Tuesday☕️

12 Dec 2023 — 4 min read

Trending:

Markets:

TikTok Consumer Spending:

TikTok, the short-form video app, has reached an unprecedented milestone in the mobile app world. As the first non-game app to achieve over $10 billion in consumer spending, TikTok has set a new record, surpassing even the most successful mobile games. This achievement underscores the app's massive global popularity and its unique monetization strategy.
Throughout 2023, TikTok witnessed a remarkable surge in consumer spending, adding an impressive $3.8 billion to its already substantial revenue. This growth represents a 61% increase from the beginning of the year and a 15% rise from the previous year's total. TikTok's revenue primarily comes from in-app purchases, particularly the sale of "coins." These virtual currencies are used by users to purchase gifts for content creators, contributing significantly to TikTok's revenue stream.
The app's financial success is not just confined to in-app purchases. Its monetization extends to advertising and e-commerce initiatives, like the TikTok Shop. The platform's most popular in-app purchase, a bundle of 1321 coins priced at $19.99, accounts for a significant portion of its income. This financial accomplishment, detailed in a report by data.ai, excludes revenue from third-party Android app stores in China, indicating that TikTok's overall consumer spending could be even higher.

FDA Approves CRISPR Treatment:

The FDA has approved two new gene therapies to treat sickle cell disease, a significant advancement for about 100,000 American patients in the U.S. This disease causes red blood cells to deform, leading to severe complications like anemia, pain, strokes, and organ damage. Previous treatments could only reduce symptoms or were limited to rare bone marrow transplants from matched siblings.
The first therapy, Casgevy, is a groundbreaking treatment and the first of its kind in the U.S. to use CRISPR/Cas9 technology. It works by reactivating the production of fetal hemoglobin (HbF), which is usually turned off after birth. In sickle cell disease, a mutation causes adult hemoglobin (HbA) to deform cells. Casgevy edits a protein (BCL11A) that shuts off HbF production, allowing the body to produce healthy hemoglobin again.
This process involves taking the patient's bone marrow stem cells, modifying them in a lab, and reintroducing them to the patient. The second therapy, Lyfgenia, employs a different method. It uses a Lentiviral vector to insert genes for a modified hemoglobin that helps prevent sickling of red blood cells. Both treatments have shown high success in clinical trials and are now available for patients 12 years and older. These therapies offer hope for effectively treating and potentially curing sickle cell disease.

Statistic:

Largest companies by market capitalization: