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How Much Can You Earn From Your Mobile App?

How Much Can You Earn From Your Mobile App

Many trillions of rupees and other currency forms are put into mobile apps every year. However, it is impossible to put an exact figure to how much an Android or an iOS app can earn in a year due to the wide spectrum of their uses. Every app development company first analyzes the market to see the earning potential before commencing development activities.  

What to know before Mobile App Development?

Know the thought process behind apps

Companies often give scant regard to the reason for the popularity of an app and how to reap its benefits. Without knowing the mystery behind the app, they will not be able to attain their business objectives. 

Apps should be productive and engaging

Clients are always looking for productive, quick, and engaging apps. They like to favor portable apps over traditional counterparts since installation files are always present in a single folder, and apps can be moved easily.

Decide the platform(s)

Popularity and market penetration vary from one app platform to another. Android is one of the most respected platforms which is very widely used and can be used to make lots of money. The top revenues are gained by the best developers of both Android and iOS platforms, although the latter might just edge out the other by a whisker. 

Types of Revenue Apps

Mobile app development companies face maximum demands for gaming applications these days. While most of these apps are free to download, they make a tremendous amount of money through in-app purchases. There are other categories such as ride-sharing apps; although these can make a lot of revenue for businesses, they are not very profitable for individual stakeholders. Take a look at these categories for maximum revenue-earning potential:

  1. Business apps
  2. Fund apps
  3. Entertainment apps
  4. Music apps
  5. Social media apps

Apps go beyond mobile phones

An increasing number of embedded smart devices are now available in the market. For example, smart TVs have been able to build a huge customer base, as have video game consoles such as Sony PlayStation and Microsoft Xbox. Your firm can avail the services of a top mobile app development company if it wishes to showcase product features on smart devices like tablets in showrooms. Smartwatches are also available now, and your firm could gain a competitive advantage by offering a suitably compatible app. 

Plan Your Investment Into App Development

Almost every developer follows the same mobile app development process to make money by making an app. Despite this, not each one of them is getting paid billions of rupees for the same. As a result, startups have to evaluate their options in terms of affordable technologies, competitor analysis, and identifying the right target audience. 

App Monetization Models

  1. Freemium model and in-app purchases- In the case of the Freemium model, the app itself is free, but users need to pay money in order to purchase virtual elements from the application. This could be in the form of blocking ads, premium app content, extra lives, and others. 
  2. In-app advertising- Apps themselves are free to download, and app publishers make money through interactions with advertisements in the application. This is a highly profitable model for app revenue. 
  3. Sponsorship- This is helpful for apps that already have many regular users. It is helpful in connecting brands from the same market niche. 
  4. Crowdfunding- Developers can exchange their app ideas or publish MVP versions on crowdfunding platforms such as Indiegogo and extract funds for marketing 
  5. Subscription model- Match Group’s dating app Tinder has more than 50 million users, and it makes all its money through in-app purchases. Several bonus features like Tinder Gold, Tinder Platinum, Passport, and unlimited swipes allow the app to make money. 2018 saw Match Group earning revenue of $407.4 million from Tinder. With about 50 million users, Bumble is the closest competitor to Tinder. 

Tencent Video, iQiyi, and Pandora are also on the list of top-grossing apps. Netflix and Hulu are video streaming apps and are also part of the list. There are apps for personal training as well, many of which can be made by beginner-level developers in mobile app development companies.  

Some of the technologies to look out for in the mobile app development world are VR, AI, and Augmented Reality. Although gaming apps are already making millions, it is also time for simple apps to realize their true earning potential. 

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