How much money can you make from an app is now a comprehensive and open-ended question, mostly based on the circumstances we’ve all faced in 2020.
I believe this question used to and still is asked based around the idea that you can throw an app into the app store and start generating money – we will get to that later. I want to start with what this question means in 2020, though, because we’re talking about a different game when an app replaces a checkout line for the most popular store in a town of 60,000 people.
We’ve all talked about technology eventually taking over, and sci-fi movies have certainly influenced our creativity around it. For the last few decades, we just kind of thought it was a way off into the future sort of thing… But it’s here now, and it’s about to be the new normal. The events over 2020 have most certainly fast-tracked our technological evolution. They are turning mobile phones and portable computers from a tool into a further extension of ourselves. And in parallel, businesses are doing the same thing. In order to maintain client engagement, companies needed almost instantly to modernize or face very uncertain consequences.
What we’ve seen over 2020 has been a massive shift in how companies view a website or an app. Last year we were more likely to explain to clients how an app is an extension of their currently established business; this year is very different. We’re seeing creative solutions presented to us of how companies would like to replicate their user experience digitally.
Did you know that Canada is currently discussing hosting a Santa Clause Parade online to continue to drive ad revenue money for the local businesses that sponsor these events? It’s a bunch of tractors decorated into Christmas-themed floats with local kids marching alongside dressed like little elves for anyone who doesn’t know what a Santa Clause Parade is, and now it’s comin’ to our laptops!
To really understand how much money you can make off an app will depend on how you accept the app and will be used in today’s economy. At a very high level, can you make money with an app in 2020? Yes, there is probably no better time. But How much depends on what You’re doing with it.
What tool will your app be replacing in your day to day operations?
Many people are concerned about apps and technology, so let’s start with how apps can replace basic jobs. Companies are using apps now to eliminate cashiers and checkout lines altogether entirely. The previous sentence link goes to Walmart, where they discuss their new app technology that allows you to scan your products with your phone, pay with your phone, and carry on your merry way. So, can we measure how much money that app can generate? We’ll wait for the Forbes article to come out instead.
What service can your app provide?
When we’re talking about money, apps, and 2020, a prominent place where apps are taking over is the physical service they can provide us in the comfort of our little bubble. Apps and websites are now making it easier than ever to accomplish our day-to-day tasks but at our schedule and convenience. It’s crazy to think that I can do my grocery shopping while writing an article about apps, and my groceries will be delivered in a few hours just in time to make dinner. On the other end, I have every task I need to do or need to think about later managed by another app that I probably pay $10-$12 to every month. This is another way companies are making money; for some reason, everyone thinks it’s good to have monthly subscription services for premium services.
Did you know there are 20 million YouTube Premium members? Let’s be generous and pretend it’s $10 per month; that’s $200 million per month. Let’s pretend half of them use the app; that’s $100 mill per month for that app.
Do you need to be a big company to generate money with an app?
2020 is the year for crazy innovation. And with the world being forced to accept a digital future, it’s opened the door for the crazy ideas to be heard. So give us a call or shoot us a message for a free consultation and discovery; at one point, someone thought the internet was crazy, right?