The ultimate goal of the development and launch of any mobile application is to obtain revenue, and the approach can vary depending on the app. I have chosen the eight most widespread ways to monetize Android and iOS apps the brief outline of which you can find below.
8 Ways To Make Your App Profitable
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Here are some strategies that help you monetize your app:
- Advertising is the most and fastest growing tool. Monetization takes place via the demonstration of native ads in the app. These can be images, short videos, animations, or interactive samples. The income is obtained through the sales of advertising space which the advertisers buy on different ad exchange platforms. This is a viable strategy for any type of app, including games.
- The in-app purchase strategy means that the users buy virtual goods within the application and pay real money for those. The items available for purchase are most often specific objects in the game that make the process more enjoyable and easier. However, the number of players willing to pay for such perks has been going down year after year.
- Freemium is the model familiar to many users when the basic features of an app are free of charge, and the extended version is available on a paid basis. This is the principle that used to be applied in the so-called shareware computer software, but it has the same downside as the in-app purchase scheme – there are not that many people ready to pay.
- A paid subscription is the method promoted by Apple and Google. This strategy means that the users are regularly charged for a certain period they use the app or have access to the content. This is a great strategy for video streaming services, yet, it is quite hard to gain a loyal audience ready to pay regularly.
- The paid download is, probably, the least feasible way of mobile app monetization. Its ole advantage is that the owners get instant income with every new download and every new user. However, not many people are ready to pay for an unknown app, especially, when there are lots of free alternatives.
- Paid functions work well, e.g., in VPN apps. The free version might include a limited number of countries, whereas the additional payment gives the user access to several dozens or even hundreds of locations. Another example of this strategy is the paid no-ad version of an app.
- Marketplaces and service applications often operate on the percentage of the transaction basis. The owners get paid for every transaction that took place via their app. The disadvantage is that the owners become the persons liable for the quality of goods and services ordered through their apps and might be involved in various claims and disputes.
- Apart from all the abovementioned, there is a range of mixed strategies including several different ones. It is up to the owner to decide which methods are worth applying to their product.
What is better?
It is obvious that advertising is the most efficient method. You do not need to charge your users, your app remains free of charge, and it is the advertiser who pays for everything. It is a great tool that involves no risks and allows you to monetize any mobile application, including gaming ones. You simply sell your ad space and obtain passive income.
It is obvious that advertising is the most efficient method. You do not need to charge your users, your app remains free of charge, and it is the advertiser who pays for everything. It is a great tool that involves no risks and allows you to monetize any mobile application, including gaming ones. You simply sell your ad space and obtain passive income.
*Collaborative post
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