It is no secret that mobile app users are increasing significantly over the past few years. Mobile app revenue generation is also increasing at a rapid pace. The global revenue generation from mobile apps was 69.7 billion USD in 2015 which is expected to grow up to 188.9 billion USD by 2020. Well, it is pretty clear that app developers are making quite a fortune from their apps. But, how can one start earning money from app in 2018? Let’s check out the secret.
How to start earning money from app in 2018?
There are numerous ways to start earning money from app in 2018. Let’s check out the revenue sources first.
- Paid apps – This is the most direct means of generating revenue. Simply list your app as a paid app and whenever someone is downloading the app the person will be paying for it. This technique works best if the app is exceptional and can generate high demand. It must be of superior quality and truly add value to the customer experience.
- In-app purchases – This is one of the most popular means of generating high revenue. The app remains free to download, install and use. However, the user will have to pay to get premium benefits from the apps. A great example is how Tinder and most gaming apps work. Tinder gives premium features to paid members though it remains free to use. Most games will provide extra lucrative bonuses to those who pay while the game remains free to play.
- Advertisements – Plenty of mobile apps allow third-party advertisements to be displayed in the app. This is common with most free music players and free video and music streaming apps. App developers can earn revenue from the advertisers.
- Subscription – Online video and audio streaming apps have become extremely popular. The subscription allows the app developers to earn extra revenue from the users who are willing to access premium content.
There are multiple means to generate revenue. One needs to identify the best way ahead.
Which platform is best for earning money from app in 2018?
App developers need to decide on the platform before proceeding with app development. This is critical to ensure high revenue generation. Apple’s iTunes has over 25% of its developers earning more than $5000 per month from the apps. In case of Android Play Store, the figure is at 16%. Even though the figures are close, in iTunes the income is much more distributed among the various apps present in the store. While in Play Store the most popular apps are mostly the top-grossing ones.
Make your app generate high revenue
It is not too difficult to make a high grossing app. Here are a few points to consider –
- Select the right platform. It is best to go for both iTunes and Play Store to maximize return.
- Know your target customers.
- Plan your revenue generation plan through a proper market survey.
- Keep your app updated and constantly develop.
Earning money from app in 2018 isn’t too difficult if you know what you are doing.