One of the quickest ways to become an entrepreneur these days is to develop and publish a smartphone app. The price of entry can be less than $10,000, so the competition is huge and growing rapidly. According to Tim Cook at Apple, there were over 20 million registered developers in 2018. Yet according to other statistics, vanishing few of these ever generate a significant profit.
We all hear about the big winners, such as the game Clash of Clans, which still pulls in over a million dollars a day, and the smartphone version of Skype, which is making money through credits as an extension of the website version. We don’t hear about the remaining several million apps that are mostly free, and garnering only trivial revenue through advertising.
