Sensor Tower: Insights into the social application market in 2024

With the popularity of short videos and the iteration of commercial monetization, global social application revenue continues to grow. In the first quarter of 2024, global social application in-app purchase revenue reached US$4.5 billion, a year-on-year increase of 19%, setting a record high.

This report will analyze the trends in social app downloads and in-app purchase revenue in recent years, the revenue performance of top social apps, and the rankings of popular social apps in markets such as China, Japan, South Korea and the Middle East in 2024. It will also introduce TikTok's outstanding performance and user portrait in the global market through case analysis.

Special note: This report only counts the estimated IAP values ​​of app stores, and does not include advertising monetization revenue and revenue from third-party Android channels in China.

Global social app in-app purchase revenue reaches new peak

As the growth of downloads of global social applications slows down, in-app purchase revenue continues to grow. In the first quarter of 2024, revenue reached US$4.5 billion, a year-on-year increase of 19%, setting a new record. From Q2 2023 to Q1 2024, the in-app purchase revenue of global social applications increased by 20% month-on-month, approaching US$17 billion.

Thanks to the strong money-making ability of live broadcast rewards, TikTok's in-app purchase revenue increased by 26% year-on-year from January to May 2024, exceeding US$2 billion, leading the social track.

The first quarter financial report of 2024 shows that the number of Snapchat+ subscriptions has doubled year-on-year to more than 9 million, and the viewing time of Spotlight short videos has increased by 125% year-on-year, driving the in-app purchase revenue of Snapchat to increase by 157% year-on-year. The increase in paid subscriptions has also led to a significant increase in Instagram revenue of 230%.

TikTok's global in-app purchase revenue exceeds US$14 billion

Sensor Tower data shows that as of May 2024, the "short video + live broadcast" app "TikTok" has accumulated in-app purchase revenue of more than $14 billion worldwide, becoming the world's highest-grossing non-game app. At the same time, "TikTok" revenue has maintained strong growth, reaching $450 million in March 2024, a record high.

According to Sensor Tower user insight data, TikTok is more popular among young users. In the first quarter of 2024, users born after 2000 accounted for 36% of the US market, significantly higher than Facebook's 14%. TikTok's user profile is mainly composed of online social celebrities, fashion experts, and flexible payers, showing the preferences of young users.