A new report from Gartner paints a bleak picture for those hoping to earn their millions in the mobile development industry. The firm forecasts that through 2018, only 0.01 percent of consumer mobile apps will be considered a "financial success" by their developers.
The report also indicates that the trend toward free apps will continue, with free apps accounting 94.5 percent of all downloads by 2017. Currently, ninety percent of paid apps have less than 500 downloads per day and make less than $1,250 per day.
"The vast number of mobile apps may imply that mobile is a new revenue stream that will bring riches to many," said Gartner's Ken Dulaney. "However, our analysis shows that most mobile applications are not generating profits and that many mobile apps are not designed to generate revenue, but rather are used to build brand recognition and product awareness or are just for fun. Application designers who do not recognize this may find profits elusive."