In the year 2020, the world witnessed an unprecedented surge in the mobile app economy, with millions of users worldwide downloading and using apps on a daily basis. As a result, numerous opportunities arose for individuals to make money from apps 2020, either by developing and selling their own apps or by leveraging existing ones to generate revenue.
Monetizing Your Own Apps
One of the most lucrative ways to make money from apps 2020 is by creating and selling your own mobile applications. With the rise of app development as a lucrative business, many individuals have turned their creative ideas into successful apps, generating significant revenue through in-app purchases, subscriptions, and advertising.
To monetize your own apps, you’ll need to develop a robust business plan, conduct thorough market research, and design an engaging user experience. You’ll also need to create a marketing strategy to promote your app and increase visibility in the app stores.
Some popular monetization strategies for app developers include:
- Freemium model: offer basic features for free and charge users for premium features or content.
- In-app purchases: allow users to buy virtual goods or currency within the app.
- Subscription-based model: offer users a premium experience or exclusive content for a recurring fee.
- Advertising: display ads within the app to generate revenue from user engagement.
Monetizing Existing Apps
Another way to make money from apps 2020 is by leveraging existing apps to generate revenue. This can be done through affiliate marketing, where you promote other apps or services within your own app, earning a commission for each sale or referral made through your unique affiliate link.
You can also use apps like Swagbucks or InboxDollars, which reward users for trying out new apps, watching ads, or completing other small tasks. By partnering with these apps, you can earn money by referring your friends or users to these platforms.
Additionally, you can monetize existing apps by offering in-app services, such as:
- Sponsored content: partner with brands to create sponsored content within your app.
- Native advertising: integrate ads into your app that match the user experience and design.
- App-to-app monetization: offer users access to premium features or exclusive content from other apps within your platform.
App Monetization Platforms in Kenya
In Kenya, several app monetization platforms have emerged to help developers and publishers earn revenue from their apps. Some popular platforms include:
- Google AdMob: a popular platform for mobile app advertising, offering a range of ad formats and targeting options.
- Firebase: a comprehensive platform for app development, analytics, and monetization, offering features like in-app purchases, subscriptions, and ads.
- Unity Ads: a leading platform for mobile game monetization, offering rewarded video ads, banner ads, and interstitial ads.
Best Practices for Making Money from Apps
To succeed in making money from apps 2020, you’ll need to follow best practices for app development, marketing, and monetization. Some key takeaways include:
• Focus on creating engaging user experiences and providing value to your users.
• Conduct thorough market research and analyze user behavior to inform your monetization strategies.
• Develop a robust business plan and track your app’s performance using analytics tools.
• Stay up-to-date with the latest app monetization trends and best practices.
Exploring the Top Apps to Make Money in 2020
With the rise of the mobile app economy, it’s never been easier to turn your hobby or skills into a profitable venture. In this section, we’ll delve into the top apps to make money in 2020, covering various monetization strategies and platforms.
| App Name | Description | Monetization Strategy |
|---|---|---|
| Swagbucks | Earn rewards and cash back for taking surveys, watching videos, and shopping online. | Surveys, Video Watching, Shopping |
| Rakuten (formerly Ebates) | Get cash back and rewards for shopping at popular retailers. | Shopping |
| Fiverr | Sell your skills and services starting at $5 per gig. | Freelancing |
| Survey Junkie | Take surveys and redeem points for cash or e-gift cards. | Surveys |
| Drop | Earn cash back and rewards for linking your credit or debit card. | Shopping |
| iPoll | Take surveys and earn rewards, redeemable for cash or gift cards. | Surveys |
In 2020, making money from apps has never been more accessible. These platforms offer a range of monetization strategies, from surveys and shopping rewards to freelancing and cash back. Whether you’re looking to supplement your income or turn your hobby into a full-time venture, these apps can help you get started.
Take the first step towards turning your mobile device into a money-making machine. Sign up for these top apps and start exploring the various monetization strategies that suit your skills and interests.
How to Make Money from Apps in Kenya 2020: Frequently Asked Questions
What are the best apps to make money in Kenya?
In Kenya, some popular apps for making money include M-Pesa, which allows users to earn interest on their savings, and apps like Mtaa Credit, which offers loans and other financial services. Other apps like Sokonet and M-Shwari allow users to save and earn interest. Additionally, apps like Zidisha and Lipa Na M-Pesa offer opportunities for earning money through online sales and services.
How do I create a successful mobile app in Kenya?
To create a successful mobile app in Kenya, you’ll need to identify a problem or need in the market and develop an app that solves it. Conduct market research to understand your target audience and their preferences. Ensure your app is user-friendly and has a clear value proposition. You can also partner with local developers or IT companies to help with app development.
Can I make money from in-app advertising in Kenya?
Yes, you can make money from in-app advertising in Kenya. Many apps, especially games and entertainment apps, generate revenue from in-app ads. To monetize your app through in-app ads, you’ll need to join an ad network like Google AdMob or Facebook Audience Network. These platforms will help you connect with advertisers and manage your ad campaigns.
What are the tax implications of making money from apps in Kenya?
In Kenya, income earned from apps is considered taxable. As a Kenyan app developer or owner, you’re required to pay income tax on your earnings. You may need to register for a Tax Compliance Certificate (TCC) and submit tax returns to the Kenya Revenue Authority (KRA). It’s recommended that you consult a tax professional to ensure compliance with tax laws and regulations.
How can I protect my app and users from data breaches or scams in Kenya?
To protect your app and users from data breaches or scams in Kenya, ensure you implement robust security measures, such as encryption and secure data storage. Use reputable payment gateways and follow best practices for handling user data. Regularly update your app to fix security vulnerabilities and comply with data protection regulations, such as the Data Protection Act, 2019.
Conclusion
In this article, we have explored the opportunities to make money from apps in Kenya 2020, focusing on the key financial lessons and benefits of leveraging mobile apps for financial growth. By understanding how to effectively utilize these apps, individuals can improve their financial literacy, increase their income, and develop healthy financial habits. This knowledge is particularly relevant in Kenya, where mobile money adoption has grown significantly, with 93% of adults owning a mobile money account, according to the Central Bank of Kenya (CBK) 2020 report Quarterly Economic Review.
Quick Tips for Success
• Set a budget and track your expenses to ensure you’re making the most of your money.
• Consider saving a portion of your income to build an emergency fund.
• Borrow responsibly, only taking out loans when necessary, and make timely repayments.
• Continuously educate yourself on personal finance and stay up-to-date with market trends.
Clear Next Steps
To start making money from apps in Kenya, take the following steps:
1. Research and download reputable mobile apps that align with your financial goals.
2. Set up a budget and track your expenses to ensure you’re making the most of your money.
3. Consider applying for a quick and secure online loan from Kopacash to cover unexpected expenses or fund your financial goals.
Key Financial Statistics
• Kenya’s mobile money penetration is one of the highest in the world, with 93% of adults owning a mobile money account (CBK 2020).
• The country’s mobile money transactions grew by 12.6% in 2020, reaching KES 5.5 trillion (World Bank 2020).
• Kenya’s GDP grew by 6.3% in 2020, driven by a strong services sector, including financial services (IMF 2020).
Get Started with Kopacash
Visit kopacash.com today to apply for a fast and secure online loan and take the first step towards achieving your financial goals.
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