There are billions of dollars in the mobile app industry.
So it is safe to say that there is definitely a lot of money to be made. If you currently have a mobile app or are thinking about making your first app, this is encouraging news.
How much money will you make?
Well, the answer to this question depends on a lot of different variables. Your app may not make a billion dollars, but you can access a piece of that pie and still make a big profit.
To do this, the first step is actually building an app.
For those who already have one, that’s great; You have got a start. Just because your existing app is not depositing money in a fist, it does not mean that it is too late to make adjustments.
One of the factors affecting your revenue is whether you develop for the Android or Apple platform.
It also depends on your monetization strategy. There are three main ways in which mobile apps can make money.
- in-app purchases
You also have to keep in mind that mobile apps are no longer just for phones. There is an emerging market for additional equipment.
In this guide, I will cover all these topics in more detail. This will give you a better idea of how much money you can make with your existing app or with the app you plan to make.
Here you need to know.
Which platform makes the most money?
Generally, there are two types of platforms for its development. You have to decide whether you are building for Apple, Android, or both platforms simultaneously.
So, which developers make the most? This is Apple.
25% of Apple developers make more than $ 5,000 per month. Only 16% of Android developers earn more than $ 5,000 every month.
But having said that, Android developers have a wider audience. This is because Android dominates the global market share.
So the amount of money you make will depend on which platform you decide to visit.
Android and iOS users behave differently. So the type of app you have will have to fit in with the audience you are marketing and on which platform they have the largest presence.
For example, suppose you have an existing business that sells products in stores, online through an ecommerce shop, or both.
You can consider a mobile app as another platform to reach your existing customers as well as a potential new market.
Knowing that there are more Android users than Apple users, you can learn to develop for Android first. But is this the right decision?
Studies show that more iOS users find mobile shopping easier than AStudies show that a greater number of iOS clients discover versatile shopping simpler than Android clients. ndroid users.
In recent years, about 47% of iOS users made purchases from smartphones. Only 38% of Android users did the same.
So you have to decide what you want. Would you like to have a small percentage of the larger population to buy something? Or is it better to have a larger section of the smaller population?
When we discuss different types of revenue streams for your app I will talk about this concept in more detail.
But for those of you who have not started development yet, one of the things you need to do is your target market. Do not make assumptions.
You will need to do real research to find out who would be interested in using your app.
This can be a challenging task if you have never done it before. But trust me, it is worth the extra effort. This will save you from headaches down the road and ensure that you do not launch on the wrong platform.
As a result, releasing your app on the right platform will help ensure that you are making as much money as possible.
Another factor that falls into this category is Another figure that falls this classification is the manner by which your application works.how your app works. Your mobile application needs to perform well, regardless of which platform you are building for.
For those of you who already have a live app, you want to keep an eye on its performance to see if there are any problems that could be hindering your profits.
If users have a bad experience with your app, they are more likely to abandon it.
What causes poor experience? For starters, if your app takes a long time to load, users will not stand for it.
The expected load time for a mobile app is 2 seconThe normal burden time for a portable application is 2 seconds.
ds. Furthermore, only 16% of users will try to load an application more than twice if it fails on them.
So no matter what platform your app is on, you’ve got priority on how it works and enhances the user experience if you want to make a lot of money.
What kind of revenue do they make?
So how much money are we talking about here?
Well, apart from the platform, the type of revenue that an app makes will largely depend on the monetization strategy, which we’ll cover in more detail AAA.
Looking at the revenue model and audience, I would like to share some industry averages and estimates with you.
This will help you to understand better how many apps are made and what they make in future.
Consider what kind of app you are building. Is it a game According to Statista, the leading app publisher for mobile games worldwide in 2017 was Netmarble Games.
In September 2017, he generated $ 58.47 million on the Google Play Store from his gaming app.
Like non-gaming apps, in October 2017 LINE Corporation earned approximately $ 11.79 million from apps installed on Android devices.
Apart from LINE Corporation, some other leaders in revenue from non-gaming apps include Kakao Corporation and Tinder.
So what can you do with this information? This shows that there is a huge difference in revenue depending on the type of app in question.
While top gaming apps make more money than non-gaming apps, it does not necessarily mean that you need to create a game to succeed.
In fact, you may also have some trouble in this space until your game is a top hit. There is so much competition in the gaming world so it can be difficult for you to compete with industry leaders.
But even if you are not launching a gaming app, a lot of money can be made. Take a look at those numbers.
Industry leaders are still earning millions of dollars on a monthly basis from just one platform.
Take a look at the future projections of worldwide mobile app revenue in the coming years.
Total projected revenue in 2020 is double the global revenue from 2016. So the mobile app industry is showing no signs of slowing down at any point in the near future.
This means that industry leaders will continue to make more money, but there is a chance to get a piece of the action along with the new app.
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Types of revenue streams
Part of deciding what kind of app you are going to make is figuring out how you are going to make money. This is the most important decision about the type of app you are creating.
Your strategy to make money can change the entire point of your app.
Here I mean you can have a really good idea for a mobile application. So you start taking the right steps to build your app.
But one of the first steps is a business plan. Your app may be able to entertain viewers or even make their lives easier, but it is useless if it cannot pay you any money.
So you may have to go back to the drawing board and rework your entire concept based on the type of revenue stream you want to pursue.
Some of you may have realized this after your app was already launched. Luckily for you, it is not too late to make adjustments.
But for the rest of you, it is definitely a lot easier to squander away before your app launches.
Membership, in-app purchases, and advertising are the top three ways to earn money with an app. You have to decide which one works best for your idea.
You can also possibly use a combination of these methods.
The concept of membership is very straightforward.
You charge users for a particular period of time. Monthly and annual subscriptions are the most common form of this type of revenue.
Let’s look at an example. Lumosity is an app that helps train your brain with games.
Here is their listing in the Apple App Store. As you can see, this app is free to download. However, they charge different monthly rates for different membership packages.
Clients can pay $ 11.99 every month or $ 79.99 every year.
It is a great way to make money. In fact, a recent study showed that subscription-based apps make 50% more money per user than other types of in-app shopping apps.
These types of apps typically make two or three times more money than ads that use advertisements or paid downloads to make a profit.
But if your app relies on subscriptions, then you need to completely create content that keeps people coming back longer.
Users will not pay a fixed monthly fee for the app you use. You might get some people to sign up initially, but they will cancel it after a month or two if it doesn’t keep them running.
The best way to earn the most money with a subscription app is to target a large audience. If you feel that you can get enough people to subscribe, then you do not have to pay any major monthly or annual fees.
It is important for you to have a creative team that is always working to improve your app and keep it relevant to your customers.
This way the content will not go rancid and people will continue to pay for services.
As I discussed earlier, if you have found an existing business that sells products or services, a mobile app can help you make more money.
Directly providing users with a product or service can be a very viable way to earn money, but you must factor in your marketing, pricing, and logistics.
This makes things a little complicated. For example, if you are shipping physical products to users who purchase something from your app, then you need to make sure that the sale is profitable even after shipping, packaging, labor, and all other costs associated with running your app . .
Another way to make money through in-app purchases is to provide users with something intangible that can be used within the app.
Gaming apps use this strategy to earn profits all the time.
Here is an example of the Pokémon Go app.
The app is free to download and free to play. During gameplay, users can do certain things to earn coins. These coins can be used to purchase gameplay enhancing items.
But instead of completing those tasks to earn coins, you can buy them with real money.
This is a great strategy to make money because you do not have to spend anything extra to provide these intangible coins. This is very different from actual product shipping.
Like a website, in-app advertising is a popular way to earn money.
But to do this effectively, you need to take time to research your users. To get the most money you have to align your ads with the products and services they really need.
Showing advertisements for women’s perfumes on a college boy’s device is a waste of space and won’t cost you any money.
You want to tread carefully with this approach. You do not want to bombard your users with too many advertisements to the point where it hinders their experience.
The application needs to be displayed at the right time to be effective. Otherwise it can be considered as spam.
Future of development
Today you have to think outside the box when it comes to mobile application development. Apps are no longer just for smartphones and tablets.
Smart TVs are on the rise in the United States.
As of November 2017, approximately 70 million households in the United States have a smart TV.
Companies offering streaming services promote the availability of their apps on these devices.
Directly from their TVs, users can access apps such as:
- Hbo now
- Watch ESPN
- Amazon video
Apps are also available for video game consoles such as PlayStation4, Xbox One, and Wii U. All these devices have app stores built into the system.
There is also a growing market for novelty applications and productivity applications. These are less complex, meaning that it is easier to construct and maintain.
As a result, the profit margin can be very high.
There is definitely a lot of money to be made with mobile applications.
A lot of factors play a role in how much money your app can make. It depends on the platform, type of app and your revenue strategy.
Accepting it alone can be intimidating, especially if you’ve never done it before.
The technology involved in creating mobile apps can be overwhelming. If you are not unsure about spending efficiently and using your resources, you do not want to waste time or money.
If you need some help along the way, there are plenty of online resources that can make your experience work for you.
What kind of revenue strategy will you use to make the most money with your mobile app?