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
- 53
- Sale price
- 9.8億円
Indie developer cases
1–27 of 53
VMagicMirror: ¥10M on BOOTH While Giving Away Nearly Every Feature for Free
VMagicMirror, a Windows app that puts a VRM avatar on your desktop, passed ¥10 million in cumulative BOOTH sales four years after launch — with nearly every feature included in the free edition. No ads, no social account, no analytics, and the developer kept his day job.
Repsona: Five Years Solo, ¥12.4M Total Revenue — The Open Ledger of a Task-Management SaaS Its Maker Calls a "Startup Failure"
The developer of Japanese task-management SaaS Repsona published five years of numbers: total revenue of ¥12,403,567, 5,873 registered spaces, 14,641 cumulative users. Ads cost ¥500 per signup, but free-to-paid conversion was about 1%. A look inside his self-assessment: "a great success as a hobby, a big failure as a startup."
kan.kikuchi: ¥5,913,887 a Year from Solo-Built Joke VR Games — With the ¥420K Build Cost and 813 Hours All on the Record
A solo developer's VR games grossed ¥5,913,887 in their first year, netting ¥4,490,828 — more than 80% of it from a single title, Chupa Chupa VR. He published the build cost (¥420,544), the hours (813) and the refund rate (14.1%) too.
An Anonymous Solo Developer's ERP Integration SaaS: ~¥3M MRR with Zero Employees, Zero Ad Spend — and No Hand-Written Code for Six Months
A middleware SaaS that converts legacy ERP SOAP/XML interfaces into modern REST APIs reached roughly ¥3M in MRR with zero employees and zero ad spend, its operator disclosed on Zenn. For the past six months every line of code has been written by Claude Code. SEO posts targeting error messages drive acquisition. The operator is anonymous, so the figures cannot be externally verified.
Jammsworks: Two Childhood Friends, 49 Escape Games and ¥600M in Cumulative Revenue — It Started by Reading 100 Rivals' 1-Star Reviews
Two childhood friends from Gunma released 49 escape-room games between October 2016 and August 2024, passing 30 million downloads and ¥600 million in cumulative revenue. The starting point was reading the negative reviews of 100 competing titles and building the opposite. They also disclose the failure that halved revenue on game two.
280blocker: The Solo-Built Ad Blocker That Sold for ¥377M — 14x Its Operating Profit — When Its Developer Fell Ill
iOS ad blocker 280blocker was sold to listed company Tobila Systems for ¥377 million in August 2021. Its disclosed financials showed ¥38M revenue and ¥27M operating profit, putting the price at roughly 14x annual profit. The app had topped Japan's App Store paid rankings three years running — and changed hands when its solo developer fell ill.
Podscan: $4,000 in the Red Every Month, Two Months After Declaring Profitability — Arvid Kahl's Second Act Is a Fight With GPU Bills
Podscan, the current venture of FeedbackPanda seller Arvid Kahl, transcribes 50,000 podcast episodes a day. One month in: $300 MRR against $2,000 in costs. Profitable after one year — then a big-customer churn flipped it to $6,000 MRR against $10,000 in expenses. He narrates the whole ride, weekly and in public.
Genji Reincarnation: 32 copies in month one, and a payout of zero
Usagijo spent about three years building the visual novel Genji Reincarnation and sold 32 copies on Steam in its first month, one of them refunded. Revenue never reached Steam's $100 payout threshold. Ten press pitches, 25,200 ad impressions and 24 activated review keys are all disclosed tactic by tactic.
Take Me to Koshien: ¥12.9M in 11 months, and the ¥100 ticket that multiplied IAP revenue by ten
Yu Furuta, a solo developer in Nagoya, shipped a high school baseball manager sim in November 2017. By the end of September 2018 it had earned ¥12.9M in total, peaking at ¥2.57M in August. With 48,000 downloads and about 3,000 DAU, 76% of revenue came from in-app purchases. The turn came from a ¥100 draft ticket.
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.
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.
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.
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.
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.