The Chinese GDP has shown remarkable growth over the past years. As of 2022, China was among the leading countries with the largest gross domestic product worldwide, second only to the United States which had a GDP volume of almost 25.5 trillion U.S. Real GDP growth is regarded as a key indicator for economic growth as it incorporates constant GDP figures. When analyzing year-on-year changes, the current GDP is adjusted for inflation, thus making it constant. It refers to the total market value of all goods and services that are produced within a country per year. The current gross domestic product is an important indicator of the economic strength of a country. For 2024, the IMF expects a GDP growth rate of around 4.2 percent. Gross domestic product (GDP) growth rate in China 2012-2028Īccording to preliminary data published by the National Bureau of Statistics of China in January 2024, the growth of real gross domestic product (GDP) in China amounted to 5.2 percent in 2023. Additionally, monetizing via subscriptions has proven an effective model for several highly popular apps, with subscription revenues hitting 18.3 billion U.S. A November 2021 survey of mobile app publishers found that video ads were the most popular mobile app monetization model, followed by display ads and in-app purchases. As most apps in the Google Play Store are available for free, the company needs to utilize effective business models to secure healthy revenue.ĭespite the robust gaming app revenues, most gaming apps are free to download and rely on monetization via in-app advertising or in-game purchases of items such as boosters and accessories. This hardly comes as a surprise as it is estimated that gaming apps will account for over 70 percent of Google Play app revenues in 2024. As of April 2021, the ranking of the top-grossing Android apps worldwide is dominated by mobile games with Coin Master, Garena Free Fire, and PUBG mobile leading the ranking. As Google’s official app store, it offers its customers a wide range of applications and digital media including music, magazines, books, film, and TV. Google Play was originally launched in October 2008 under the name Android Market. The number of available apps in the Google Play Store was most recently placed at 2.43 million apps, after surpassing 1 million apps in July 2013. How many apps are there in the Play Store? Google Play: number of available apps 2009-2023 In some countries like the United States, TikTok has achieved a high penetration rate among young adults. On average, the international version had a relatively older user composition than its Chinese sister app – a third of users aged below 34 years registered on TikTok versus two-thirds on Douyin. American and Southeast Asian countries were TikTok’s major markets. In 2024, TikTok was estimated to have over 900 million users while that of Douyin would exceed 795 million in China. Douyin and TikTok differ in accessibility (mainland China versus rest of the world), content results (China-based content versus international content), positioning (skills and lifestyle-tips-based versus more art-based), and functions (Douyin has more advanced live streaming and in-app purchase features). The video-sharing platforms, though quite similar in interface and functions, are two independent entities. TikTok versus Douyin: the major differencesĪfter Douyin’s success in China, ByteDance launched TikTok - a separate, international version of Douyin- in 2017. It was the most valuable unicorn worldwide in 2023 with a market cap of 200 billion U.S. In 2023, the brand value of TikTok/Douyin amounted to 84 billion U.S. The short video brand enjoyed immense popularity around the world, surpassing Instagram and WhatsApp to be the most downloaded mobile app. ByteDance’s triumphant TikTok/ Douyin is one of the most successful Chinese brands that have made its name beyond borders.
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