| Wow, this is a great question. I run newgenapps.com We have been developing apps since July 2008, since the iPhone SDK went public. We have seen the whole app economy grow from zero to what it is today, and we have seen some really interesting business models emerge. 1. The iPhone and iPad have opened numerous possibilities to develop some really amazing apps. Angry Birds was a game waiting for iPhone to happen. So if you are able to find a space that fits your idea, you can make some real money.Education, Music, Productivity are some really cool categories where a lot of innovation is happening. 2. A me too app seldom works 3. In app purchases is a brilliant way to monetize. This model lets an app go viral while also making revenue through good segmentation 4. If you have a successful app, the Return on Investment can be quite huge. Hence it makes a lot of sense to have a 'Portfolio of Apps' and reinvest. 5. Localization is an under appreciated feature. Many apps can double or triple revenue after being localized. 6. Apps have become an integral point of presence for any business 7. Apps also augment a number of products or services. They may not generate revenue themselves, but can help sales of the product or service 8. A successful app, designed well in a manner to provide recurring revenue stream can easily do USD 10 to 20k in revenue every month supported and maintained by a single developer. And yes, developing apps is a highly enjoyable and satisfying job! |
Me too apps are the least-risky way to make money. You are going into a known market with little technical risk. All that remains is to beat the other guy, and the smaller the market, the bigger the chump the other guy is likely to be.
Want to make a billion dollars? Don't make the 100th bible app.
Trying to pay rent? Don't make your new creative photo-sharing app.