Despite all the speculations and doubts on the future of TikTok, the short video app is growing leaps and bounds. This is clearly highlighted in the recent report that speaks about the global app spending in Q3 2020.
TikTok has emerged as the highest-earning non-gaming app globally in Q3 2020. With jaw-dropping 800% YoY growth in the quarter, TikTok has emerged as the most popular app On Apple App Store as well as Google Play when it comes to app earnings.
This is, however, not the first time when TikTok has topped the list of top-earning non-gaming apps. In Q2 2020 as well TikTok emerged as the highest-grossing app, leaving many popular apps, owned by tech giants, behind.
The estimated app earning doesn’t include local taxes, in-app advertising, or in-app user spending on mobile commerce.
While TikTok continued to enjoy the numero uno position in the two consecutive quarters, YouTube has secured the second place as its earning grew 59% YoY in Q3 2020.
Tinder, with 5% YoY growth, and Tencent Video, with 42% YoY growth, ranked at number three and number four position in the list of top grossing apps in Q3 2020.
Top Grossing Apps Q3 2020: Google Play And App Store In Stark Contrast
There is no single app which has maintained a unified position across all the app stores in Q3 2020. The list of top-grossing apps on Apple App Store is quite different from the list based on Google Play app spending data.
Surprisingly, TikTok which continues to dominate the global as well as Apple App Store top-grossing apps list failed to secure a position in the list on Google Play.
Google One, the productivity app that managed to secure 10th position in the overall global top spending apps list of Q3 2020, is ranked at the top position in Google Play Store.
Piccoma, the second-highest grosser in Google Play store, is ranked 7th and 9th position on Global and Apple App Store ranking.
The global list is quite influenced by the app spending behaviour of Apple users. And why not, Apple accounted for nearly two-third of global mobile app spending, which grew 32% to $29.3 billion in Q3 2020.
All said and done, the unprecedented growth of TikTok, be it user base or app revenue is the reason that almost every tech major is closely monitoring all the developments related it. While Facebook seems to be anxious, companies like Walmart and Oracle are now planning to capitalise on the enormous popularity after acquiring 20% stakes in the short video app.
In spite of losing all its revenue from India due to the ongoing ban, TikTok has safeguarded its dominant position in the in Q3 2020. Such a performance speaks a lot about its potential in future.
It would be interesting to see how Q4 2020 and the whole year turns out for TikTok. If it manages to deal successfully with the trump administration and get the ongoing ban in India revoked, TikTok may continue to rule the list for many quarters to come.