The mobile application industry is one of the most affluent and flourishing businesses around the world. If one of the current reports is to be believed, the global app revenue has exceeded the line of 35% in 2017 and is close to somewhat $60 billion.
There are millions of apps found on Android as well as iOS platforms. So, if you want to convert your app into a minting machine, then it surely offers lots of opportunities. In fact, the Mobile App Development Company will be a better guide in this regard and suggest you the optimum ways so that you can earn maximum from the app.
There has been an enormous upsurge in the mobile market over the years. As such, Statista reports that the current figure of worldwide Smartphone users is around 2.53 billion in 2018 and is expected to increase to 2.87 billion by 2020.
Now, of course, if the numbers of smart gadgets are growing, the number of mobile apps will also certainly rise. Thus, these encouraging stats will generate the interest and more entrepreneurs will root for mobile app development.
However, don’t expect a Midas touch and consider that your fortunes will change overnight. If you want a simple reply to the question – how much money can you make through a mobile app, then the answer is that it depends on a number of different factors:
The Choice of Platform – Android or iOS
Well, you must be aware that Android and iOS are the two most popular and extensively used platforms for developing mobile apps today. You can also develop and launch your app on both platforms together. But if we talk about the platform that offers far better scope for revenue generation, then it’s going to be undoubtedly iOS.
According to one of the studies, 25% of iOS app developers make $5000 per month, while only 16% android app developers are able to earn $5000 per month. However, you cannot deny the fact that Android OS enjoys the support of more users and also dominates the mobile app market with more apps than Apple.
Also the choice of the platform has to be made according to the demand of your target audience. For instance, if you notice that the product you are selling via your app has more of android users, you can go for that platform first. But you should also note that iOS users use smartphones more for shopping than Android.
You have to do some extensive research if you want to gain the share of profit from the mobile app. It will provide a real insight of the market and you can check the flow of water and observe why way it falls.
However, the most important aspect here is how your mobile app is operating and seriously think about its performance factor because there is no scope for bad user experience. The loading time of the mobile app should not exceed more than 2 seconds. These are crucial factors that have to be considered strongly if you want make money out of your app.
Type of Revenue Generation from Mobile App
We discussed about how the choice of platform influences the revenue of the mobile app. Now, let’s consider what type of revenue the mobile apps make. Well, to begin with it hugely depends on what monetization scheme does the app developer chooses.
According to the experts, the gaming apps both on Android and iOS platforms generate the most revenue by an overwhelming large margin. This is followed by music and entertainment apps, social networking and communication and educational apps.
Now having said that, don’t get carried away by the success of gaming apps. Not all gaming apps receive the same stardom as Pokémon Go or Candy Crush. You can still earn huge bucks by developing other category apps.
Different Kinds of Monetization Strategy
Well, in the earlier paragraph we discussed that monetization strategy largely influences the generation of revenue from mobile app, so let’s have a look at the different types of monetization strategies so as to mint more money. There are three types of such strategies that you can bank upon:
You must probably have heard about the term subscription. It is a charge or fee that the user has to pay monthly, quarterly, biannually or annually for availing the services of the provider. The monthly or annual subscriptions are usually that users mostly pay for the services.
Let’s cite the example of Netflix. It has topped on the list of subscription based app on the iOS platform. The monthly subscription is about $10.99. However, if you are developing a subscription based app, then you have to most importantly engage customers through impeccable content. Also you have to decide the plan for monthly or yearly rental charges. Keep it reasonable in the beginning.
In the in-app purchases, you usually sell your products and services to the customers to earn profit. However, it can be a bit complicated as it also involves marketing, pricing and shipping of the item. Therefore, you have to see that you are still on the profitable side after all the other tasks such as logistics, labor and packaging are completed.
The best example of an in-app purchase is the gaming apps that are mostly intangible. Although it can be downloaded and played free of cost, the users earn the coins in the game, which is used to buy products and increases the game play.
You can also earn money through advertisements. However, you have to spend some time and so some thorough research before you can start to make money employing this method. You can align your ads with the popular products and services that users mostly demand in the market.
However, it should match the product category. For instance, you can advertise your women ethnic wear with their accessories and shoes. But too much ads will make the users frustrated; so take a note on that.
Earn Money Not Just from Mobile Apps
You can not only earn money from the success of mobile apps but with changing trends, look forward to other devices such as tablets, Smartwatches, and SmartTVs. The number of such futuristic devices is also soaring up, and so you can maximize the opportunity from there too.
You can offer the advantage of live streaming services and ask people to pay for it. Apart from that you also have video gaming consoles like PlayStation4 etc. All these are revenue generators.
So, we have seen how you can earn huge bucks from investing in mobile apps. There are different aspects that you have to consider correctly and make a smart decision as to which method will suit you the best and provide you the maximum gains in the end.
You can take the help of an efficient app development team who will give you more useful information. Also keeping on upgrading yourself with latest technical advances and see how to take advantage from it.
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