Digital era is growing at a rocket’s pace.
Did you know that as of 2019, there are more than 207 billion mobile apps had been downloaded from the stores?
This is a pretty insane number!!!
And still, the world’s mobile app obsession is increasing at a breakneck pace.
Not only this, these numbers are predicted to go up and up and up.
We all know that now mobile devices have become a necessity in our day to day lives.
And with mobile devices, the use of the apps is quite obvious.
This makes the mobile app an area of big business.
The estimates worldwide mobile app revenue is predicted to hit 189 billion US dollars by 2020 even more than the double it reached in 2016.
No doubt the mobile app industry is a million dollar industry.
But not all apps become successful in earning fame and money.
Sometimes the apps which you can’t even think of being successful comes under the most trending apps.
The amazing fact is that almost half of the respondents spent five or more hours on their smartphones.
So, if you wanna know how to make money by the apps you need to know the perfect strategy. In this stage, mobile application development companies can guide you in the best manner.
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With such a massive number of customers, it’s no wonder that now everyone from fortune 500 companies to the startups, all are running after the gold rush.
If you just entered the market and have a groundbreaking idea then you just need to take care of the mobile app design guidelines.
Don’t forget to take help from experts to make it profit generatable.
Creating an app is not a piece of cake and who doesn’t want to get rewarded for your hard work.
Take Your Pick – Analyze Which Platform Makes More Money
Before a war strategy, you need to find out the perfect area of strength.
Same goes for this, before thinking of making a profitable app the first task is to determine the appropriate platform.
This choice can considerably affect your app’s earning potential due to variations in the platform popularity.
It’s true that the number of smartphones with Android OS is more. But be careful before you select your side. Firstly, check out the platform’s regulations before you pick a side.
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With the fact that there are more smartphones based on the Android platform, still, it’s not on the top of the list of revenue earned by businesses.
Android app earns on an aggregate of $2700 per app per month, which is 35% less than iOS.
iOS has the highest ratio of app making more than $5000 per month in revenue.
On this front Android is at a significant loss compared to iOS.
Where the money lies in
There are a hell lot of ways you can make money from. Most of the apps are free to download but the real money is made through in-app purchase.
In 2020, the total of global sales from the in-app purchase is forecasted to nearly $188.9 billion.
By seeing these figures we can’t deny the fact that the app is big business.
And in the list, the gaming apps are dominating.
By the report as of April 2018, top grossing iPhone mobile gaming apps are Fortnite leading with 1.92 million U.S dollars in daily revenue beating up the Candy Crush Saga at 1.29 million and Pokemon Go with 0.99 million U.S dollars.
Other than gaming apps, Tinder and Netflix also managed to top the chart, so there are still opportunities remaining in the app market.
Still wondering how some apps make good money by offering almost null revenue?
I cracked the secret. It’s easy, products which satisfy the needs the customer’s requirements wins the market. It’s simple if you know your target audience the more you can offer them.
What does in-app purchase mean in iPhone?
Many iPhone, iPad, iPod touch, and Mac apps enable you to make in-app purchases, such as recurring subscriptions, in-game currency, or full game or app unlocks.
Not all app offers in-app purchases, you will see “Offer In-App Purchases” or “In-App Purchases” near the app’s price.
If you don’t know how all in-app purchase working. Don’t worry we are leading iPhone app development company developed 75+ mobile apps and help you with proper development and design. Contact us and let’s discuss your needs.
What does in-App Purchase mean in Android?
In Android with some apps, you can buy additional services within the app, this is known as the in-app purchase.
Such as buying a sword that gives you power in the game, a key that unlocks more features of a free app or virtual currency that can be used for purchasing features of apps.
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Breaking all the Barriers
Chances to make money with the apps are countless and with the technology advancements, the potential of apps is also increasing.
As the Smart TVs and Smartwatches joined in the app industry hence confirming that the market is still open for more application development practitioners.
Smart TVs are increasing in number so as the demand for apps. There are approx 70 million homes have Smart TVs in the US. Now you can imagine the market for apps such as Netflix.
The market is still promising for the app industry. Making money through apps require proper research to identify the app’s corner and target customers.
By this research, it is confirmed that the mobile app industry growth will break all records in the upcoming years.
Nowadays you have to think outside of the box when it comes to mobile app development. Because there are an extensive amount of apps already struggling in the stores.
One more thing to take into account is that apps are no longer just for smartphones and tablets. Smart TVs are on the rise in the US.
Apps are also available for gaming consoles such as Xbox, PlayStation, etc. These also have their own app stores built into the systems.
I can say this without a doubt that there is unquestionably plenty of money to be made with mobile apps.
There are a few factors which play an essential role in how much money your app can make. It depends on the platform you opt, the type of app as well as the strategy.
If you need some help along the way there are various IT firms that offer the best mobile app development services that can put their experience to work for you.
So what’s your million dollar plan to make money???