In the present scenario of the Digital World, we spent most of our time on social media, be it scrolling through newsfeeds, streaming music or checking out profiles. If we utilize social media constructively, then we can make huge amount of money out of it. Every entrepreneur with a start-up business project tries different business opportunities and strategies to establish themselves and earn a brand name. Apart from the loudest companies like Facebook, Instagram, etc there are several money making app that may not make you rich within few days but can consistently give you a respectable pocket money and can pay your monthly phone bill. According to the global market report, global mobile app revenue will reach $100 billion by 2020 from $75.8 billion (current).

App revenues were just $8 billion in 2011 and grew to an estimated $45 billion in 2015. So yes, without a doubt, mobile apps are a lucrative business and will only continue to make impressive profits in 2020. Developing good and engaging mobile apps that can bring in and keep users, with good monetization strategies can make easy and speedy money. Some of the money making apps are:

• Money app:-

The Money App is a market research app that earns you rewards for completing tasks, which include offering opinions, playing games, checking store displays, mystery shopping, testing services and participating in free trials.

• Ipoll:-

The IPoll app is a customized market research app that allows you to earn money through taking market surveys, writing down diaries (of dairy consumption over three days, for example) and completing missions around retail (e.g. going to the grocery store).

• Foap:-

Foap is a moneymaking app that allows both professional and amateur photographers to make extra money selling photos taken on a Smartphone. You need to upload high quality photos which are rated. Higher the rating, higher will be the visibility and the revenue. It is of utmost importance to know the suitable monetization strategies to make money with your app. Some of them are:

• In-App Purchasing :

According to a report by Apps Flyer, only 5.2% of all app users spend money on in-app purchases. In-app purchasing refers to the buying of goods and services from an application on a mobile device, such as a Smartphone. The idea of the app is to offer the users with a free app at first, and then make them love the app to such an extent that they are forced to buy the upgraded version of the app.

• Ad revenue :

Services like Google AdSense or Google AdMob automatically read the text and other content on your app to place the most relevant and suitable ads on your app. You then get paid for every click that the ad receives. As your app becomes more popular and more users download it, clicks increase and so does the revenue.

• Subscription :

Subscription assures a lot of steady cycle of revenue, month after month, year after a year.

• Data monetization :

It identifies data operated through business operations to generate monetary value. Data monetization emerged as a great new trend in 2019 and you could very well use this to make additional revenue for your app. Thus, anyone can tactfully use these monetizing strategies to turn it into a steady business with a regular flow of revenue.