For mobile applications, these platforms provide the answer to the question every business owner asks when getting their app developed, “How much money can an app make?”
While there is no definite answer to this exact query, the current projections indicate that the future for mobile apps is on the right trajectory, and it seems that the growth rate is only going to increase in 2020.
Once you’ve chosen a platform and made that decision, how you monetize your application to make millions or even billions is an important strategic decision. For this, we’ve chosen three of the most used revenue models across the industry that you can choose based on your niche.
One-time payment (Premium Apps):
Premium mobile applications charge a one-time download fee on the Google play store on the iOS app store from its users. While there is a general belief that premium apps don’t make money because users don’t want to spend, that’s actually catholicmatch untrue. In 2017, Paid apps accounted for nearly $250 Billion in revenue.
Education apps are a well-performing category within the paid apps category. Take, for example, WolframAlpha, who uses its computational intelligence to come up with answers for mathematical queries and chemistry-related problems.
In just Alpha made $20,000 in revenue through downloads. Standing at 1,000,000+ downloads on Play store alone, the application is a powerhouse in the educational category.
1) In-App Purchases (Freemium Apps):
In-App purchases are a great way to generate revenue through applications. It allows users to download the application and use its features for free while putting up a paywall on some premium features.