With the mobile app market evolving substantially over the past couple of years, developers are keen on making money from this opportunity.
Everyone knows that it takes a lot of time and money to make an app. The big question here is how the developers can make a return on their investment. How can they profit from their app dev endeavors? You can make money from your apps using a variety of ways.
As a developer yourself, you need to understand all the options for making money off of your apps. We’ll take a look at some ways you can exploit your skills, put yourself in the right place and start making money from the lucrative mobile app development market.
1. Make it Premium
The first and most obvious way, you can make your apps available for a certain price.
In order to be able to publish your apps, you need to register with the app stores. The Apple app store costs you about $99 per year and the Android Play Store costs you a single fee of $25 upon signing up.
It actually works out better than putting up ads in your apps. You don’t have to sit there and wait for people to click on ads, you get the money as soon as the user installs the app.
Every mobile app user, even the devs, have a love hate relationship with advertisements. They look up to them for earning money, but no one enjoys them when they pop up out of nowhere. The bottom line is that they are a good source of income but require a great deal of traffic to make enough. When you start getting enough users, it can turn into an amazing source of revenue.
You can expect ads to make you $2 with a 100 downloads. That’s just an estimated number and it can vary to a great degree based on how many clicks your ad gets. You may think that these are disappointing figures but they are actually not that bad. With decent effort, you can make $120 per day. It mainly depends on the types of ads that are served up.
3. Go Freemium
Pretty much the trend these days, going freemium means you release your app for free with all the basic features. Then you get your users to pay in order to unlock the more advanced features of your application.
For instance, you can release a video-call app which allows the users to make a two way call in the free version of the app. You can have your users pay to unlock three-way calls.
4. In-app Purchases
Unlike the freemium model, you can let your users unlock features in your free app with in-app purchases (IAPs).
You can set them to be a onetime purchase, which could help unlock the complete version of the app, or you could have them recur if they’d just like to add one more feature. For instance, you can offer more costumes and power ups with a game through IAPs, or they could get all the items with just a onetime purchase.
5. Get a Sponsor
Getting a sponsor for your free app is a great way to make money. Going with this option, you don’t have to wait for the money until the very end, you get the money upfront.
What you need to do is approach a company and tell that that you have an idea for an app and I will label it with your brand for some amount, or you could go like, I built this app a couple of months ago and it has this many downloads, I’ll put your brand on it for $XX. It could take a while for you to get to the right company.