Tag: Apps Development

Scope Of Earning Money From An App In 2021

Posted on by Hari Patel

Table of Contents

You are here because you know you can make money from an app right? But the real question is how much can you earn with an app and how sustainable this can be?

Here is to discuss everything that you need to know about your money earning expectations from an app. We shall be discussing the below points in detail.

Amount of money you can earn with an app

With apps, your year-on-year revenues can soar high in billions of dollars. But such kinda apps are very few in number. The ground reality is, it is incredibly an arduous exercise to get an exact number on how much can an app make money for you in consideration of the fact that there are a large number of varied apps floating in the web world.

On a daily basis, the top 200 apps on the app store manage to earn $82,500. Widening the bracket, for the top 800 apps, the daily revenue drops down to $3500. Also, the differences prevail categorically for various types of apps. Like for eg, the gaming apps make around $22k each day. But for the entertainment apps, the figures are as little as $3090 each day.

The app market growth is going to be steady and strong in the future. The Statista reports reveal by 2020, the estimated amount of app revenue will increase by $582 billion.

As per the data revealed by SensorTower, the top 100 application development firm or publishers have generated an average of $130 million in the first quarter of 2019.

To understand how much an app can generate revenue for you, the first thing you need is to find out your niche segment. Also, you must study how different niches are performing within their app ecosystem and find out their average returns to understand your targeted niche revenue approximately.

Earnings from a Subscription App

The subscription apps are one of the most preferred mediums to earn income via in-app purchases. One of the best examples is Tinder. The app is free to use, but it charges the users for its various features like unlimited swipes. The “passport” add-on feature permits the users to match with users in other locations, whereas the “Boost” features permits the users to show themselves on the top of the pile. The audience can avail these in-app features only if they were to purchase them generated. The app generated $404 approx revenue. The Tinder charges $9.99 per month for plus subscription and $14.99 per month for a Tinder Gold upgrade.

The other great example is Bumble. A close competitor of Tinder, with a user base of around 50 million people and growing at the rate of 135%. The only difference between both of them is that Bumble is especially meant for women only.

Besides, other apps are Pandora, Tencent Video, Netflix, Hulu, and iQiyi that are subscription-based and earn millions.

Looking at the other side there are certain apps that generate a significant amount of revenue on a smaller scale but are quite decent to go. Like, the Wattpad app allows users to read online stories and write them. The Sensor Tower report says that Wattpad had more than a million downloads earning $800k in revenue. The core method of earning money is by selling stories to the readers. The app smartly engages the users with lively, conversational, and real-life stories.

Best performing platforms for Revenue Generation

Your money earning scope via an app totally depends on the kind of platform you choose for development. Android covers the largest market share in the mobile industry. The second comes iOS. As per the Sensor Tower report, between 2018 to 2023, the estimated CAGR of user spending on these stores is 16.8%.

While there is no perfect answer to the query of “ How much money can an app make?”, but the current projections indicate that the future of mobile apps is on the right path.

Once you choose the platform and decide to move ahead, you need to make a strategic decision on how well will you monetize your application to earn millions and billions of money. For this you need to check out the three most important revenue models.

Best revenue models to earn money with mobile applications

One-Time Payment (Premium Apps):

The premium mobile applications charge a one-time download fee on the Google play store on the iOS app store from its users. It is believed by many that premium app doesn’t make money as the users don’t want to spend. But the fact of 2017 says that the paid apps accounted for nearly $250 billion in revenue.

On the other hand, education apps perform much better within the paid app category. Like WolframAlpha app made $20000 in revenue through the downloads. In the play store alone, it could make it 1000000 downloads and now the application is a powerhouse in the educational category.

In-App Purchases (Freemium Apps)

These apps are a great way to fetch revenue. The users can download the app and access its features completely for free and can put up a paywall on some premium features. Fortnite is one such example and has made around $203 million in revenue. The game remains free to play for the users

Subscription Model (Recurring Payments)

This model is very popular in the app industry because of its extraordinary services. Netflix, Hulu, and Amazon are famous operators in this niche segment. The customers have to make recurring payments for accessing the app on time to time basis
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Netflix stands to be the giant with $52 billion of revenue in the third quarter of 2019. A similar kind of apps is the Pandora music streaming application that uses a similar subscription model. This ongoing trend exhibits the power that mobile apps have in the year 2021 and the way they will help business owners earn huge amounts of money via the digital landscape.

Kinds of Apps that have money-making potential in 2021

The gaming applications are the largest revenue models and contribute the highest in the global app revenue. In 2018, the iOS app store mobile app revenue exceeded the $33 billion mark, while Google Play revenue games stood at $21.5 Billion.

For the first half of 2019, the total growth revenue was 11.3% summing up to $29.6 billion. Technological advancements in the gaming app industry such as graphics, control, and Gameplay have risen sharply. The major contributors to this boom are the e-sports gaming apps. Mediakix reveals a 56% of mobile gamers play games more than 10 times a week. This shows the amount of addiction amongst the users generating mobile-based entertainment revenue.

In 2018, gaming applications accounted for 77% of the total app revenue. The gross mobile game revenue stood at $54.7 billion. The AR-based game “Pokemon Go” earned a gross income of $3 billion in 2019.

Besides these, E-commerce mobile apps are also spurting for a long time. The urge to buy online among the younger generation is going to grow significantly over a period of time. By the end of 2021, the experts estimate $3 trillion-plus of commerce sales via mobile.

To cash on this kind of market, mobile apps need a payment gateway integration within the applications. This will allow them to sell products and merchandise on their mobile apps. By 2021, nearly 21.4 billion people across the globe will be using e-commerce services. Probably the largest audience in contributing to the sales so far.

Revenue generating applications

You will get to an endless number of categories via the internet when you research and study to find out the best suitable niche to build a successful app. However, the proper approach is the widest research, to streamline all that is missing, capitalize on the app via the mobile application, and ensure success and scalability from the very beginning.

The below listing is to just give you a broader idea of the apps that are sure to make money. These are the most popular types of apps that can serve as a benchmark for you to create and build revenue-generating apps.

  • Music apps (Spotify)
  • Personalization apps allow users to change the overall orientation of the smartphone or any other device. (Zedge)
  • Performance optimization tools. (CCleaner)
  • eCommerce/Shopping Apps (eBay)
  • IoT apps (Vialatm)
  • Sports and health apps (My Fitness Pal)
  • Social media apps (Facebook)

The Future of App Development Business

The mobile app market is full of great potentiality and a lot of possibilities. In 2019, the final quarter showcased an estimated consumer expenditure of $21.9 on apps across the Appstore and Google Play store, with a 22.9% increase from the last year.

When the business identifies all the considerations, the apps can make a lot of money in developing countries like India. The market here is still sky-rocketing.

At Softqube, our mission is to always help businesses grow via a perfect mobile app developed by our experts. In case if you are stuck finding how much investment you need to make in the business that is booming in the digital market, do contact our app development consultants. We have a bunch of experts who are available at your service to help you grow your business from the scratch.

What is The Cost of Developing A Facial Recognition App?

Posted on by Hari Patel

Presently, facial recognition systems are gaining a lot of traction. They are getting deployed in several public places for safety reasons, private properties to access control systems, and now also as an application on mobile phones for various purposes.

Facial recognition technology has widespread usage. The system has become so inevitable that no other technology can replace it in the future. As a result, developing such systems is tricky and needs careful planning for each case individually. As an entrepreneur, if you need such an application for your business, you must enlist the costs and expenses that are incurred to develop such a system along with the probable pitfalls.

The blog shall help you to know about each stage of your cost plans for developing facial recognition apps. Also, we shall discuss several problems that you will need to solve while in the process. It is not only about developing apps, but it is also about the hardware architecture that will allow the app to work efficiently.

You need to address the below matters before you head on to develop a facial recognition system.

Facial Recognition App

1. Hardware Challenges

  • Hardware Configuration
  • Camera Choices and Their Locations
  • Edge Device Usage

2. Software Challenges

  • Datasets
  • Personification and Possible Bias in the Pretrained Model
  • Software Scalability
  • Image Retrieval Speed

3. How Much Does It Cost?

Hardware Challenges

Before beginning with the facial recognition app development project, the tech solution provider must consider hardware configuration, cameras, and edge devices, etc, and such important aspects.

Hardware Configuration

At the time of building a facial recognition security system, you must know that the optimal hardware configuration differs from task to task. The suitable hardware should be chosen with great care. When the chosen hardware lacks enough power, it leads to highly undesirable delays in processing in some quality solutions. For other tasks that don’t require a lot of computational resources, the choice of powerful hardware could cause a too expensive solution, which could be no longer in demand because of its price.

Camera Choices and Their Location

When you put enough care and become cautious to complete a specific task, you must always check with the type of cameras to be deployed. The configuration choices vastly depend on quality image requirement, angle of view, and coverage area. Besides, when choosing video quality and several cameras, the network bandwidth must be taken into account. This has commonly become one of the crucial bottlenecks in building high-quality facial recognition systems.

Edge Devices Usage

Most of the facial recognition system is dependent on heavy, deep neural networks. Such networks most often need GPUs for evaluation with appropriate speed. The modern facial recognition systems emphasized that companies have machines with CPU and GPU. To ensure the work completion, the servers would require extra support in time and demand some location. Jetson devices solutions are used to reduce the support for end customers. Human support also gets minimized.

A lot of nuances must be considered while setting up optimal hardware for the system. It is also hard to choose it without experience. Hence, what we believe is that the experienced specialists create a final architecture solution for a specific facial recognition system. They determine the optimal configuration for every particular case.

Software Challenges

Here we shall discuss major software issues coming around the face recognition technology industries.

Datasets

Robust facial recognition application is created with the deeper learning-based methods. These deep learning models are notoriously known as very data-hungry. When a company lacks its data the very first step is to use open-source datasets. The dataset licensees are worth reading before using the data to train a face recognition model.

Personification and Possible Bias in the Pretrained Model

You must consider the demographic profile of the system users. Most of the open-sourced data sets comprise white adults, the final reports are quite biased and may not work properly on other races. To understand in a better way, you must collect additional private datasets consisting of similar demographic profiles to the one you expect in real life. The model bias can be reduced by adopting fine tuning on the collected data.

Software Scalability

Companies deploy facial recognition systems to expect them to become scalable and expand enough to a wider audience. The software hence needs to possess the high flexibility architecture of a system to be very thoughtfully devised. Overall, the software part can be built in a way to get quick updates to a larger number of users with inexpensive costs. Based on our practical experiences, we found that we need a well-designed system architecture from scratch to extend the software that is not designed to become scalable.

Image Retrieval Speed

Several face recognition systems face serious bottlenecks when it performs searches in the database that consists of millions of data samples. In this scenario, the company ensures that the algorithm used to search through a database is much more efficient and scalable.

Facial Recognition App Devlopment

How Much Does it Cost?

The cost of developing a robust and scalable face recognition application complexity depends on the project requirements. Besides, many variables have the total price of the bespoke face recognition application.

To provide the best solutions to clients and to meet the challenges, we take up such projects through the below stages.

  • Business objectives analysis
  • Data analysis and identification of the scope of work
  • Definition of high-level architecture and appropriate tools and technologies selection
  • Risks identification
  • Building proof of concept
  • Definition of the expected results as well as costs and resources estimation.

The investigation stage permits idea validation at an early stage, risk minimization of a project failure, and substantial savings of money. The Cost of the Investigation stage is generally in the range of USD 10000 – 30000 based on the project size.

Wrapping Up

Both software and hardware challenges must be noted before going ahead with design plans of a facial recognition application system. Have an experienced team that can help you with the uneasy work. It helps a lot in the long run. Good and robust facial recognition applications are developed with great time, effort, and solid technical skills with great expertise. This ensures that the project is very scalable, reasonable, and reliable to take it forward for further processes.

How to Find App Investors For A Startup Project – The Ultimate Guide

Posted on by Hari Patel

Table of Contents

To find investors for your app is always the most formidable challenge any entrepreneur may face. As a founder, you may know everything you need to, yet you come across several gaps. You need a catchy and the most enticing pitch to woo investors. You gotta show them that your idea has great potential. How exactly did you manage to do this? Do you think you need a great pitch to present before the investors?

Let us go straight into the answers to all your questions. Each point is elaborately explained to help you know how to prepare the right pitch and how to set yourself apart from your competitors and show your investors that your business idea is worth investing in.

Present Project Viability With Market Research

Great ideas are not what investors look for all the time. Your next big idea must consist of a passionate visionary that is well-planned. You need to show them your extensive research work, how deep your vision is, and how the project is ready to hit the ground running. They must be extremely confident that you can execute this idea, create a wonderful app and make it go with sustainable profits in the long run.

So the very first job is, to begin with, the research. The tangible groundwork needs to be put up and you must know the exact market potentiality of the project. Your app must solve the core problem of the target audience. How effectively do you solve their problems? Answering these questions is the groundwork you need to do. Lots of research, cracking hard numbers, and data analysis are all that grabs the attention of the investors. You need to be damn serious about what you are showing to your investors.

Take interviewers, find the results, do surveys, and prepare an impressive statistic analysis of all your findings. Present this report to your investors. Do this in reliable ways. Online survey tools like SurveyMonkey is always there to help you. Pay a minor fee and conduct an online poll covering adequate people. This will give you tangible proof of the concept you are working upon. Circulate simple surveys amongst your friends and acquaintances and gather enough data. Start a blog or a microsite and post short articles that are interesting and that talk about your idea. Take the help of people who love to engage with your idea and can talk a lot about it.

These measures however it may take time, this groundwork bring sureshot results in the long run. It will show the investors that you are quite serious about your idea and toil enough to pull it off for great success.

Find Your Niche

Apps are really a good business you can ever choose. Everyone knows it very well. Your idea may probably be built into an app in the least similar if not in an exact manner somewhere. So, face the brunt, your idea may not be a great discovery or an invention. Let us face this. Investors may not like to invest in similar ideas. They won’t prefer to invest in other ‘types’ of the app. Find something that is unique and that can differentiate yourself from the competition.

Apart from choosing another travel app, see if your app can cover women travelers exclusively to ensure safety and security. Apart from another e-commerce app, find an app that can connect with the local stores to support the local businesses that can help enjoy the convenience of the ecommerce.

Define your suitable target audience comprising a specific niche. It is not all about wooing the investors, but it is all about building a sustainable business that has better longevity and traction as compared to your competitors.

Investors get intrigued by a target-specified app idea. These apps have great value and are identified at a different level. Users find that the app is exclusively designed to fulfill their needs and hence, they like to engage more with the app. At the onset of widespread generalization, everyone likes exclusivity. Knowing and understanding all this, investors get ready to invest in such niche ideas.

Prepare Your Best Elevator Pitch

Every investor may not be willing to deep dive into your idea at the very first instant. With very few minutes available to present your idea, you need to be well-prepared and use the given time very wisely. You can give spontaneous answers, clear concepts, and talk about the real purpose behind the idea in these few minutes. You can stand to land a meeting where you will get enough time and attention to present your idea.

So be ready with an elevator pitch. A pitch as concise as 30 seconds covering your idea and the ultimate purpose. So work and rework until you are not sure of what you are going to present in front of the investor.

Do not mistake your elevator pitch as a storytelling opportunity. However passionate you are with your idea, you need to clearly describe what your app will do for the users and why they would sit and download and use it. Keep it simple, precise, punchy, enticing, and meaningful. Focus on the larger purpose and the biggest value it can give to your investors. This can be your biggest selling point. Once you get ready for all this, your elevator pitch can land you an investor up close and personal.

Create A Prototype

It is always good to show rather than say. The biggest takeaway to get any type of investor. However good you talk about your idea in the most effective communication pattern, but to really show your commitment to the investors, you need a prototype.

Fancy words will never save you. Building a prototype is very easy. Build your unique prototype if you are a developer. Or contact a suitable app development company to build a good one for you. Simple prototypes get passed quickly due to their affordable prices and extensive work done upon that to show the investors how your app is going to work.

Similar to a low-fidelity representation of your app, a prototype is much essential. This step can give you a great chance to show off your app’s design, logo, and branding. You can make all this possible only if you are determined to work on your app’s design, layout, and basic features. If you have a prototype to show it to your investors, you are representing your app features, your hard work, and your commitment towards building the idea into a reality. You show your investors that your project is worthy and dependent enough.

Prepare a Compelling Pitch Deck

When you are all ready for an investor meeting with your brilliant idea, the best research, and a solid prototype, what works more is your pitch deck. This can be typically a PowerPoint presentation that runs on the screen highlighting your key points as you keep explaining.

Do not make your pitch deck a transcript of all that you are saying. Make highly visual slides that speak sense and are concise. Use them for showing charts, graphs, and diagrams. Highlight the most important keywords. Consider this as your golden chance to show off your app’s branding pitch. So, what you need is to invest enough time in preparing a logo, a slogan, and a color theme to establish credible branding for your app. Give your app a suitable personality and ensure that investors are well aware of how prepared and dedicated you are to make this idea a potential reality.

Final Thoughts

As you follow all the above steps, the investors will find that you have a great idea for an app. Not only that, but they will find that you are a go-getter and an astute in your profession. You pull the things off to make it happen. The startup history teaches us that apps with great execution matter more than apps with a great idea. Even if your idea is taken by the world, the purpose of execution that you have created sets you apart from the rest of the world. Investors will be heartily willing to fund your awesome project.

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