If you are new to the mobile application market, want to enter it or have a new idea for an application, one of your first questions is likely to be "Can I make money with an app?"
If you start your app using one of these monetization models, you have a better chance of earning more income than any other model.
This is what you need to know:
How much money can an application make?
You can make a lot of money with the mobile application, and few applications provide you with money in billions of dollars through a specific type of apps only and other applications do not generate any money.
It is not easy to find the estimate of the revenue generation of a single application across a wide range of applications and the disparity of money they produce.
Freemium for apps and games
It is a games app that is offered free of charge to the user with limited features and content. If you want to explore it in depth, you can access a premium version through in-app content updates that will also lead you to subscribe to monthly content updates.
A free app with an in-app purchase removes price as a barrier for people to download apps, so that app developers can test the value of their product.
It is one of the most popular monetization options for gaming applications and generates a good income with the ranking of in-app purchases with a high percentage of income in the Apple Store in the US and Asian markets.
Highly profitable business
In business terms, the mobile app development market is expanding and offers adequate scope for mobile app developers and businesses to succeed beyond their expectations, through less initial investment.
Global Mobile App Store Revenues in 2019, 2020, and 2021 (in Billions of US Dollars) are shown in latest statistics.
App stores like Google Android Market, Apple App Store and many more are making billions of dollars in terms of profit because mobile apps are emerging as one of the best and easiest marketing ways to sell products and services. .
Mobile applications also aid in the social exchange of information, which indirectly encourages users to develop and maintain brand loyalty.
Which platforms make the most money for app developers?
A suitable app can increase your earning potential due to a different type of market penetration and popularity of the platform.
In the tech world, developers are in high demand and are also compensated accordingly. Android apps are higher rated for market penetration.
The average salary package for the Android platform is high among developers, including a fair amount of compensation.
As you can see, the iOS app is also not far behind because mid-tier iOS developers also make a huge amount in a year, which ultimately shows that Android and iOS apps have the highest number of earnings, with much of the total revenue earned by top developers.
On the other hand, there are some niche platforms that can generate profits that are taken into account once the application has proven to be profitable on a popular platform.
Paid apps with additional paid features.
Paid apps with added paid features are a hybrid monetization model, but many people feel unfair when they pay to download an app and then pay again to use more features. Like FaceApp with this type of strategy in the main applications.
How much do subscription apps earn?
With over 50 million registered users, Match Group’s Tinder is a great example of an app that is a neat source of income due to in-app purchases.
The dating app Tinder is free to download, but they make money by charging users for bonus features like unlimited swipes, which give users endless opportunities to match.
Tinder's "Passport" plugin allows users to match users in other locations, while "Boost" allows users to upload their profile to the top of the user stack in their area. In the first quarter of 2018, Match Group reported that it generated more than $ 407.4 million in revenue. Tinder charges $ 9.99 a month for a Plus subscription and $ 14.99 for a Tinder Gold upgrade. This approach has made Tinder one of the top-grossing apps in the world.
Bumble is a close competitor with 50 million users and an impressive growth rate of 135%. Unlike Tinder, Bumble allows only women to start a conversation on the app and has also grown to include sister apps for networking and finding friends.
The app is estimated to have made $ 172 per minute in 2018 thanks to its $ 9.99 monthly subscription option and premium features like Bumble Boost and Super Swipe.
The secret formula for mobile app success
How many times have you downloaded a particular app on your mobile device? There are several popular users and apps that are downloaded more than once, but few of them are capable of generating the kind of revenue that top app players did.
Let's take an example of Angry Birds, in the initial phase Rovio had released a free version of the application for the Android app market. In the free version, it shows the advertising bar and that is where the real income comes from.
Because of that ad-bar formula even today, the company manages to earn much more from these ads rather than from actual app sales.
Angry Birds is now much more than just a mobile app - it is now a brand that boasts of users around the world. The success of an application depends on the number of people who use it, as well as the amount of time they spend on it.