If you’re going to go to the trouble of designing an app, you want to make sure that it leads to maximum revenue generation, right?Aren’t sure what kind of app will give you the most bang for your buck? Keep reading.Outlined below are some of the most profitable apps on the market today. We’re also breaking down the best apps for those who want to build a successful, high-earning business.
Most Profitable and Popular Apps on the Market Today
Let’s start by talking about the most profitable and popular apps currently available for download. The following are some of the top earners in the app world:
Netflix
Just about everyone is familiar with the movie and TV-streaming giant, Netflix. When you consider the fact that Netflix had approximately 74.38 million subscribers in the United States and Canada in the first quarter of 2021, it’s not hard to understand why this is currently one of the most profitable apps on the market.
Spotify
Spotify is another entertainment platform that’s revolutionizing the app development world.The ability to play your favorite songs and access new music from your phone, no matter where you are? It’s no wonder people are all over this popular app.Spotify currently anticipates having 407-427 million users by the end of this year, along with 172-184 million Premium subscribers.
YouTube
On the entertainment front, we can’t forget about the YouTube app as well. Over 100 billion hours of YouTube videos are viewed worldwide each day, and the YouTube app regularly ranks as one of the top free apps on the App Store.
TikTok
In addition to entertainment apps, social networking platforms like TikTok are also highly popular and profitable.The United States currently has over 65.9 million TikTok users, and that number is expected to reach approximately 88.7 million by the year 2024. With this kind of massive growth, it’s not surprising that TikTok has become so profitable so quickly.
Facebook is another example of a popular social networking app. In fact, it’s the second-most downloaded app in the app store (after TikTok).Fifty-nine percent of the world’s social networkers use Facebook and, after over 17 years in business, the platform is still finding ways to grow, adapt, and attract new users.
Tinder
Finally, we can’t forget about Tinder when talking about popular and high-earning apps. Tinder is a dating app that makes it easy for people to find potential matches in their area by simply swiping left or right on different profiles.Tinder currently has approximately 66 million users and 6.7 million paying subscribers. With these numbers in mind, it’s no wonder the app is one of the world’s most profitable.
High-Earning App Types to Consider
Clearly, social networking and entertainment apps (Netflix, Facebook, etc.) are very popular worldwide. After all, people are eager for connection of all kinds (and the need for virtual connection has become even more important in the last year), and they also need ways to stay busy.Are you worried about jumping into the entertainment, social networking, or dating spaces? Do you have concerns about the market being over-saturated?It’s understandable that you feel this way. Luckily, though, there are plenty of other types of apps you might want to consider developing instead.The following are some other app categories that also have the potential to be very profitable:
Gaming and Gambling
Who doesn’t love mobile gaming? Gaming and gambling apps have always been a popular category in the app development market, and there are plenty of different types of games you can create that can be part of a profitable business.Mobile gaming is growing, too. For example, the first quarter of 2020 saw a 46 percent increase in mobile gaming app users (this makes perfect sense when you consider the state of the world in early 2020).The online gambling market grew to nearly $10 billion in 2020, too. It’s expected to continue growing for the next several years as well.Even without a global pandemic, mobile gaming and gambling are still relatively safe avenues to explore if you’re thinking about diving into the world of app development. The key is to come up with a gaming or gambling idea that will appeal to your target audience, hook their attention, and keep coming back for more.
Dating
As we saw with the example of Tinder mentioned above, dating apps are also a popular option with a lot of potential for profitability.According to a 2020 Pew Research study, 30 percent of adults have used a dating app at some point in their lives. That number is expected to grow in the future, too, especially as more aspects of our lives start to move online.It’s true that there are plenty of mobile dating apps already on the market. However, that doesn’t mean there isn’t room for something better and different.Lots of people are looking for love, after all. If you can create a new app that helps them find it, you could be looking at a very profitable business venture.
Health and Fitness
Finally, health and fitness apps are also very popular and can be quite lucrative. All kinds of people turn to these apps, whether they’re athletes looking for training advice or average Joes looking to shed some extra pounds and get in shape. In the first quarter of 2020, health and fitness apps were downloaded over 593 million times throughout the world. That’s major growth from the 446 million installations that took place during the last quarter of 2019.The health and fitness segment of the app development industry presents a lot of opportunities for ambitious businesspeople. This is true even if the industry doesn’t see that much growth in 2021 (although, that seems unlikely when you consider how many people are looking to shed quarantine-related weight this year). Things are still trending upward.
What Kind of App Should You Build?
Are you still feeling a little lost about which type of app you want to build?If you’re feeling overwhelmed, here are some questions you can ask. They’ll help you narrow down your selection and create an app that will bring you the best results:
What’s My Background?
True, it’s important to consider what kind of app will help you make the most money. Take a step back, though, and think about your interests and background first, though.Often, it’s easier to get started in the app development world if you pick a type of app that aligns with your knowledge and experience. This helps to minimize the learning curve and makes it easier for you to figure out what your target audience will be looking for.What kind of app do you think will best align with your unique skill set? For example, do you have experience in the social media world? Have you worked with health and fitness-related businesses before?Even if your background doesn’t directly apply, it’s still nice if you have some inside information into how the industry works and what its customers are looking for.
What Do I Want to Accomplish?
Of course, you want an app that yields a high amount of revenue and helps you to run a profitable business. Think beyond finances for a second, though. What does a successful app look like to you? When you have a clear idea of what you want to accomplish with your app (besides “make money,” because that’s a given), it’s easier to create a solid business plan. You’ll know how to market your app more effectively (and to whom you need to market it).Getting clear on your goals and vision can help you to experience greater returns on your investment. It can also set you up for increased profitability and a longer-lasting business.
Who Is My Target Audience?
Next, think about who you want to target with your app. In most cases, the more specific you can be with your marketing, the easier it is to create a successful and profitable app. Even if, eventually, you want to appeal to everyone and have an app that anybody can use, it’s good to start with a very specific target audience.You can always expand your offerings and branch out over time. If you try to market to everyone too soon, though, you might end up not catching anyone’s attention because your app will seem too generic or vague.Get clear on who your target audience is. Then, start thinking about how you can tailor your app to them.
How Do I Want to Earn Revenue?
There are lots of different ways that you can earn money from an app. The following are some of the most popular options:
- Subscription plans
- In-app purchases
- In-app advertisements
- Selling merchandise
- Freemium upsells
The specific methods you use will vary depending on factors like the type of app you create and your target audience. Think about the type of model that will work best for your app and the people you want to reach with it.Consider, too, whether or not you want to use a combination of options. For example, you can offer a free version with in-app advertisements or upsell users to an add-free version. This is a popular choice among many entertainment apps, such as Spotify.
How Much Will I Have to Spend?
It’s not exactly cheap to develop an app. Most professional app developers recommending budgeting at least $20,000 to get started.You know how the adage goes, though. You have to spend money to make money.If you believe in your app idea and are confident that it can lead to a profitable business, don’t be afraid to make a significant initial investment. It can be worth it to spend a lot upfront so you can see bigger returns later.That being said, it’s still a good idea to do some math and figure out approximately how much you need to spend to get your app off the ground.Tracking your spending and creating a budget will help you avoid running up too much debt. It will also make it easier to see when your business starts to turn a profit.
What Features Will I Include?
In addition to being specific when considering your target audience, it’s also important to be specific with the features your app will include.Think beyond the general type of app you want to create. How will you make it unique? What kind of features will it have that other dating or gaming or gambling apps don’t?If you don’t have an idea of what you’ll do to make your app stand out, you’re going to have a hard time turning it into a profitable business venture.A good way to address this issue is to learn from your target audience. What complaints do they have about existing apps? How can you solve these problems and present them with something new, better, and different?
How Will I Market My App?
Finally, don’t forget to consider how you’re going to market your app.Remember, you could have the best app idea in the world and be part of the most lucrative industry. If you don’t have a solid marketing strategy in place, though, you’re going to struggle to see great results and become profitable. For those who don’t have a lot of experience in app marketing, it can be helpful to work with a professional to come up with a marketing plan. This takes a lot of the guesswork out of the process and increases your chances of success.
Build a Profitable App Today
Now that you know more about the most profitable apps you can build, are you ready to get to work? Keep this list in mind so you can choose an option that aligns with your goals and helps you create a profitable business.Do you need extra help developing and designing an app? If so, we’re here to help.Contact us today to learn more about our development services or to schedule a consultation.
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