As a developer, what is your ultimate goal when planning an application? Developing the most profitable app on the market, right? The app development process is time-consuming and expensive, so it should be backed by a clear profit plan unless you are developing it solely for the social cause.
In today’s IT world, app development is about improving living standards. Making money is also important. Today, everybody is aiming to get into this lucrative business, so everyone wants to be part of it. You may, however, find that your app is less successful than you expected.
Top 5 Profitable App Categories
There are currently five main app categories in the mobile app marketplace: entertainment apps, business and finance apps, lifestyle apps, tool apps, and social media apps. We have analyzed each category in terms of its structure as well as potential growth opportunities.
Historically, games have always been the most popular category for apps, and that will continue. Technologies come and go, but there is always room for new entertainment concepts. People are naturally aggressive, and you should take advantage of that. Attracting attention is one of the best things entertainment content does. Thousands and even hundreds of downloads can be easily obtained per day. Meanwhile, a strong monetization strategy like a paid subscription for a game is typically not an option. Because most games in the industry are now “free-to-play”.
Also, virtually any entertainment app can be found as a free alternative. The primary goal of your business should be proper monetization. You may be seeking non-intrusive ads or a freemium model. You can’t use your free content solely as a way to entice people into buying your paid content. Even if people choose the free plan, they should be able to enjoy the game. You should make your game 100% playable without spending a cent on it, just like Subway Surfers or Angry Birds.
2. Business and Finance Apps
Games are primarily aimed at leisure people, while business and finance apps are aimed at working people. You can offer a more convenient way for these people to earn money.
Business apps can be used to earn money in the following ways:
- Corporate messenger: Communication is always relevant. It is all about making chatting more convenient and affordable for people. Enterprise messengers are usually limited in a trial, and there is a premium version available.
- Mobile payment app: Smartphones are increasingly being used to pay these days. Right now, peer-to-peer and universal payments are in high demand. Invent a paid-services monetization model for your app and start earning money.
- Enterprise management software: Do you want to play big? The majority of SMEs lack quality management tools. Enterprise management niches benefit from employee task tracking, productivity monitoring, and organizers. It is possible to generate substantial revenue by charging companies for the whole office suite or per employee.
Always conduct market research, as this segment is highly competitive.
- Lifestyle Apps
Applications like these cater to the active audience that is always on the move.
Anyone with a smartphone can now have a gym assistant or a convenient taxi service thanks to the mobile revolution. The technologies are very handy, and they are used by many people.
Consider your monetization model carefully when creating an app like Couch to 5K. Ads should not be displayed during exercises, and paying people to take part is not viable either.
The premium plan could include more statistics and useful features. The data can also be monetized since many gyms want to make their services more appealing by capturing average statistics.
Uber and TripAdvisor are other apps available. Fees are simply subtracted from each transaction. That pretty much sums it up. Your food app can be monetized by promoting restaurant owners with the help of your product, similar to Yelp. Depending on the category and within a category, there may be significant variations in strategies for generating revenue from mobile apps.
4. Tool Apps
You start by looking for a suitable tool app whenever you need a flashlight app or a weather forecast. The main benefit of these products is that they are useful.
Develop an app that’s extremely helpful in this segment by putting your development energy into it. However, it’s much more tricky to monetize than the actual software itself. There is no reason to consider a premium subscription for these applications since they are not used more than a few times per month.
In addition to this, you should also avoid including ads in your user interface. It’s not about being distracting, but being useful. You have two options:
- Make an entirely paid app. One way or another, a unique functionality will find its fans. An effective marketing strategy is all that’s needed.
- Rely on charitable contributions. Strangely enough, this can sometimes be effective. See what AdBlock can do for you. Donations are only requested, not required.
As a whole, this category is a little bit complex, but if you’re prepared for challenges, you’ll succeed, since not many developers target this application category.
5. Social Media
The social media app niche continues to be lucrative. There is a reason why they exist.
Regardless of what happens, humans are social creatures and will still communicate. Apps for social media serve this purpose. The social network is ready: all you have to do is build a simple chat interface? It’s not exactly like that.
There’s no question that you know what social networks go through to win over their users. An intense rivalry you won’t forget. There is a reason why they are fighting.
Facebook’s revenue is greater than some countries’ GDP, and that shouldn’t come as a surprise. Facebook has nearly 30% of the world’s population as active users, as of this year’s third quarter. What are the best-paying apps now? It is important to remember that Facebook is the business shark in the social media segment.
Where does social media revenue come from? These apps provide an enormous amount of promotional value, which is the real kicker. Sponsors are well aware that social networks are the ideal ad platform. It doesn’t matter if an advertisement appears every once in a while on these applications since people are just having a good time.
A concept-driven app concept, like Pinterest, makes its ads seem natural. When you are looking for a particular product, you find it.
There are many lucrative development opportunities, as you can see. Don’t forget to choose the one that you can most easily accomplish. The point is not to compare which apps are most lucrative. The focus is on developing and building something new, making it work, and earning income through it.