TikTok user spending hit $10 million in June, records 588% year-over-year growth: Report

User spending on short video-sharing app TikTok reached $10.8 million last month from $1.6 million in June 2018, recording a year-over-year growth of 588 %, says a new report from Sensor Tower, a mobile app intelligence firm.

Spending in the app owned by Beijing-based start-up ByteDance increased 19 % month-over-month from $9 million in May, said the report.

While India is TikTok’s largest market, the growth in spending was driven by users in China, where gross revenue for the app has increased 271 % since January.