Indie developer case studies: revenue and exits
Indie development means an individual building and running a service or app outside of company work. Small Start records indie-built businesses whose developers have publicly disclosed revenue or a sale price: monthly revenue, monetization model and acquisition channels, each with a source.
Indie revenue is a wide distribution. A tool stuck at ¥100/month sits on the same shelf as one clearing millions of yen. The archive keeps the low numbers too: ten apps in eight years earning ¥30K/month, and a first payout of ¥22.
- Case studies
- 44
- Sale price
- 9.8億円
Indie developer cases
1–24 of 44
textlint Maintainer azu: ¥2.29M a Year in OSS Sponsorships — textlint, JSer.info, and 14 Years of Continuity Built a Donation-Funded Solo Practice
azu, known for the proofreading tool textlint and the 14-year-running JSer.info, publishes his open-source finances every year. His 2025 GitHub Sponsors income was about ¥2.29M (¥160K–¥366K per month). A rare documented case of donation-only income reaching monthly-revenue levels without selling anything.
BoltAI: $15K a Month on One-Time Licenses in a Subscription-Only AI Market
Vietnamese solo developer Daniel Nguyen went against the "AI tools = subscriptions" consensus and sells BoltAI, a native macOS AI app, as a one-time license: an average of $15K a month and 7,000 customers 18 months after launch. He also documented the $19→$79 price climb and the year lost on his failed first product, KTool.
The Exit 8: A ¥470 Solo-Developed Game That Sold 30,000 Copies on Day One and 1.4 Million in Just Over a Year — How "Spot the Anomaly" Made Streaming Sell Copies
The Exit 8, a ¥470 walking simulator built alone by a former game-company employee, sold over 30,000 copies on launch day in November 2023 and passed 1.4 million worldwide by January 2025. It spawned the "8-like" genre, and its live-action film adaptation reached ¥5.17 billion at the box office.
Inkdrop: ¥150,000 a Month from a $4.99 Markdown Note App — Two Years of an Indie SaaS That Stopped PR Emails and Refused to Go Freemium
Japanese developer TAKUYA's Inkdrop reached ¥150,000 in monthly sales about two years after launch, with a ¥950,000 single-month spike in August 2019. A 1,000-person private beta, a 60-day free trial, no freemium, no more PR emails — the reasoning behind each decision is public, alongside the numbers.
Damon Chen: Bought a GitHub Repo for $20K, Grew It to $1.5M ARR — the “Buy, Don’t Build” Indie Playbook
Former engineer Damon Chen grew Testimonial.to to over $2M cumulative revenue in four years, then in the early ChatGPT boom bought a pre-revenue repository (now PDF.ai) for $20K. Repositioned as "AI you can chat with about PDFs," it grew to $1.5M ARR within months. A defining example of indie development that buys the seed instead of building from scratch.
A high schooler's paid Discord bot nets ¥12,000/month profit — reading the logic behind pricing ¥500 on top of a ¥320 cost
Entering a Discord text-to-speech market full of free bots at ¥500/month, cost about ¥320 per 200,000 characters, and ¥12,000/month profit by year two. Even the signup pace is quantified.
8 failures, 3 hits in 5 years — the turning point where a solo developer with ¥0 revenue reached ¥200,000–¥1,000,000/month
Of 8 failed products earning ¥0 to a few thousand yen, one successful paid learning service hit ¥200,000–¥1,000,000/month within six months on 50–200 users. Laying out all 11 side by side reveals what actually split them.
From ¥100 to ¥100,000 a Month in Three Years: The Quiet Compounding of an Ads-Only Tool App
The tool app built by Wakanao, a solo developer from Hokkaido, earned about ¥100 a month at launch. Over three-plus years of persistence, MAU grew more than 100x and revenue reached ¥100,000 a month from AdMob ads alone. A record of the growth curve of an app with no paid features and no marketing — one that simply stayed on the store.
Streets of Rogue: An Indie Game Built on $18,000 Sold for Roughly $6.5M — the Six-Year Story
Streets of Rogue, a roguelike made by a solo developer with $18,000 of his own money, sold over one million copies, generated $8M in lifetime revenue, and was acquired by tinyBuild for $6.5M in June 2021.
10 apps over 8 years, 30,000 yen a month. The peak was 2021 — why an indie developer's ad revenue turned downhill
A 50-something engineer at a manufacturer published 8 apps for iOS and 2 for Android. Steady ASO work drove growth until 2021, when he peaked at nearly 50,000 yen a month. After he stopped building new apps in 2022, revenue declined, and it now sits around 30,000 yen a month.
¥2.5 Million a Month From a Chat-Analysis App: 85% of Traffic From TikTok, 37.5% CVR — an Indie Design "Reverse-Engineered From the Distribution Channel"
IsTalk, a chat-analysis app by Kei, an engineer with 15 years of experience, reached 600K cumulative downloads and over 4,600 subscriptions for roughly ¥2.5 million/month, hitting #1 in the App Store Utilities category. 85% of traffic comes from TikTok or friend referrals, and CVR improved from 24.2% to 37.5%. First-class real data on an indie app, published with screenshots.
Potion, the Notion-to-Website Builder, Sells for $300K — From Solo Developer to Individual Buyer
Potion, which turns Notion pages into fast websites, was grown by solo developer Noah Bragg in build-in-public style and sold for $300K (approx. ¥45M) to individual buyer Bruno Morency. A defining example of individual-to-individual micro-SaaS deals.
With a $70 ad budget he got 130 installs and 2 paying users. Then he left Android for a Chrome extension and sold 7 copies in a week
The developer spent about 10,000 yen on Play Store ads for an Android app and got over 130 installs but only 2 subscribers. The same developer then launched two Chrome extensions with a combined 41 installs, and 7 of those users bought the Pro version — revenue overtook the app within a week. Conversion rose from roughly 1.5% to roughly 17%.
90 quiz apps, 8.2 million downloads, ¥20 million+ in revenue — the real picture of mass production, where only 2 in 10 hit
A solo developer who specializes in quiz/personality apps released 90+ titles over four years, reaching 8.2M downloads and over ¥20M in revenue, while admitting flops like a 5,000-download "romantic type" quiz.
A tech-book ranking site built from 300,000 Qiita articles hit 100,000 yen in revenue three weeks after launch
A solo developer aggregated roughly 300,000 Qiita articles via API to build a ranking of 4,000 technical books, and the site earned 100,000 yen within three weeks of launch. The turning point was setting aside his own passion project after a prior failure and rebuilding the concept from scratch by studying and copying successful examples.
A crypto side-hustle app went from ¥300,000/month to a few thousand yen. 20,000 installs, ¥18,000-per-referral, and how it vanished
A manufacturing employee's hobby crypto demo-trading app "BitVirtual" hit 20,000 installs and ¥300,000/month during the 2017 boom, with exchange affiliate payouts up to ¥18,000/referral — then collapsed to a few thousand yen a month a year later.
A Notion-to-spreadsheet sync add-on hits $8,400 MRR: how it reached 400+ paying customers in two weeks
Leandro built Notion2Sheets in two weeks after Notion's API launch, growing it to 40,000 installs and $8,400 MRR. Killing the free plan was the turnaround.
TalkNotes: Sold for $200,000 in 11 Months — Why the $7,000-MRR AI Voice-Memo App Chose an All-Cash Deal
Nico Jeannen sold his AI voice-memo app TalkNotes for $200,000 just 11 months after launch — turning down a higher $300,000 earnout offer for cash up front.
Launch Fast: Built in 48 Hours, $15K/Month in 30 Days — Inside the Non-Technical Founder’s Path to $450K/Month
A non-technical founder built an MVP in 48 hours and grew Amazon-seller tool Launch Fast to $30K MRR after equity-swapping for access to a coaching program's audience.
Warary!: A Comedy Live Show Search Service Built Solo for 2.5 Years, Then Sold to a Company
A case where the comedy live show search service "Warary!" was run solo for two and a half years and sold to a company in 2020. The sale price is undisclosed, but the developer has published his rule of thumb — "monthly profit x 24 months + goodwill" — along with his criteria for deciding whether to sell or keep going.
Easy Folders: One Chrome Extension, $3,700 MRR and $42,000 Lifetime Revenue in 6 Months — a “Fill the Gap” Structure
Edmund Yong's Chrome extension "Easy Folders" hit $3,700+ MRR and $42,000+ in lifetime revenue 6 months post-launch. Running costs are just his Mailgun bill. This piece breaks down a structure built on filling a $9/month gap: ChatGPT's missing folder feature.
Trends.vc: From $15 Lifetime Revenue to $24,000/Month in a Year — What Changed Was Where It Drew the Paywall
As of March 2020, Dru Riley's Trends.vc had lifetime revenue of a single $15 donation. By August that year it hit $24,000/month, and $38,000 by October. What worked was redrawing the paywall from "every other issue" to "the back half of every issue."
Photopea: “Photoshop That Runs in a Browser,” Built Solo for 13 Years — a Bizarre P&L of $3M Revenue on $12,600 in Expenses
Ivan Kutskir started building the browser-based image editor Photopea while a student in 2012. It ran unmonetized for five years before he added ads in 2017. By 2021 annual revenue hit about $1M, and by 2024 it reached $3M (90% from ads) — with expenses of about $12,600 a year and development still done by one person.
14 years of solo development to reach ¥1M/month — the revenue curve from 290,000 page views for ¥100,000 to 4.22 million page views for ¥1M
SiRO, a former systems engineer, reached ¥1M/month after 14 years of solo development. At ¥100,000/month, traffic was 290,000 page views; at ¥1M/month, it was 4.22 million. The turning point was abandoning user-submission-based services in favor of tool-type products — visible in the shifting revenue-per-pageview curve.
FAQ
- How much do indie developers earn?
- Cases here range from a first payout of ¥22 to ¥1M/month reached after 14 years, and PhotoAI at $132K/month run by one person. Ad-only tools at ¥100K/month and a ¥4,000/month subscription with 50 paying members are documented with sources.
- Can an indie project be sold?
- Yes. Zenn was acquired by Classmethod four and a half months after launch, MENTA sold to Lancers at ¥1.4M monthly revenue, and Potion changed hands between individuals for $300K.