Investing in the profitable app category can skyrocket your business model in no time.
Today, there’s an app for everything! Whether you want to order food, book a cab, make hotel reservations, or book household services, everything is at your fingertips. All you need to do is to download the relevant app to avail the desired service.
Apps are best used to serve customers needs. But at the same time, developers can make millions of dollars through the apps. But have you thought that an app can become a revenue-generating platform for an app owner as well? Yes, it can; providing you’ve developed an app that falls in the category of most profitable apps.
Profitable apps are the ones that gratify customers and convert them into long term service users. These are apps that are making immense prominence in the industry due to their quality services. For instance, the healthcare apps eases the doctor and patient operations and drive users towards it regularly, resulting in higher conversions.
So, if you’re in a fix what type of app to create to earn great business success, here are the categories of most profitable mobile apps. You can hire a reliable offshore app development company to build your app, but make sure that you’re connecting with the right technology partner.
When it comes to financial gains, music and video apps are the top picks. Last year, AppAnnie, a mobile data, and analytics firm published a retrospective of the most successful iOS apps since the platform launch.
Impressively, almost all of the top-grossing apps were based on some kind of streaming services.
The trend continued through 2019 as well, with four of the top five apps that provide streaming functionalities gaining great revenues from their investments. For example, the second-highest-grossing app worldwide is Netflix with close to $184 million in gross revenue.
According to SensorTower 2019 report, mobile users spent $1.27 billion on top 10 subscription video on demand (SVOD) apps in the US alone, considered a 62% growth from last year. Combined, they made up 22% of the total non-game app revenue in the US. On a global scale, the top 5 video streaming services got over $2.2B.
Remarkably, the top 5 lucrative apps in the world offer in-app subscriptions, that encourage users to explore your app to avail premium functionalities
The rise in subscription app engagement is a boon for developers, as the subscription app model provides them with more consistent revenue streams. That’s because subscription apps generate revenue from recurring weekly or monthly payments from established consumers, rather than unpredictable, one-off purchases, for example.’ 2019 Liftoff App Engagement Index.
This monetization model is especially beneficial for most profitable app categories that offer dynamic content (video, music, news, dating, etc.) streamlining services.
Video has also become a standard feature for many social networks and messengers. This demand has been largely fueled by the rise of most profitable Android/iOS apps like Tik Tok, Instagram, and Snapchat.
Indeed, 80% of people are more likely to watch a live video from a brand than read a blog, while 82% prefer live videos to social posts. Hence, it’s clear that how video streaming has picked up the momentum as a standard medium to access dynamic content.
Be it short-form videos, live streaming or video calls, enabling user-generated content increases audience engagement.
Apart from live streaming apps, do you know what apps make the most money? The answer is “Dating Apps
Stats say that with close to $238 million user spending, Tinder occupies the top position on the world app arena for Q2 2019, overtaking last year's charts-leader Netflix in terms of consumer spends.
The app also dominates both worldwide and the US 2019 dating app rankings, bringing more than 59 percent of the top 10 dating apps earnings. Due to all these reasons, this top-grossing app has become one of the most popular types of apps, fulfilling users’ online relationship needs.
Tinder not only occupies the top position in ranking chart, but also leave a strong mark by becoming the most profitable and top-grossing dating app worldwide for July 2019 with close to $75 million in gross revenue. Another one of the best dating apps that have made the most money is Bumble, with Tantan, Pairs, and Badoo breathing down its neck.
According to Gary Swidler, CFO of Match Group, which owns Tinder, a top revenue-generating app most of the app’s revenue is driven by the adoption of its subscription-based premium version, Tinder Gold.
The social networks and messengers occupy the most downloaded apps charts in both 2019 and the all-time list.
Investing in social media platforms is also a highly beneficial to be taken by app owners. Today, every second individual has an account on different social media platforms such as Facebook, Twitter and Instagram. And the best part is that these social media networks also offers instant messaging options to make communication and information sharing easy for users.
You won’t believe that Messenger has become the 2nd most popular app of all time, accounting around 1.3 billion users each month. Just like Messenger, there are many other social media and instant messaging apps, making the communication process easier between brands and users.
According to SensorTower 2019 report, mobile users spent an estimated $327 million in the top ten Health & Fitness apps on AppStore and Google Play worldwide, which as a result provided top-grossing apps revenue to the app owners. This is 61% more than the top 10 apps got the year before.
As seen from the chart, the highest-earning apps of the category belong to one of the four groups:
The gross revenue of the most lucrative Health & Fitness app, Calm, was estimated at more than $6.2 million in July 2019 and increased by 16% over the year. These stats increased the growth and app’s rating by four spots to replace Sweat and made it one of the highest revenue apps
Due to immense prominence in the health industry, Apple has also included Calm in the list of the best apps on iOS within the self-care subcategory. Other top-rated apps for meditation and building better lifestyle habits include:
Along with Calm, these apps are also gaining accreditation by the users, empowering their internal strength.
Browse here, if you want to read detailed information about different profitable apps.
“The brain is the key muscle in our body, and just like we go to the gym to strengthen our biceps, we can leverage tools like meditation to strengthen our awareness and our minds, ultimately helping us to focus better and ease anxiety and stress,”
Alex Will, Chief Strategy Officer at Calm, explains.
As for fitness apps, they are predicted to prosper steadily as people are becoming more mindful of their physical health. The users are particularly attracted to the apps that offer capabilities like online communities.
Additionally, they serve as social networks for athletes with virtual rewards for completing certain activity goals. As Technavio’s analysts suggest, the global market for fitness apps will grow at a CAGR of around 31% until the end of 2020.
The demand for such apps among women is seen as the critical driver of industry success. With the same intent, app owners introduced women specific fitness apps to facilitate the entire women community. The apps are compatible for smartphones and wearable devices that again increase the prominence of health & fitness solutions among users.
Despite the wide variety of non-gaming apps, carrying any goal and budget, gaming apps have become the highest money making apps category, app owners investing heavily. In 2019, mobile gaming’s share of all app revenue amounted to nearly 76 percent.
Seen in the image, all the 10 top-grossing mobile games are free to download, offer in-app purchases, and can be downloaded from Google Play and the Apple App Store. Most of the games are also available in a multiplayer mode, creating an environment for better user engagement.
In general, more involved games need to be developed by following a detailed guide to make the product more effective and worth using for the users. The payoffs of adopting this process are mostly worth it. At the same time, less challenging games with fewer expenses have many more market competitors vying for users’ loyalty.
So, if you want to develop a gaming app, make sure to integrate all the prominent features required to groom users gaming experience.
So, if you’re looking for the best categories and types of apps to make more money, choosing the one from the above-mentioned list would bring sureshot success. The statistics mentioned in the article itself highlight the prominence of the most-profitable apps of all time.
She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.