How Much Money Can You Earn Through Apps?
Mobile App Development is one of the largest technology trends of our time.
There are over 2.65 million apps on Google Play Store while Apple’s App Store houses 2.18 million. Businesses like Facebook, Instagram, and Amazon have been generating not just millions but billions of dollars through mobile apps.
While not every business earns billions, an average business can still generate decent revenue with money-making apps.
Sounds interesting, right? Let us tell you more about it.
In this blog, we shall be discussing what money-making apps are and how you can use them to increase revenue.
01 What Are Money-Making Apps? How Much Money Can You Earn Through Apps?
While the name is quite self-explanatory, it can still get quite confusing. What are money-making apps? Well, it depends.
Depending on your business model, there are different forms of mobile apps through which you can expand your business, reach more customers, and generate more revenue.
But in a general sense, a money-making app is a form of application that allows a business to provide monetized services with the goal of revenue creation.
Now, the important question is, How Much Money Can You Earn through Apps?
The answer to it is simple, there is no limit. Mobile app industries are worth hundreds of billions. And it is expected by the end of 2022, the app market will cross the US$420 Billion mark.
Moreover, when we look at the top 200s apps in the App Store, generates around $82,500 per day. While the top 800 apps, generate an average of $ 3,500.
Nevertheless, the revenue generated doesn’t depend on whether it is free or paid, as the majority of solutions make money through monetization strategies.
For example, Instagram, a good example of social media app development, is free for everyone to download. Still, it is worth more than 1 billion dollars and generates millions in revenue.
Moving on, before we get into the monetization strategy, let’s first discuss some things that you need to do before you develop a money-making app in the next section of the blog.
02 Things To Do Before Developing A Money Making App
Custom mobile app development is a complex process with a lot of different aspects. So, to make sure, you get the most out of your solution, there are some things that you need to take care of before you start the actual development process.
In this section of the blog, we shall be discussing just that. Therefore, this being said, let’s get right into it:
Choose The Right Solution
Something that you need to do before you get into money-making app development is, choose the right solution.
You see, the term mobile app is an umbrella, under which you can find several different forms of mobile app development. And depending on the purpose the solution serves and the services you want to offer, as well as the very nature of your business, the app type can be different.
For instance, large malls, often resort to eCommerce development and a record company mind develop a music streaming app. You get the gist of it.
Now, if you want to generate record-breaking revenue through a mobile application, this is the first thing that you need to do.
Cross-Check The Idea
Consider that you have an idea or found the right solution, you need to check it.
You see, people often choose the first idea they get and start work with it. This is one of the reasons why they aren’t able to generate amazing revenue with it.
For that reason, when you have an idea at your hand you need to cross-check it. You need to make sure that it is market relevant, it is actually solving a problem, it fits your business needs, and you can generate revenue through it.
Once you have made sure of all of this, we can move to the next section, which is….
Market Audit & Competitor Analysis
Research is one of the key foundations of any mobile app development process. And this is something that you need to do before you Create a Money Making App.
How do you conduct a market audit? Well, there are various ways, you can hire someone or do it yourself. There are many things to learn here, for instance, you can look for market openings, find opportunities, check the latest trends, and so on.
One of the most important things to do here is to look for your target audience group. In addition to this, you also need to conduct competitor analysis. This is where you find what other big players are doing, find their strategies, what people like or dislike about them, and so on.
All the information collected here is more than crucial and helps you create a robust solution that helps your business grow and generate market-leading revenue.
Select App Development Platform
Since we are talking about mobile app development, we can not move forward without choosing an app development platform.
Everyone knows when it comes to the platform, there are two major platforms, namely, iOS and Android App Development Services.
While the iOS vs android debate has been going around for a long time, both of these platforms are amazing in their own right. And when done right they can deliver amazing performance.
Again, at the end of the day it all depends on your business needs and preferences. As such, if you think, native app development isn’t something for you, you have a third option for hybrid app development which gives you the best of both worlds.
Choose the platform that best fits your business, as it is not something that you can change later down the line.
Nevertheless, with all of this said and done, we can move on and discuss the different monetization strategies, meaning the real force behind money-making apps. Therefore, with this being said, let’s get right into it:
03 How To Make Money Through Apps? Monetization Strategies
Whether it is a food delivery app or grocery app development, you need to embed monetization strategies into the same.
Now, the real question is, what are monetization strategies?
Well, these are strategies that are added to the mobile app and allow the platform to develop revenue. In this section of the blog, we shall be discussing a few of these different monetization strategies.
Therefore, with this being said, let’s get started:
As the name itself says, this monetization strategy is related to advertising within your application. Here, the application is free to download and use.
Advertisements are embedded into the user interface and throughout the User experience of the application. In simple words, advertisements are integrated into the UI/UX Design of the application.
Moreover, there are different forms of advertisement. This includes Interstitial ads, Banner ads, Video ads, Native ads, Text ads, Native ads, etc.
Now, for those wondering how much money can you generate through in-app advertisement, well, the answer is a lot.
Among all the different monetization strategies, this is one of the most profitable ones. In fact, there are high chances that you have used a lot of apps that use this monetization strategy. As such, the average revenue per ad impression can range from $0.10 - $10.
It goes without saying that this is the most common and popular monetization strategy. And if you want to know how to make money from an app without ads, this is the answer.
Well, as the name suggests, this model is a combination of FREE and preMIUM. In simple words, the application is free to download and use.
Again, this is a method that is usually applied to game clone app development. And a popular game, Clash of Clans earned nearly exceeded $1 million per day on purchases.
However, if users wish to access the premium features, functionalities, extra lives, blocking ads, premium app content, game currency, etc, they have to pay to the platform. This includes
Now, what makes this platform that much more popular than any other on the list is the fact that you aren’t forcing anything on the user.
This is a method that you can consider in your mobile app development project if it fits your business needs.
Subscription (Premium) Model
Want to know how to monetize an app to earn as much money as possible? This is the strategy that you should go with.
You can call it the subscription-based model or the premium model as per your convenience, but it does the same thing.
In every monetization strategy that we have discussed so far, the app is free for everyone to use. But this changes with the premium model.
Here, if the user wants to access the services or content of the platform, they need to subscribe by purchasing a plan. The plan can be monthly, quarterly, or yearly.
While this strategy is used by only 5% of the application, revenues generated by recurring subscription payments have been increasing, one-time or lifetime subscriptions still hold their share in major industry verticals.
As such, this is a method that is mostly used in music streaming app & website development, video streaming app like Netflix, and so on.
This is a technique for making revenue from a mobile app that a lot of large brands use in their solutions.
This model is generally consolidated with those applications that as of now have standard clients and is appropriate while interfacing with brands from a similar market specialty.
While examining exhaustively how apps bring in cash by means of this monetization methodology, there are two arrangements to go with. The first option is that you can either equally divide revenue from the mobile app.
And on the other hand, you can set a monthly sponsorship fee, which you have to pay. This is one of the easiest methods for revenue generation in a money-making app that has been embedded into a lot of business app development solutions.
Yeah, we know that this might not be the most popular method, but as 97% of the apps on the Google play store are free, this is still an option.
In fact, when you move to iOS app development, this is quite a common monetization strategy as they are more inclusive of paid apps.
Speaking of which, a paid application has to be bought with a one-time payment. And after that, it is free to use.
These are some of the most popular monetization strategies in the market. Now, you can either use one of these strategies or a combination of multiple like big market players do. In fact, you can also come up with your own app monetization strategy.
Develop A Money Making App with UISlick
People spend 90% of time spent on mobile devices is in apps. And when done right, a mobile app can be just what you need to grow your business and double, triple, or even increase the revenue by 10 folds.
If you want to develop an aesthetically pleasing app with a robust backend that helps you streamline your business operation, while also generating market-leading revenue, all you need to do is reach out to UIslick.
As a market-leading mobile app development company, we can help you turn your idea into reality.
Need Help With Custom mobile app development?
- How much money do apps make?
The App Store’s top 200 apps make around $82,500 each day. While the top 800 apps, the average income falls to around $3,500.
- How much money do apps make per download?
The average revenue per app download the average is $0.60 to $1.20.
- How much money do Android apps make?
Android apps are expected to make $45 billion in 2021. However, iOS is much larger when it comes to revenue generation with two-thirds of app revenue despite only covering about 22.9% of the market.
- Can you make money from an app?
Yes, it isn’t all that difficult to generate money making app, and if you want to do the same, UIslick can help you.
- What are the most profitable apps?
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