It’s likely that you’ve never even heard of TikTok, but better believe it, this isn’t another one of the “next big things” in the social marketing industry, it actually is a big thing. Perhaps.

The ByteDance-owned app first launched in China in 2016 before going global the following year and now anyone Android or iOS user can download and install it right now. For the uninitiated, TikTok is a video-sharing app that lets users create, share and watch short videos.

With over 1 billion installs across the globe, TikTok has raked in a cool $75 million through in-app purchases. This figure covers both the Google Play Store and Apple App Store, although Android users in China aren’t included since the Play Store isn’t available in the Asian country.

The U.S. market led the way by purchasing virtual currency worth $41.3 million followed by China’s iOS users, who contributed about $17.3 million. Even though India has the largest number of installs, spending was capped at about $3.8 million.

Last month alone, TikTok users across the globe spent $5.5 million, up from $1.6 million spent during the same period last year. Also, the user base grew by 58 million in the month of February 2019, which speaks volumes about the soaring revenue.

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