These days, there’s an app for everything – and apps make a lot of money. Research from Sensor Tower found that spending on the App Store and Google Play almost reached a huge $40bn during the first half of 2019, increasing by over 15% from the previous year. And, app use is growing across the world. Between 2016 and 2018, AppAnnie’s ‘State of Mobile’ report found that time spent in-app increased by 50%, with 35% more downloads. If you’ve got an idea for an app, here’s how to turn it into a reality and make money.
How To Make An App
Creating an app is the first step towards app monetization. You will need to get started with an idea that people are going to find useful and want to download. If you’ve not got a specific app idea in mind, start by thinking about a problem that you have and how it might be solved with an app. Or, consider some popular mobile apps that you like, but think that there could be a new and improved version of. When planning your app, it’s important to have an exact idea of what it’s going to do and the problems it will solve. Check out both competing and non-competing apps with the same target audience to get a good idea about the type of apps that are successful. This will also help you determine whether to create a free or paid app.
Building Your App
Building the app is the next step in the development process. You can use an app builder to take care of this process for you if you don’t have a lot of experience in app development. On the other hand, you can go through the whole process of creating graphical interfaces and wireframes and testing the front and back-end processes of the app yourself. Alternatively, you can also hire a professional app developer or app development company to create the app for you.
Making Money From Your App
There are various monetization strategies that you can use to make money from your app. How it’s monetized can make a difference to how often your app is downloaded and how much it will eventually be worth. Some of the most common ways to monetize an app include:
- Paid Apps: Creating a paid app is the simplest form of monetization as they result in higher average revenue for each download. All you need to do is create the app, and people will pay to download it. However, to encourage people to pay for an app, you’ll need to offer a lot of value.
- Subscriptions: This is an ideal way to monetize your app, involving users paying a recurring fee to use the app. Popular streaming apps like Spotify and Netflix are some good examples of this. These apps are usually free to download, allowing you to get a solid base of users that pay consistent recurring money to use the app.
- In-App Purchases: In-app purchases are one of the most lucrative ways to make money from apps. There are four different types of in-app purchases including consumables, non-consumables, and auto-renewable and non-renewable subscriptions.
- Advertising: This is a popular way to monetize a free app. With 65% of all digital advertising revenue coming from mobile platforms, one of the best things about using this way of monetizing your app is that you can use it to make money without asking your customer to pay for anything.
If you’ve got an app idea that you think people will want to download and use, it’s easier than you think to get started with turning it into a reality.
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