gaining new heights as older generations latch into its appealing video-sharing interface. Six years after its debut, TikTok continues to captivate audiences around the globe. Rather than waning, the video-sharing platform’s popularity is ascending, poised to achieve record-breaking download figures this year.

Recent data from OnlyAccounts.io reveals that TikTok has garnered nearly 770 million downloads during the first nine months of 2023, a staggering increase of 100 million downloads compared to the same period last year.

TikTok’s Remarkable Ascent

TikTok’s meteoric rise in the social media landscape is nothing short of astounding. Over the past six years, its user base has multiplied fivefold, surpassing 1.9 billion users. This remarkable growth has positioned TikTok as the world’s most valuable social media brand, surpassing even Facebook.

Unveiling its true dominance, TikTok is on the cusp of setting a new download record for 2023, signaling an enduring grip on the social media space. According to Statista and AppMagic data, TikTok tallied almost 770 million downloads in the first nine months of 2023, marking a 16% increase over the same period in 2022.

read also Less Than 10% of Businesses Receive Fair Forex Charges in South Africa

To put this into perspective, with three months left in the year, TikTok trailed the 2022 download total by only 88 million, with the latter totaling 858 million downloads.

Comparing these figures to the record-breaking year of 2020 for TikTok, the contrast is even more striking. In 2020, the app registered 802.5 million downloads during the first nine months, a figure that outpaces 2023 by 32 million downloads.

By the end of 2020, TikTok concluded with nearly 985 million downloads, marking the highest number in its history. The surge in downloads during 2023 underscores TikTok’s position as the fastest-growing platform in the social media landscape.

Record In-App Purchase Revenue

Apart from its impressive download numbers, TikTok is also setting a record in in-app purchase (IAP) revenue for the year. According to Statista and AppMagic data, TikTok users have spent nearly $2 billion on the app during the first nine months of 2023, indicating a remarkable 62% increase compared to the same period last year. Notably, Q3 2023 recorded the highest IAP revenue in TikTok’s history, exceeding $680 million.

These extraordinary figures come on the heels of remarkable growth in 2021 and 2022 when TikTok generated over $2.5 billion in IAP revenue, a 50% increase compared to the $1.68 billion reported in 2021.

read also Rand Merchant Bank (RMB): African Risk is not Fairly Priced – Governments Should Take Advantage

TikTok’s sustained and unparalleled success demonstrates its enduring appeal and ability to captivate users and advertisers alike. As it continues to break records in downloads and revenue, TikTok is solidifying its place as a dominant force in the social media sphere, and its global influence shows no signs of diminishing.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry