In the above image, under the admin centre, we can see the storage as 1.24TB, when 'Active Sites' is selected. What this storage is?
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It's the total and available storage space for your organization. Check below docs for more details:
Basically, the amount of Microsoft SharePoint space your organization has is based on your number of licenses:
Related: Add storage space for your subscription
BR

Baker_Kong
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But as per the link, the total space for the organization is 1TB and here I see 1.24TB. And 10GB for each purchased license. – shrutika ingale Dec 16 '20 at 04:29
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(1024G(1TB)+ 10 G X 25 ) / 1024 G= 1.244140625 ≈ 1.24 T – Baker_Kong Dec 16 '20 at 04:47
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Yes, got it. I have 24 licenses under subscription. Thank you. – shrutika ingale Dec 16 '20 at 07:27
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@shrutikaingale - If answer helpful, mark it and upvote. – R15 Dec 18 '20 at 14:11