AR, or augmented reality, took the app store by storm when Pokemon Go was released. Before this, it was hard to tell if AR had any real place in the app space. After generating a revenue total believed to now have crossed $1.8 Billion (USD), AR cemented its place in the mobile market.
The AR and virtual reality markets are set for remarkable growth. According to Statista, the VR hardware and software market will amount to $40 billion by 2020. In fact, if forecasts hold true this year is due for incredible gains. In 2017, the market was worth an estimated $6 Billion. This year, we can expect double that.
While you may not be able to expect a $1 billion in revenue with your first app, it’s not unreasonable to expect a make some sort of profit. Even if it’s your first endeavor, it’s possible to generate interest and, hopefully, some revenue from your work.
In order to make money from your apps, you’ll need to have a plan in place. To create your plan, you’ll need to do a bit of research. Research AR and VR apps that are performing well. Then research AR and VR apps on the other end of the spectrum. What are the main differences between the apps that perform well and the ones that peter out.
After doing some initial research about the products themselves, take the time to find out the costs of the entire development process. Generally, it will cost, at the very least, $5,000 to get a software development team to create your app. This cost varies radically based on your needs. If you are a software engineer yourself, for example, these costs may be considerably lower.
If you’re involved in the development process yourself, you should become aware of the tools and platforms at your disposal. Game engines like Unreal and Unity are free to use and can make creating your VR apps much simpler. Deploying your apps to Apple and Android is made fairly simple by these programs if you are a competent software engineer. If not, however, you’ll want to find a development team that you trust to get the job done. You may need to adjust your idea based on your research. You’ll need to know how much money you have available to spend, then apply that to the cost of making your VR or AR app a reality.
Knowing how to develop your app, what products, services, and platforms to employ, and the cost of the development phase are your first steps. The idea for your app must be attainable. If it’s too vague or too specific, you may encounter problems as you build it. Your app will continue to change, adjust, and grow based on your needs and the realities of your budget. This is natural, so you shouldn’t necessarily fight against it. Let your idea change as it needs to. Otherwise, you may end up with vaporware.
After you’ve exited the AR development process, you’ll need to deploy your app. Once you’ve got your app published, you can begin to market it. Social media is an especially useful tool when it comes to promoting mobile apps.
You may also want to consider a targeted marketing campaign, if you have the funds available. Facebook marketing and Google Adwords can reap great rewards, but only if you have the extra cash handy. If you don’t, stay active on social media and reach out to game communities online.
With AR and VR apps, if you want them to have longevity, you’ll also have to be good about checking for bugs, releasing updates, and addressing issues users have. This will take up a great deal of time, but truly, one of the best marketing tools is your app’s rating. A poor review or a latent, never-updated app will harm your reputation — and your sales.
Building AR and VR apps that generate revenue will take research and dedication. If you stay realistic about your goals, your budget, and the expectations of the development team, however, it’s very possible to turn a profit.
Plan diligently, be open to letting your app change and develop, and market within your budget, and you should be closer to a revenue-generating AR/VR app.