Mobile app monetization is the procedure of producing a stream of revenue by leveraging the user base of an application that in turn boosts engagement and actions rewards. Do not have much clarity on how to monetize your apps? The Mobile App Development Companies in Australia can help you with the best advice.
The following sections of this article will elaborate on the concept of app monetization and how it works. Read ahead.
Why You Need An App in the First Place?
As per a 2017 survey on user media consumption habits, the smartphone application is as common as all other platforms in combination and this number has grown exponentially in 2021 and 2022.
The facts are enough to reveal the significance of creating mobile apps for monetization purposes.
Should I Monetize My App?
The clear answer is yes. In the absence of implementing a comprehensive monetization strategy, your app may not be able to earn revenue and it will be hard to recoup the cost, time and resources invested during the app development process.
According to an expert prediction, the app industry is more likely to grow in the years to come, and the revenue is forecasted to hit the mark of $613 billion by 2025.
This kind of data reveals the answer to the question if you should monetize your app.. However, not all the apps can be monetized like the apps related to a workplace since you cannot charge your employees to use the app.
Eminent App Monetization Models and Strategies
Freemium Model
Under this strategy, first you create a basic verion of the app that is free for the users and then you offer a distinct version of the app. The basic features are free, however, exclusive features are paid. Make sure the free version is good enough to entice the users toward the premium features.
Paid Downloads
In paid downloads, one can make money by charging a specific download fee from the users. However, charge a reasonable amount that users are used to paying.
According to a Statistica study in 2020 prepared using the data from the Google App Store, most of the paid apps have less cost than 1 dollar and the average range is below 5 dollars.
Subscription
This is a popular model to generate revenue. You can generate recurring revenue through this. You can earn from monthly and annual subscription fees rather than a one-time app download. This model falls under the freemium category.
Advertisements
This is a way to earn revenue through sponsored ads. Your app is free to incentivize the number of users. More and more users will give rise to your revenue through the ads.
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