Small app developers have seen an unprecedented 71% revenue growth over the past two years on the App Store, an independent study by economists at Analysis Group reveals. This growth has outstripped even large developers, a notable achievement that could serve as an inspiration to small business owners across sectors.
This success story of small developers worldwide – defined as those earning up to $1 million a year and fewer than 1 million annual downloads – is testament to the potential of small businesses in the digital space. Within the United States, these small developers witnessed an even more impressive growth, with earnings soaring by 87% during the same period.
Small developers, who constitute over 90% of all developers on the App Store, saw increased earnings across all app categories. In particular, earnings from health and fitness, sports, and lifestyle apps developed by these small creators more than doubled in the last two years. This accomplishment showcases the resilience and innovation of small-scale entrepreneurs, even amid challenging economic conditions.
The App Store’s global reach, spanning 175 countries and over 40 languages, has aided developers of all sizes in expanding their businesses. Nearly 80% of small developers were found to be active on multiple storefronts in 2022. 40% of total app downloads from small developers originated outside of their home country, illustrating the potential of global customer bases for small businesses.
Significantly, 40% of developers who earned over $1 million in 2022 were either not on the App Store or had earned less than $10,000 just five years prior. This underscores the potential for exponential growth that small business owners can tap into with strategic planning and dedication.
A prime example of small business success on the App Store is the Mindful Mamas app. This mental wellness app, co-founded by licensed psychologist Terra LaRock, has helped mothers find time for themselves through guided meditation, sleep stories, and stress reduction lessons. Despite operating with a small team of four, the company has leveraged Apple’s Small Business Program to expand its services and features.
Similarly, landscape design app iScape has flourished on the platform. With more than 2.5 million downloads, the augmented reality app has experienced triple-digit growth year-over-year. This demonstrates how innovative technology can be a game-changer for small businesses, even in traditional sectors like landscaping.
Apple offers a range of support initiatives for small developers, such as the App Store Small Business Program, Apple Entrepreneur Camp, and App Accelerators, which can be beneficial to other small business owners looking for resources and support. The Swift Student Challenge and open access tools like Everyone Can Code and Swift Playgrounds aim to make coding technology more accessible and inclusive, offering further avenues for small businesses to develop their digital capabilities.
The success of small developers on the App Store illustrates how digital platforms can enable small businesses to achieve robust growth, reach global markets, and innovate in their respective sectors. These stories serve as a testament to the resilience and potential of small business owners, and a beacon of hope for those navigating the challenges of entrepreneurship.
Get the latest headlines from Small Business Trends. Follow us on Google News.
Image: Depositphotos
The post originally appeared on following source : Source link
