- Posted January 30, 2014 by
This iReport is part of an assignment:
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Apps industry transforms into a $25 billion business
Apps, apps everywhere and so many to use.
Last year, the mobile application industry generated $25 billion in global sales, an astronomical sum that is attracting new investment, employment opportunities and profits for businesses each day. It’s not expected to slow down anytime soon, especially with the growing ubiquity of smartphones and tablets.
There is a tremendous amount of competition for mobile phone users. It is estimated that there are one million apps to choose from, a number that has drastically climbed from just 140,000 three years ago. Although the industry has garnered a lot of success, there are still thousands and thousands of apps that aren’t entirely successful.
Many businesses are still experimenting as to what the best business model is; consumers have doubled the amount of time they spend with apps in just two year, according to a study by comScore, Alexa and Flurry Analytics. App developers are still having a difficult time breaking into the marketplace because there are just so many apps. For instance, someone might download around 100 apps, but would only use around one-quarter because they provide daily efficient utility.
The Wall Street Journal briefly profiled Shazam Entertainment, a music-discovery app that introduced its very first app in 2007. It maintains five revenue streams, including selling ads in apps, charging television advertisers and offering a paid premium version of its app. Chief Revenue Officer Doug Garland commented that its revenue drivers have changed since 2007 and the company is still figuring out which opportunities are the best.
Industry experts say that the industry is still relatively new and likened to the beginning of the automobile business. Since 2010, apps have reached the markets of China, Japan and North Korea, while also gaining access to tablets and televisions.
Indeed, mobile app usage will only grow moving forward. Smartphone and tablet users can utilize an app for anything: physical fitness, overall health, how to pop pimples, playing online bubble wrap and learn more about your own bowels. The fun will certainly never end when it comes to the mobile app industry.
Last month, Chupamobile announced that it is launching a $45,000 competition for Android and iOS app developers. The purpose of the contest is to discover, locate and reward new talents. According to contest organizers, the $45,000 grand prize will encourage technology enthusiasts to develop, create and market app source codes, which will highlight their skills and creativity.
"With this competition, we want to attract the best iOS and Android developers around the World” said Paolo De Santis, co-founder of Chupamobile, in a statement. “We want everybody to join the competition, we are sure that there are many talents who deserve to be discovered and this is their chance to prove their skills and capabilities. Chupamobile is the right place to achieve this: in less than 2 years we have aggregated tens of thousands of developers, and some of them are already making thousands of dollars per week by selling their code on Chupamobile.”
An array of apps is welcome and the $45,000 rewards will be allocated to the developers of the top three projects. In addition, creators will receive 70 percent revenues on the sales garnered by their products through the organization.
"This is a big challenge for mobile developers, an opportunity to get great prizes and to showcase their projects on the largest online marketplace for mobile app source code. Every mobile developer should participate!" added Stefano Argiolas, co-founder of Chupamobile.
Jan. 28 was the final day for submissions.
The end is definitely not near for mobile apps. It will only grow with time. Remember, there’s always an app for that.