Apps are more than just ways to occupy time when you are bored. Today’s innovative apps are opening new avenues for entrepreneurs to generate significant income.
There are many different categories with financial opportunity. Health, education, e-commerce, and productivity tools are great categories to monetize your app idea. According to businessofapps.com, consumers spent $135 billion on apps in 2023.
And if you think successful app ideas need to be complex, you might be surprised. For example, one category gaining popularity is bubble-popping apps like Bubble Pop-Pop Bubble, which focuses on the human tendency to want to pop bubbles. With a 4.7 rating from nearly 9,000 reviewers, it is just one of dozens of apps that let you pop imaginary bubbles.
Here are some examples of profitable categories and apps that are on the market today.
On-demand service apps
It’s highly likely you use some of these apps. From ordering food from you favorite restaurant to requesting a car to take you to a destination, service apps have transformed how consumers access all kinds of services. These apps provide convenience and flexibility, catering to the immediate needs of users, which is a lucrative model in the busy modern lifestyle.
From monthly subscriptions to cost-per-service, your options for making money on your service are entirely up to you and your desired business model.
Health and exercise apps
Health apps are popular, offering users tools to manage their wellness better. MyFitnessPal is by far the biggest money maker in the health app world. Recent data from Statista shows it made $12.25 million in January 2024. The app allows users to monitor their diet and exercise and provides personalized insights.
MyFitnessPal is followed by Strava, Peloton, and Lose It! in January revenue rankings. Each made more than $4 million, showing the range of fitness apps and how they can each be profitable.
Educational apps and e-learning platforms
Educational apps are reshaping traditional learning methods. According to Sensor Tower, they’re making big financial strides. In 2023, education app revenue increased 12% year over year.
Duolingo, a language learning app, set a new download record in 2023. Sensor Tower says it reached 160 million downloads last year. proving the universal demand for quality educational content.
Financial management and budgeting apps
In the realm of financial management, there are plenty of apps to keep your budget in line. According to Forbes writer Rachel Murphy, You Need A Budget, Empower Personal Dashboard and Goodbudget are all top budgeting apps of 2024. Most of the top apps on their list are subscription based models, allowing developers and companies to monetize their tools.
The key to a successful app lies not just in a great idea but also in effective execution and ongoing management with the support of experienced app developers.
Social networking apps
While it’s true that the big players in the social media field aren’t going anywhere anytime soon, there’s money to make in the social networking field. According to Statista, social networking raked in nearly $143 million last year.
It is unlikely that a new social networking app will come in and disrupt the market significantly in the next couple of years. After all, how many platforms are necessary to share photos and status updates? But thinking outside of the box and expanding social networking to those around you and to those with similar interests can be helpful and profitable.
Apps that focus on building specific communities can achieve dedicated user bases. Nextdoor connects neighbors based on their location, providing a platform to share information, goods, and services with those immediately around them.
Finding ways to bring like minds together is a surefire way to build a loyal group of app users.
