So how much money can you earn with an app? Let’s start with some interesting figures. Business Insider predicts that global app revenue will increase 18% between 2017 and 2020. We’re looking at an app economy that is worth $6.3 billion by 2022.
I know what you’re thinking. Why aren’t you getting rich yet?
The truth is not all apps are profitable, and the success of your app is dependent on many factors from product design to marketing to even the market itself. Apps that have no place in people’s lives are an automatic flop. You can avoid certain app pitfalls though, so be sure to read about the top 4 mobile app risks.
But in order to give a concrete answer to the question, let’s consider the two primary app platforms.
Over 25% of application developers on the Apple store generate over $5,000 a month. For Android, the number is around 17%.
It’s worth noting that gaming apps do the best, by far. Thanks to monetization strategies like in-app purchases. Bandai Namco Entertainment’s Dragon Ball Z Dokkan Battle makes an estimated $2 million per day in revenue.
So in short, you can make quite a bit of money.
Outside of Mobile
Apps have found their way into other ecosystems such as Smart TVs and video game consoles.
Take Netflix for example, their app is almost ubiquitous. Being a subscription service they are able to generate billions of dollars by integrating with devices other than smartphones.
In the end, your idea and its usefulness will be the ultimate judge of success. Making the next chart-topping app is not an easy feat. As the app store gets oversaturated, it can be difficult to compete effectively in existing categories.