There are tons of free apps on platforms like App Store on iOS and Play Store on Android.
You don't pay to download and use any of it so how exactly do these app businesses make money?
Whatsapp, Facebook, Instagram, all these top rated applications are actually free to use. So if you are wondering how these apps make money, read to find out.
We, at Courscate, provide on-demand app development services. You can check out our various projects here. We will not only guide you on how to build an app to make money but also guide you on how to connect with your targeted audience.
This article will cover the following questions:
• How to create an app and make money in 2022?• How to build an app and earn money?• Top 7 strategies about how do apps make money• How much money do top iOS and Android developers make every month?• Future ideas on how to create your app and make money in 2022
Ever since the first app came into existence, there has been no slowing down in the app market. People have made thousands of dollars through mobile applications.
According to Statista, there are around 3.48 million apps on the Google Play Store and nearly 2 million apps on the Apple Store. The surprising thing is that more than 80% of apps are free and they are still earning from them!
Top 7 free mobile app monetization strategies:
Let's walk the trail of the most popular and proven app monetization strategies for you to make money in 2022!
Integrating with a third-party ad network is the most common and effortless way to earn money. Check out the ad networks like StartApp, InMobi, or AdMob to integrate such an ad network into your free app. You'll be paid as per the number of impressions or clicks you get on the ad.
The type of Ads you run also impacts the money you earn. These types of ads include video ads, banner ads, list ads, and native ads.
2. In-app purchase:
In-app purchases are used to gain access to the app's more powerful and advanced features, allowing users faster and more empowered interaction.
In other words, the in-app purchases model allows users to sell a wide range of virtual goods straight from the app. In-app purchases generate the highest revenue for free app owners, and this strategy will dominate the app market in coming years.
This strategy is used to earn predictable and recurring revenue from free mobile apps. The condition here is that your free mobile app should have at least one valuable thing that is different from other applications so that they keep coming back to your app and paying you on a monthly basis. The best way to attract such an audience is by offering them a free trial for a week or two. Once your audience is engaged with your application, they will continue to use your app even when the service is paid.
To target the relevant audience, businesses sponsor things at events or TV shows. If you are building an app, especially for a community or niche-based app, then you can find someone who can sponsor your app.
The Freemium strategy is used by the apps that offer premium features with minimal charges in free mobile apps. As its name reflects, free + premium = Freemium. This strategy is helpful if your content is premium and adds quality to users' lives. Also, you can have two versions of the same app; one is free and the other one is paid.
6. Affiliate Marketing:
This marketing technique permits you to sell/market someone else's products/services. In return, you earn through commissions. You can use various techniques in your free app to promote the affiliate service/products. There are also some websites where you can find such affiliates who are ready to partner with you.
7. Transaction Fees:
When your application provides a platform for digital transactions on a regular basis, you can charge money as transaction fees or transaction services. You can charge a very tiny amount as a transaction fee and eventually make a lot of money out of it.
How much money do top iOS and Android developers make every month?
If you follow the right strategy to develop your mobile application, you can make a pretty good amount of money out of it. The top 15% of iOS and Android app developers make roughly around $5000/month with free mobile apps.
But, the fact is only 10% or 15% of the Play Store and App Store combined are good apps.
How to create your app and make money in 2022
Apply these strategies on top of a quality-coded app and you will certainly be able to generate revenue from it. The future of the mobile app market is limitless! Here are some TechStacks that you can start working on right now and make a lot of money from in the future:
1. Integration of IoT and Cloud
2. Use of Artificial Intelligence in Your App3. Cross Platform Development4. AR VR Integration5. Blockchain
How can Coruscate help you?
If you want to make money from your application, start working on it ASAP! If you have an idea in your mind and want to know about the development process and want to get a cost estimate. Reach out to us here for a free consultation.