Like any other digital product, iOS and Android mobile applications are created, first of all, to get revenue. After the app has been developed, tested, and launched, you will need to choose the monetization strategy, i.e. the way it is going to bring you profit.
Ways to monetize your app
To make money on your product (games included), you might consider one of the following strategies:
- Paid download. This method is gradually going away but is still sometimes used. Its great advantage is that it provides the product owner with instant income. However, this advantage is rather vague, as nowadays it is hard to find anyone who would be willing to pay for the download, especially when we talk about new apps.
- Another method is paid subscription, which is a good option for video streaming apps. Users buy access to the service for a certain period and have unlimited access to the content. Yet, this is not a viable strategy for gaming or service applications.
- Freemium is a business model that offers a free limited version of a product along with an extended paid one. The app itself is free-of-charge but if the users want to enjoy the whole range of features, they will have to pay.
- In-app purchases allow users to buy the features they are interested in through the app’s virtual store. These can be additional lives in a game or tools that help them pass the tricky levels faster.
- Advertising, in its turn, enables the owners to keep the app free for their audience by showing them ads. This way the monetization takes place at the advertisers’ expense.
Which is the best way to monetize an app?
Taking into account the budgets that have been allocated to display advertising, we can surely say that today it is the most efficient method. There are multiple convenient platforms that can be used for the fast implementation of this mobile app monetization strategy. Owners and developers need to register at the supply side platform which is going to suggest their ad space to various advertisers. This technology provides a number of significant advantages:
- You can set up the minimum rate and work only with premium advertisers.
- The application remains free of charge for the users.
- Fast monetization rates, as the revenues start flowing in right after the ad campaign has been launched via your personal account settings.
We need to point out that the ads are shown only to a precisely targeted audience. They are also organically embedded into the application interface and will not obstruct the content or interfere with it.
