How To Make Money From Apps
There are several ways to make money from your App.
Paid for App purchases:
Sales by people purchasing the App itself. When you have a great App that solves problems for people or offers something they really want or need, you can sell the App for a small fee.
The trick is to have an App that would be good enough to be in the central selection of apps that people regularly use.
In-App Purchases:
In-app purchasing refers to the ability of a smartphone or mobile device to give added value through the sale of products or services within a specific app. An example of this would be in-app purchases through games, where users are able to purchase virtual goods for the game through the app itself.
Another example is the Skype App, where you purchase Skype Credits to make certain types of mobile or landline calls.
Dating Apps will often offer the basic system for free, then you can pay to upgrade your account and get more features and options.
Now more than 50% of App revenue is generated by In-App purchases.
App Ads:
App developers have also turned in recent years to placing ads inside their App to generate more revenue.
This can be done in several ways and should be determined before starting your App design.
Internal Organization App:
Some companies need to reduce costs, streamline services and paper trails, track and monitor delivery work, sales, shipments, etc. The money a company loses each day by not having workable systems in place, is sometimes hard to calculate. A company app can be pivotal in reducing costs and increasing overall profit.
Web Apps:
A Web App is simply developed to work on a desktop or laptop computer. These apps add value and productivity to businesses.
Many companies develop web apps, such as finance and accounting systems for companies such as Quickbooks, or Simply Accounting. Sales flow system apps such as Salesforce or other CRM (Customer Relationship Management) and sales type apps. Social Media apps like Hootsuite. Email Apps such as Mailchimp or Constant Contact.
How much money can you make?
Key App Revenue Statistics:
Global mobile app revenue in 2016 – $88 billion.
Global mobile app revenue forecast for 2020 – $189 billion.
Global Paid-for mobile app revenues in 2017 – $29 billion.
Worldwide In-app purchase revenues in 2017 – $37 billion.
US mobile app advertising revenues in 2017 – $33 billion.
US mobile app advertising revenues in 2018 (Est.) – $42 billion.
[data provided by: https://www.statista.com/statistics/220186/total-global-in-app-revenue-forecast/]
Summary
There are countless apps designed to improve industry and business in all fields. Several industries have begun to create productive, profitable apps including Social Networking, Entertainment, Franchises, Industrial, Medical, Books and more. Internal apps that save your business money also have great value.
If you have an idea for an App, call us to discuss getting started with a Digital Product Concept and bring your idea to life.
416-461-1143
www.ditcanada.com
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