Income from APPS
In the decade since the app economy made its debut, billions have been made off this sweeping online change. Indeed, a lot of millionaires have been made; and more will be made in the coming years, thanks to apps.
In 2017 alone, the App Store created an estimated $26.5 billion in revenues for app developers. That's a 30 percent increase from 2016, and brings the total amount of money paid to developers up to a staggering $86 billion since 2008.
But, for most app innovators, it's pretty rare to see a new product go from launch to a million dollar money-maker. In fact, the process takes dedication and commitment: You first have to build the app, then scale it.
However, the process is still do-able, and it needn't take long at all.
It all starts with building just one app. And that app can be for any platform you wish, or for all platforms; but it’s just one app with one name and one purpose. That’s it. From there, you take your app and monetize it.
There are a ton of ways to make money with your app, and more steps than can be discussed in this post, but here are a few of the most straightforward and simple ways to build up a steady cashflow with your app:
Sell a subscription.
You can have a small free version of your app, but leave the best part of it to be unlocked for a consumer subscription costing just a few bucks a month. This is the beauty behind apps like Headspace.
Show some ads.
You have an app, like a game, that people spend a lot of time on; in that case, you can put some ads in to make some money while users enjoy your creation. Electronc Arts is know for doing this, with games like Sim City: Buildit.
Sell a premium version.
You can have a free, or low-cost app. But keep some extra incredible features available for an extra purchase. This is like the “remove ads” feature in any “pro” version of an app; and it's how Sega is monetizing its classics games.
Sell your data.
You can collect anonymous data from your app and its users and sell it to people that need it to run their business. Keep it privacy-compliant, and enjoy a revenue model that doesn’t show ads to your users.
For the most part, once an app is built, you’re done. Maybe you’ll have a few updates here or there, but you can effectively just leave it in the store to get more downloads and take in more revenue. It’s just like a website; only you can do much, much more.
And just the way websites were in the '90s, it’s an incredibly scalable business model.