The app stores are FULL of apps that cost exactly $0 to download. In fact, over 90% of apps are free according to TechCrunch!But just because building apps are free doesn’t mean they can’t make money. Obviously, free apps have huge revenue potential. So how to create an app and make money? To do that we’ve included successful examples of each one to make money with apps.
Let’s get straight into the list of make money with your mobile app! You can generate extra money with apps.
Table of Contents
- 1 Best Money Making Apps That Can Help You Make Money
- 2 All Questions Answered In Terms Of Make Money With Apps
- 3 How Can You Make Money With Apps?
- 4 App Monetization Strategies to Earn Money
- 5 FAQ’s of Money Making Apps Development
- 6 Wrapped Up
Best Money Making Apps That Can Help You Make Money
Uber – Make Money on Uber
For those who have some free time on their hands and a car, the Uber app could help them make some extra money.
You need above all a valid license, proof of residency in the state you want to drive in, and a thorough background check to work for Uber. And the best part of this concert is that you get to choose the hours you work.
Airbnb – Money Making Apps
If you have a room in your home which is not being used, you can rent it out with Airbnb. All you have to do is manage reservations and guests have your house clean and ready when visitors arrive.
Google Opinion Rewards – Get Paid for Taking Surveys
If you have an opinion, google will pay you for it. It’s a good idea for app revenue. People are always looking for free money.
You can earn up to a dollar for every survey you take, most of which takes only 20 seconds to complete and will appear in your account once a week. Just share your thoughts on things like hotels, products, or local retailers.
In iOS, users are paid through their PayPal accounts while users of Google Play Android earn credits that can be redeemed in the Google Play store.
All Questions Answered In Terms Of Make Money With Apps
How Much Money Can App Earn?
There is a lot of money on applications. Billions of dollars. But most win by a certain type of application; many others do not make any money at all.
It is very difficult to put a single figure about how much income can I generate an application due to the wide range of applications and the disparity of money they produce.
- the top 200 applications generate an average of $ 82,500 per day.
- the 800 best applications generate about $ 3,500.
- Apps for playing games also make around $ 22,250,
- while entertainment applications make $ 3,090 a day
The mobile app for the phone market has grown considerably in recent years and industry experts predict continued growth.
In 2018, mobile traffic accounted for 52.2% of total web traffic in the United States, and 3.6 hours adults spend digital media consumption occurred in smartphones, with desktops, laptops, and other devices connected with difficulties to keep up. You can have more people downloading the app. Gaming apps are highly popular.
Which Platforms Help Make The Money?
As an app developer first, you need to decide which platform (s) you want to design your application. This can greatly affect your earning potential due to differences in market penetration and popularity of the platform.
In the world of applications, developers are in high demand and are compensated accordingly for their app ideas.
Android platform is leading with an average salary of $ 97.6K among developers.
Android is well regarded because of its continuous market penetration platform. Apple iOS platform is no slouch – midlevel. iOS developers earn about $ 96.6K per year.
It is worth noting that both Android and iOS are “top-heavy” in terms of profits, with much of the total income received by those developers. Some of the younger developers market applications have begun recruiting marketers of mobile applications to help them close the gap. People earn points and expect a loyalty card.
How Much Do Subscription Apps Make?
For free mobile applications with restricted content or features available for a limited time, you can pay a subscription fee for full access and unlock it. As an app builder, you should know it.
This type of income is often used for cloud services, video and audio streaming, online newspapers or magazines. The developer can provide users with a free trial period and charge the subscription fee for unrestricted access.
According to the report sweet prices, only 5% of the most successful applications are using subscriptions, making it one of the monetization models used smaller among developers.
Google and Apple offer an ability to manage operations subscriptions through their platforms, making it easier for developers to implement it.
Apple has 30% for the first year of any subscription, and then 15% after one year of service. Google has better conditions, taking 15% of subscription revenue, even during the first year.
Apps Are Not Just For Mobile Phones
Applications have diversified from the cell platform as more integrated intelligent devices have entered the market. Smart TVs are a staple in over 70 million homes in the United States.
The most popular applications used on smart TVs are those that are appropriate for the environment and already have a very large user base existing like Netflix and Hulu.
The ownership of smart devices like Alexa and Google Home is predicted to soar to 125.65 million by 2021, with steady growth.
If it makes sense on the platform, it pays to have Smart TV and home devices into account when designing your application.
The supply expansion platform not only increases the exposure of your application but also opens up new revenue streams.
How Can You Make Money With Apps?
As with websites, you can make good money by getting individuals, companies, or brands to sponsor their applications.
This was an under-utilized app monetization method until fairly recently, but it’s starting to take off.
Basically, the idea is to build a niche application to make money with your mobile application with a specific target audience.
Below you will find a person or company that has a similar target audience and makes a deal for them to sponsor the application.
Examples of Sponsorship Model
Subway sponsored the PrePlay football game app to engage with fans during Super Bown XLVI.
Metro wanted to get in front of the Preplay audience and this is a perfect way to do it.
Subway brand is offered through the application and metro was also mentioned during videos within the application.
The subscription model is as follows:
– The application can be downloaded for free
– There may be some free content available on the application, but not always. It is completely up to the developer.
– You must pay a recurring subscription fee to unlock the entire contents of the application.
Subscription models work well in mobile applications that regularly have new and fresh content added to them.
Thinking about news mobile apps or applications with video or audio-only. Mobile app subscriptions can be brought using a credit card. Other wallets such as PayPal, etc can be used.
Example of Subscription Model
Some of the applications most talked about and most successful in recent times have been the Kardashian / Jenner application series.
Basically, a lot of the Kardashian / Jenner launched their own applications with makeup tips, fashion tips, videos, etc.
They monetized the apps by having a $2.99 / month subscription fee.
Users must subscribe to access any content within the application.
Like the web, e-mail marketing works by collecting the email addresses and marketing it offers people via email.
Mobile applications offer a new opportunity to collect the email addresses of people who are interested in your product or service.
Although email marketing is one of the most effective marketing strategies on the Internet, it remains largely underused in the mobile space.
Most of the big players are taking advantage of, but not something that most small developers are looking for yet.
Example of email marketing in action:
Check out what 1App did with in-app email collection. This app belongs to the creator of LeadLayer, and he managed to collect over 40,000 email addresses from the app.
The ‘Freemium Upsell’
The model ‘freemium’ is one of the most common ways for free apps to make money. We’re sure you’ve seen it in use plenty of times before.
freemium apps are free to download but contain shopping in the (IAP) application. When I say ‘Freemium Upsell’ I mean applications that offer limited functionality free with the option to unlock the full functionality with IAP. You can also shop online.
The general idea is that a user can download and use an application for free. If they like it and want more from the application, they have the option to spend money to get it.
Merchandise For Sale
One of the first major applications to use branded merchandise as a method of monetization was Angry Birds of Rovio.
You can buy all kinds of goods including Angry Birds toys, clothing and more.
The basic principle here is to take your brand or product and create physical assets to sell to her.
These physical assets can be sold within the application, and can also be sold through marketing by email if you are collecting the email addresses of users. If you have no application then hire mobile application developers and start your profit now.
App Monetization Strategies to Earn Money
App monetization model can be defined as a framework showing how a mobile app can earn revenue, generate profits higher than the average return on investment (ROI). In other words, the app monetization model provides answers to two fundamental questions:
Which type of value will be accessible? At what price? And for whom?
What source(s) of income will be pursued?
Free with In-App Advertising
This app monetization model is the most commonly seen in smartphone apps, the company gets rid of the cost barrier and allows free downloads. It aims to gather information about the people using the app along with a good user base so that this data can be sold to app publishers who then place specific ads in your app. By selling the data-driven advertising space, you make money easily.
Free with In-app Purchases
In-app purchases allow users to buy additional features or goods in an app: in-game currency, valuable items, extra time, health points, hints.
If you’re not sure about using in-app ads in your mobile game, opt for in-app purchases, as they’re optional and don’t push your users. Moreover, by giving choice to your users, you can create lasting relationships with them.
The app and basic features of the app are usually free. However, if the user would like to advance in the app faster, then they enter the pay-to-play model to enjoy certain premium features in any application.
In-app purchase models such as freemium model and app subscriptions.
Premium / Paid apps
Paid apps, or premium apps, fall into the category pay once and get it all. When the app markets just started, this was the only business monetization model.
It’s been eleven years since apps appeared, and this approach has lost its popularity over that time. Using this model is a risk these days, and you should take it only if your brand holds a dominant position and is in demand.
Moreover, make sure there aren’t a lot of competitors, as they’ll lower their prices to attract your potential customers, thus making you reconsider your price.
Advantages of Premium Model in Apps
Certainty- With this model, you’ll definitely get paid for every download. Customer engagement- Users are more motivated to use an app they’ve paid for.
Another way to get profit from your app is to find a company that wants to cooperate with you and start an affiliate program. With an affiliate program, you’ll host ads with unique affiliate links and earn commission every time a user converts into a lead or sale.
To become a leader, a user needs to submit a contact form. When a lead buys your partner’s product or service, they become a customer.
As with sponsorship, affiliate marketing works best if your business has the same target audience as your affiliate partners and shares the same purpose.
It’s one more business asset you can exploit. Consider monetizing this data by selling it to an interested party. Researchers, institutes, marketers, and product owners are your potential clients, as they need data to develop and optimize their goods and services.
It’s a controversial method but provided it’s done wisely, you’ll get a legal source of income. To do so, prepare user consent forms and give users a chance to agree with the conditions.
The more daily active users you have, the more precise and relevant your data will be for data collectors. The main rule is to monetize only basic non-personal data:
- Device category
- Device make and model
- IP address
- Display size
- Mobile connection provider
- Network type
Upgrade Plans Model
There are many apps that offer a free and basic version and users can upgrade their plans for better features. Many SaaS– (Software as a Service) based products utilize the freemium app monetization model.
The Example of Upgrade Plans Model
the cloud-based file hosting service Dropbox offers new users 2 GB of free storage alongside premium options that allow users to buy additional space.
FAQ’s of Money Making Apps Development
- Marketing Email
- The ‘Freemium Upsell’
- Merchandise For Sale
- In-app advertisements
- Marketing Email
- The ‘Freemium Upsell’
- Merchandise For Sale
- One time payment
Echo innovate IT is one of the leading companies in app development with 12+ years of experience. As a custom mobile application development company.
We manage the entire lifecycle of your product planning, strategy, and app/web launch, from UI / UX design, application development or Web development, QA testing to product delivery.
Echo Innovate IT Establish in 2012 with 3 developers and a small cabin in Florida now we have 3 offices over the globe with 55+ Developers strengths,
We have developed more than 630+ projects in various industries.
Our team of mobile app developers uses the latest technology to develop the highest mobile apps.
It is quite difficult to estimate the exact cost of building an app like Swagbucks. It may vary depending on the functionality and design you choose for development. You can also use an app cost calculator to know the exact cost.
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Which of these ways to make money with your mobile app interests you the most? Are you planning on trying any of them in your own apps? Thinking of getting your own app developed?
We have an expert team of developers that can help you get your app developed. Our team of developers always strives to give you nothing but the best. Let us know what you think about getting your own app developed. Contact Us Today!