Video platforms like TikTok and Disney+ fueled an 11% increase for in-app spending in 2023. During the year, spending in non-game apps such as streaming, user-generated content, and dating apps increased, while mobile gaming spending took a small dip. TikTok played a major role by introducing a tipping feature for content creators, coming from in-app purchases of credit, showing the creator economy’s massive value for mobile spending. In fact, in 2024, the monetization of social apps through in-app purchases is projected to increase by 150% to reach $1.3B due to increased competition in the industry. However, the main revenue driver was still advertising, which saw an 8% growth to reach $362B and represented a total of two thirds of mobile sales. YPulse’s Mobile / App Behavior data shows nearly half of smartphone owners have spent money on or within a mobile app, for in-app experience or virtual goods, but mobile gaming purchases remain the top use of this spending. (Bloomberg)
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