4 Ways To Make Money With Mobile Apps In 2022
In the early 1980s, at a World Design Conference, a young entrepreneur named Steve Jobs claimed that in the future, people could buy and sell software at their disposal using their Computers; most people took it as an apocryphal.
But fast-forward four decades later, thanks to the Apple App Store, Google Play Store, and thousands of companies worldwide developing Mobile Applications, today nothing seems more accurate than Jobs's claim.
According to the latest report by one of the most important consumers and market data specializing companies Statista, In 2021 Mobile App economy globally has gone up to a whopping US $6 Trillion, compared to the Global app economy in 2019 (the US $6 Trillion), is almost twice.
As per the top mobile app development companies, this massive jump in the app economy is wholly interlinked with the Global Covid-19 Pandemic. During the pandemic, a significant part of the population suddenly started looking for Apps on their phones that could provide and fulfill all of their needs contactless and hassle freely.
Apps from wide-ranging fields like Groceries (BigBasket, Grofers) to Food (Zomato, Uber Eats), Clothes (Amazon, Myntra), Electronics/Books (Amazon, Flipkart), to Entertainment (Netflix, HotStar), as well as Office communications Apps (Google Meet, Zoom) saw an incredible jump in their user-base and revenues.
4 Ways To Make Money With Mobile Apps
Therefore as a mobile app development company in India, if you are looking to finally design and monetize a mobile app that can yield your app development company enormous user base and revenues, here are the following ways you should do it:
1. Comprehensive Business Plan
The first and foremost point to consider for any mobile app development company while developing an app is to have a comprehensive, long-term business plan, and on top of that, if that long-term, comprehensive plan is also trendy, then it's a blessing in disguise.
The most classic we have among us is Paytm. In the wake of sudden demonetization, Paytm came as a lifesaver for millions of Indians. Paytm's long-term and trendy concept of making the Indian economy cashless seemed very cogent and impressive.
Still, the latest IPO disaster that Paytm has suffered, and the Industry challenges that it faced due to poor monetization policies after the UPI (Unified Payments Interface) came in, it failed to project itself as a prominent Broker for financial activities. This clearly elucidates how vital it is for mobile app development companies to have a comprehensive and long-term business plan.
2. Be Cognizant Of App Revenue Models
Multiple revenue models are using which App development companies can make money in 2022, and it's paramount for mobile app development companies to understand all of them before starting working thoroughly. Hence here are the most popular and liked Revenue Models by App development companies in 2022:
Advertising is undoubtedly the most often used Revenue model used by App development companies that want to make money by developing a free mobile application. According to Statista, mobile app advertising spending increased from US $180 Billion in 2019 to the US $380 Billion in 2021. This is the most straightforward way for mobile app development companies to display ads on their applications.
Another Revenue model that's very popular among app development companies in the Subscription strategy. Mobile app development companies initially offer their limited content for free but later ask users for a subscription fee to give users completely unrestricted access to all their content.
Through In-App Purchases
This revenue model is generally used by app development companies that build free apps. In it, users need to pay a certain amount to get access to special or premium content.
Although this Revenue method is mostly in popular applications only, it's still the most captivating and trendy in 2022. But it's crucial for mobile app development companies to first design an app in the right niche, build a target audience, and then sponsor related brands.
3. Focus More On Research
These Days no matter what you do, chances are someone is also trying to do the same thing. Therefore mobile app development companies need to do in-depth Research before starting working on a new idea.
Besides, doing thorough Research like Design research, User research, competition research, and others will help app development. Good Research has the capability to make your app designing journey pleasurable and successful.
4. Focus More On Problem-solving
In order to make a successful mobile app, it's not crucial for mobile app development companies to come up with a revolutionary idea, but what's important is to make more innovative, user-friendly, well-designed, and technologically advanced Applications that are more problem-solving.
In 2022, Mobile Applications that have good UX design and have the capability to solve actual and legitimate problems of the masses are likely to make more money.