IS BUILDING YOUR OWN APP PROFITABLE?
Many types of apps exist today that help us in our daily life such as work, business, education, and entertainment. Mobile app development had become a trend for an industry’s success. Personal services have now become mobile like banking, advertising, e-commerce, and food order. Creating a mobile app has an advantage over mobile websites because it targets the consumer's concern. You may be wondering what is the cost of developing an app and more importantly how profitable is it to create one.
We’d like to share with you some related aspects of making revenue through mobile app development.
A thriving business
There is a projection for the app economy between 2016 and 2021 shows that this digital sector will only generate more revenue for the years to come. Today, the app economy is at its highest level since the beginning. App stores and other forms of monetization, like in-app ads or mobile commerce, are factors that will have a main role in the increase of apps revenues.
Mobile applications have two categories first are apps developed to create income. In this case, the profit comes from sales, in-app advertisement, and subscriptions. Second are those developed for marketing purposes normally can be downloaded for free. This kind of app acts as a marketing channel and its success is determined by the number of people it can reach.
One of the big decisions you’ll have to make is of your developing a single platform or a cross-platform app. A single platform is easy to handle but will only work for that particular platform. Cross-platform is complicated but it also increases your app’s reach among users. The three most known mobile platforms are Android, iOS, and Blackberry.
Cost and Profit
There is really isn’t a standard cost for app development, it could cost you over $25,000 to develop, design, and deploy. This figure could increase depending on the developer you hire. If you expect a good Return of Investment (ROI) all the expenditure would be worth it.
App development is a never-ending opportunity the market keeps on growing and has no plans of slowing down. Over 18% of Android app developers earn over $5,000 per month, and the same amount is earned by 25% of iOS app developers. Mobile games are making money in millions. The growing market for smart TVs and smartwatches will expand the app business in the future.
Long story short, mobile app development is a lot more than just the cost of development and the profit factor. Mobile apps provide increasing opportunities to generate incomes through their development. We think over the next few years, the usage of mobile apps will increase in all spheres of life.
Written by: RL.juarez