In a Mobile-first world, one can build an app, launch that app, and the money will follow. This might be wonderful in hearing, but the process is as much difficult and more complicated. The users have a wide-variety kind taste, and they have massive selections criteria with more the 2 million apps in the Apple store and more than 3.5 million apps available through Google Play. If you have already developed and launched a product in the market or have been considering mobile app development, driving revenue has probably been top-of-mind. Developing a sustainable stream of revenue involves defining a mobile app monetization path-just, as many other businesses do.
What Is Mobile App Monetization?
Mobile app monetization is exactly what it sounds like- a method or a technique to generate revenue from a mobile app. And, there is a very productive reason that every app owner or app developer wants to perform this task.
In the year of 2017, there is a report from Comscore about the US has been reviled and that report was focused on user media consumption habits.
There were Smartphones user recorded more than desktop users, and it is clear from the report that most of the users are spending their time on Smartphones and by means of Smartphone; we would like to say that mobile apps are in much demand.
By the mean of this record most of the people relying on their phone to complete their various tasks via using mobile apps.
Due to this massive usage of apps, mobile app monetization becomes far easy for the app owners or the app developers.
Time Spend On Apps by Users
On average, consumers spend 2.3 hours every day engaged with media in mobile apps. This concept is one and only one of the vital reasons why top news publishers choose to develop mobile apps and monetize them too.
How Do I Monetize a Mobile App?
Being an app owner, at the end of the day, you have to think about your users and their journey. Based on how you believe they will utilize the app, where does it make the most sense to monetize it? Here we have mentioned some beneficial methods to monetize an app.
Method 1: Paid Downloads
Paid downloads are a method of earning more money through mobile apps. Every time users click or download your mobile app, they pay a download fee. Hence the more your cost for your app, the more you earn from the paid downloads. But, you have to be very attentive about how you price this compared to what you deliver.
Method 2: In-App Purchases
An in-app purchase is a better choice to acquire more money. It takes numerous structures a new exercise in a healthcare app is a one-time trick for the mobile game, another user level or reward, or a top-notch include in an efficiency app. The significant thing to recollect is that your app ought to be practical without the extra purchases with the extra serving to upgrade the user experience.
Method 3: In-App Subscriptions
Freemium content also refers to as In-App Subscription, and it is similar to in-app purchases in that the spending of money opens users up to new parts of the app experience.
Meanwhile, there is a slight difference between in-app purchase and in-app subscription. In-app purchases are typically the items, events, or the content that are viewed as a bonus of a reward.
In-app subscription, on the other hand, offers users the true version of the app. Choices for paid premium upgrades are then made accessible so they can undo the rest of the experience.
With mobile apps, this usually comes in the form of gated substances you can access after subscribing the App.
Method 4: In-App Video Advertisement
Video has long proven its worth as a powerful & a connective way to convey exciting content and turns consumers into loyal fans. So, it’s not a surprising element to find out that video ads are doing the same for mobile marketers across the world.
As of the third quarter of 2018, there are 4+ million apps in the world of which 90-94% are available for free. Thus, the question is, how do these Freemium apps make money? The answer can be found in 3 alphabets – ‘Ads.’ By 2020, mobile apps are forecasted to generate about $189 billion in revenue through app stores & in-app advertising.
Method 5: Apply the Freemium Model
The freemium model is another unique strategy to social event revenue from the users. The model is generally sought after by online services, including digitized apps. Freemium apps fundamental strategy is straightforward. The app distributors offer the app free of cost at first and after that approach users to pay for opening a further created version. The customers who love the helpfulness of such apps are sure to pay to some degree more for it. The impelled variation of the app is for each situation more-incorporate rich and is made available under the freemium version. Here is an instance of Evernote grasping tantamount method.
If any startup or entrepreneur are wishing to change their business to the mobile the subsequent to performing mobile application development, must play out some mobile app adapting strategies with the goal that they can win more from their mobile apps.
Here we have mentioned some of the best mobile app monetization techniques to explore, and this article will let you understand that which of the monetization technique the best fit is for your business.
Author Bio: Radhika finds covering the tech world to be an exciting and engaging experience as each day brings new and groundbreaking technologies to explore and write about. A believe that words are our most inexhaustible source of magic, makes her fortify to writing pieces that enhance the visibility of any brand and helps them position themselves in the best possible way.
Published By: Anish Tiwari is an SEO/SMO expert and Blogger who loves to write and explore newness relating to IT, Search Engines, Web Development, Gadgets, etc. Follow me on Facebook and Instagram for the glimpses. You can also find me on Twitter and LinkedIn for better communication.