If you’re someone looking for an app for their business, then you have made the right choice. A mobile development agency incorporates payment mechanisms through which money can be transferred.
Globally, 178 billion apps were downloaded in 2017, a trend that is expected to continue. This is likely to increase to well over 200 billion downloads by 2022.
The average person spent three or more hours per day on their mobile devices in 2016, a trend expected to continue as the number of PC users declines slightly.
As a result, apps on people’s phones have become the best way to interact and connect with their favourite brands.
Therefore, apps are not just a digital presence of your business but also a revenue-making channel.
Your choice of software development agency makes revenue generation easier since the user interface or recommendations increase the likelihood of purchases.
There’s no way of putting a number to the money apps can generate. On the whole, there is a lot of money in apps to billions of dollars.
But one must understand that certain kinds make the most money from apps. Some apps don’t even make money.
The top 200 apps generate $83000 daily, and games or gaming-related apps make around $22250. And similarly, delivery, cab, and entertainment apps make their revenue accordingly.
It can be said without any doubt that app popularity is growing and shows no sign of stopping.
If one has a great idea to generate revenue, then it should be implemented in the form of apps.
Spike In Global App Revenue
Despite the COVID outbreak, the global app revenue has risen 32% in the third quarter of 2020 to an estimated $29 billion.
This shows that consumers spend 32% more on App Store and Google Play store. The downloads have increased as well, with over 36.5 billion apps downloaded.
In addition, most major companies across the globe have begun to release an app for their business, be it shopping, travel, entertainment, and so on.
The average person has over 50 apps on their phones, as most companies require you to download an app to access all their facilities on a smartphone.
This has led to a global increase in the download and usage of apps. Especially with added advertisements and alternative no-ad subscription plans, apps are a steady source of income for any business.
Not only do you make money from subscriptions and user engagement on your apps, but your company can also indirectly make more money from releasing an app.
In the era of smartphones, having a custom-made platform for the smartphone is a god-sent for business owners. Often, websites can be challenging to use on a smartphone, which can lead to customer loss.
By providing potential customers with an app tailor-made for their phones, you increase customer interest and engagement, thereby increasing your potential to make sales.
In addition, apps are known to draw customers back to your product and never fail to remind customers of your business.
For example, by creating catchy push notifications, your app can draw potential customers’ interest in your business on a scale unlike any other.
Push notifications are made to attract interest and implant your business’s memory in potential customers’ minds. Not only will it convince a potential customer to check out your product, but it may also influence them to make a purchase.
In addition, apps are a great way to let your customers know of any deals or sales you may be having. This is a significant factor in improving your numbers.
Push notifications also help to increase user engagement on your app, thereby improving your income from advertisements.
Hence, it is safe to say that investing in an app for your company is a sure-fire way to boost engagement and sales.
This shows that apps can generate a consistent flow of money even in times of global crisis. For the sake of comparison, the third quarters of 2018 and 2019 saw a growth rate of 24%.
The Platform Earns Handsomely Too
Google Play store made around $7.7 billion in gross revenue from the gaming application in the second quarter of the covid year. Mobile games have the tool to generate revenue.
Last year Google play brought around $37 billion in revenue from gaming apps. In-app purchases and gaming elements do it to enhance the player experience.
While android and iOS generated a total of $111 billion, iOS holds a significant share of a whopping 65%.
In the non-gaming industry, iOS apps generated 76% of the 32 billion revenue in 2020 despite the covid hit world.
Subscription-Based Models Are Turning Into a Goldmines For App Owners
Subscription apps show no sign of slowing down. These apps can be accessed after purchasing their subscription, like Netflix, Spotify Premium, etc.
In the year 2021, subscription apps garnered around $15.5 billion. Apple takes 78% of the total subscription-based revenue of approximately $12 billion.
Yes, you are right if you think there’s huge money to be made from apps. They can benefit your business significantly and have proved to do it in the past.
These statistics prove that making money from apps is not going down and will continue to rise. But users are paying only for what they get. Your app has to stand out and show value to customers.
How To Get an App That Turns Your Ideas Into Real Bucks?
Well! If you can do it yourself, that is the best option, build your app, fix bugs, prepare for launch, and do all the post-production work. But if you’re not the type of person we’ve just talked about, your best bet is to go for an agency that can do all this for you.
This is why choosing an industry-ready app development agency is essential. Now, in that case, we can name one, for instance. TechAhead brings 12+ years of experience in app development and knows the depths of almost every other industry.
Their work has amassed over 35 awards, including the prestigious Clutch Awards 2022. Their brand has been trusted by Starbucks, Disney, and Audi in the past, where their portfolio is full of fortune 500 companies banking on their talents.
Wait! Want to check out what’s the scope of your business? Well! In that case, you should request a call back as soon as possible. And after that, you can go on checking more of their fantastic work.