Code monetization has become easier in recent years, with online resources helping to connect clever coders with companies eager to pay them for their hard work.
Of course this is an ever-evolving market, and the most exciting opportunities tend to present themselves in unexpected places.
With that in mind, here is an exploration of the latest and greatest ways to monetize your code which you might consider experimenting with over the coming 12 months, whether this is your main source of income or your side hustle.
Embrace API development & marketplace distribution
One of the trickier aspects of earning money for your coding efforts is that if you intend to build an entire software solution to sell to third parties, the overheads are significant and the additional work required to launch it successfully can be overwhelming.
The good news is that you do not need to become a one-person development firm if you focus instead on the purity and functionality of APIs.
An API can connect separate apps and data sources, allowing you to do almost anything from providing up to date weather info to analyzing social media posts. And of course lots of companies are eager to adopt their own APIs to solve specific problems they are facing.
In the past, you might have been commissioned by just one organization to code an API solution to suit their needs. Today, entire marketplaces have grown up around this practice, so it is savvier to use a platform for managing multiple APIs to take things to the next level.
It is not just monetization that is achievable through API marketplaces, but also mass-scale distribution. You can license your code to all sorts of clients, and best of all you do not need to worry about taking care of the hosting, authentication and protection of this valuable code in the first place.
The framework provided by API marketplaces makes it a breeze for solo developers to generate cash every time that a third party app calls on their API. And of course this also has benefits for end users, as the potential uphill struggle of integrating and authenticating your API is also handled by the marketplace provider in this context.
There is one major caveat to take onboard, which is the unsurprising reality of API marketplaces charging a commission on any payments earned by developers.
You may or may not consider the fees reasonable, but when you calculate the other costs you would have to bear yourself if you went it alone, it should be more than acceptable.
Another issue to be aware of is that if your API gets popular on a marketplace, then it could become overburdened by calls, which will obviously hamper its performance and possibly hurt its reputation.
This is why the need for scalability may apply if you take this route. This is more of a hosting-side conundrum, but nevertheless one which can only be brushed to one side for so long. At least if you encounter it yourself, it will be proof that your API is a success, so it is not all bad news.
Offer tutorial courses to teach the next generation of coders
If you have achieved a lot as a developer already and you feel that you have lots of knowledge to pass on, then you could also use this as an opportunity to make some extra money.
Tutoring up-and-coming coders on an individual basis is one example of this, and with the rise of virtual conferencing software, it is easier and more acceptable than ever to do this remotely.
You could also create a website which you then fill with coding-related content, imparting the secrets and experience you have accumulated over the years.
In order to monetize this, you will need to either include ads to generate revenue through clicks and conversions, or put some of your content behind a paywall.
If you already have something of a following, setting up a Patreon and getting support for your work that way is also a possibility.
Running a website or providing tutoring might be a bit intense and time-consuming, especially if you intend to keep up with your day job while doing this. Instead, you could write an ebook on coding which can then be sold via various platforms to make a tidy profit.
Bear in mind that the ebook market is crowded, even in the coding niche, so try to see what the competition offers and tap into some fresh trend which has less content available already. The aforementioned importance of APIs could be a great topic to tackle, for example.
Make a mobile app
It may be a tried and tested method of monetizing your coding capabilities, but mobile apps continue to offer oodles of innovation, and there is always room for a new app to break through and take the world by storm.
One of the benefits of writing mobile software is that, as with APIs, there are extensive marketplace infrastructures in place to help you sell your software to users, without needing to start entirely from scratch.
You can also add various in-app monetization features to ensure that the software keeps making money from existing users, not just when new customers come calling.
The main challenge is finding a niche in the market that has not yet been filled. This could be industry-specific, or consumer-facing. Whatever the case, doing plenty of research and making sure that your development efforts are well polished will give you the edge.
Final thoughts
Monetizing your code in 2022 will not be a feat you can achieve overnight. You need to be patient and put in the hard work to see meaningful gains.
This is much better than letting your coding skills stagnate, or feeling like they are being underutilized in the development role you fulfill at your nine to five job. So stay positive and strive for greatness, and you will be in with a shot of making something special.