Mobile apps are the tip of our fingers now. With millions of apps available on the Google Play Store and IOS store, people have access to a variety of apps they can test out to suit their needs.
Some popular categories of apps include gaming, music, streaming videos and fitness. The Industry comes along with a huge potential to earn millions of dollars.
However, not every app earns an equal share of Android and iOS market revenue as some apps are free and some are paid.
So if you are looking to develop an app – here are a few things to keep in hindsight to make sure you can leverage the platforms to their best!
Factors to Consider Before Deciding Going for Money Making Apps Development
- App Purpose: You need to ask yourself the purpose of the app. You need to focus and explicitly have a detailed understanding of the problem you are targeting to solve and how your app/service will play a role in achieving this. We would also want you to think about the probable impact on the market if you are planning to build a disruptive app.
- Target Audience: Once you know the purpose of your app – you need to ask yourself who your target audience will be. Will it be kids? Or athletes? This will be a determining factor that will help you decide on how you can target the right audience, and possibly monetise your app. For example, an athlete may pay for a premium model as they dont suddenly want an ad popping up while they are tracking their fitness, every second counts vs a gaming app for a kid we recommend should probably have to be free based on the age range as they cannot pay for the app.
- Competitor Analysis: In any business, it’s essential to know who the other players are in the game before entering that play field. By performing Competitive analysis, you can make a decision related to money making apps development. The insights aid in getting a hint about what strategies do similar applications prefer and what all profits they have earned and what your app may be able to provide, that they aren’t already providing.
- Technologies : The set of technologies you integrate into your applications not solely enhances the user experience and makes it stand out from the competition, but also adds to the earning from mobile apps – note that it will also may mean a higher initial investment from you.
5 Mobile App Monetization Models to Consider
1. In-app Advertising: There are over 7 millions active advertisers on facebook according to official stats. While the application is free to download and use, app publishers can earn money based on the interactions on the advertisements displayed within the application. This app revenue model is highly considered and found to be profitable.
2. In App Purchases and Freemium Model: PUBG as per a report made $226 million (roughly Rs. 1.7 thousand crore) in user spending, making it the highest grossing game in the world for May 2020.
While again the app is free to download and use, the developers create in- app elements for which the users would have to pay some amount of money to buy a wide variety of virtual elements from the mobile application to monetize the app.
3. Subscription (Software-as-a-Service) Model: Another strategy that comes forward as the answer to how to monetize apps is the Subscription model.
The developers create a model where users can choose for a weekly, monthly, or annual fee in return of a particular service provided by the mobile application.
This type of business and monetization model is often recommended in the case of cloud-based services, audio and video content providers such as Spotify, Google Music, and Netflix.
4. Crowdfunding: If you think you have the perfect app, but need capital to get the app booted before even considering monteziing after its launch – one great option is : Crowdfunding.
It’s a great way to gain exposure and potential users invested in your app before you even launch it. You can choose any crowding platform like KickStarter, CrowdFunder, Indiegogo and Fundable to raise funds and do the needful in the field of marketing.
Publish your MVP and generate the capital you need!
Over the years mobile apps have seen good money and this trend, without a doubt, is bound to grow. With more people having accessibility to smartphones and internet on their phones.
The gaming apps are making millions every year but the simple apps are still on their way to earning millions. A few sectors that are gaining attention: Augmented Reality, Artificial Intelligence and Virtual Reality. These are all upcoming technology trends that are set to enter the mobile app development industry and disrupt the whole market.
There are endless possibilities related to how much an app earns when you submit it to stores. You only have to rummage through your options and make the best out of it.
Read more Mobile App Trends of Today [For Increased CX & Engagement] and our Beginner’s Guide to Getting a Mobile App Developed if you’re looking to invest in an app!