In 2024, TikTok, along with its Chinese counterpart Douyin, made history by becoming the first non-game app to surpass $6 billion in in-app purchase revenue within a single year. According to a recent report published by app intelligence provider Sensor Tower, TikTok also achieved a record-breaking $1.9 billion in gross in-app purchase (IAP) revenue during the fourth quarter of the previous year.

Among non-game apps, only YouTube and Google One’s subscription services managed to outperform TikTok’s fourth-quarter total for the entire calendar year, as stated in the report.

With $6 billion in IAP revenue, TikTok significantly outpaced other apps and games, generating more than double the revenue of any other platform in 2024. For instance, Monopoly GO secured the second position with $2.6 billion in revenue over the past year.

TikTok’s annual IAP revenue in 2024 also demonstrated a substantial year-over-year increase, rising from $4.4 billion in 2023, as noted in the report.

However, in terms of downloads, TikTok ranked second in Q4 2024, with Instagram taking the top spot, followed by WhatsApp, Facebook, and Temu, which completed the top 5.

It’s worth noting that comparisons between TikTok and other apps can be somewhat uneven, given that TikTok’s figures include its separate Chinese sister app, Douyin. Despite sharing the same corporate parent, ByteDance, the two apps offer distinct experiences, with Douyin’s content tailored to the Chinese audience, subject to stricter regulations, and more focused on e-commerce, while both prioritize short-form videos, with TikTok designed for an international audience.

In the United States, TikTok has been reinstated in app stores after President Trump delayed a deadline to ban the app due to national security concerns. Through an executive order, the ban was postponed by 75 days, and Trump has suggested that this deadline could be extended if necessary.

TikTok’s revenue serves as another example of the app’s significance in the creator economy, as users spend real money to purchase virtual gifts for creators, which can be converted into fiat currency, with TikTok retaining 50% of the payout.

The short video app has previously achieved multiple revenue milestones, including in 2023, when it became the first non-game app to reach $10 billion in total consumer spending.