Bits are selling better than bites, and apps are selling better than hotcakes. From the FT:
More than 1.2bn apps were downloaded on to mobile phones and tablet devices during Christmas week, according to a new study, marking the first time that more than a billion app downloads have been recorded in a single week[…]
The bulk of downloads originated in the US […] accounting for 509m or 42.3 per cent of the total. The second largest number, 99m, were in China which is seeing rapid increases in smartphone use.
App production is a cottage industry gone viral. It doesn’t take a Silicon Valley pro to come up with a good idea. Any enterprising, smart, tech savvy adult can develop and sell an app from home. Compared to full scale business start-ups the thresholds for investment, time and talent are low. There’s also less drudgery involved: selling online cuts out everything from storefront shifts to being a street vendor.If you’re young, the window of opportunity is especially wide open. You likely have fewer obligations, more leisure, are short on income and have prime familiarity with the market. If you’ve just graduated from university, job prospects are lean, student debt levels are high and further schooling may do you no good. All the better if you’ve acquired additional niche skills like another language. You can develop a Russian language app in Moscow, Idaho or an Egyptian one in Memphis, Tennessee. There’s even potential for film history and gender studies grads.Apps are also low footprint: you can make the world a greener place as you come up with ideas that will generate enough cash to get you out of your parents’ garage.For most people profits will be modest, but that’s the gamble of entrepreneurship. Fortunately the market is burgeoning. Many members of the millennial generation are going to get rich in businesses that didn’t exist when their parents were young. It’s called progress and, on the whole, it’s a good thing.