Mobile app market is booming. Every day, thousands of mobile apps are being developed and every second hundreds of apps are being discovered and downloaded to mobile devices.
In the recent few years, mobile and Smartphone companies have witnessed drastic revolution in the mobile apps development sector. Because of this, choosing and implementation of mobile app monetization strategy has become a difficult task for mobile developers
An app should always meet both the user and ROI expectations. If a Mobile application developer wants some serious earning out of his app, then it can be done through a correct app monetization strategy that should be an integral part of any app development strategy.
Mobile app monetization is one of the most exciting opportunities to hit the global marketplace. It is fast becoming an attractive option for firms to deploy their mobile apps in the marketplace.
Types of Mobile App Monetization models:
Paid apps and free apps are the two main branches of app monetization.
1) Paid apps can only work if the application created is really unique and classy. Also the platform also matters on determining the prices. Currently, paid downloads represents about 24% of Apple App Store revenues.
2) Free apps is the most popular monetization strategy with users and with developers.
Free app model offers 5 different options for earning money: in-app ads, freemium, in-app purchases, Ad based revenue, Social ads etc.
In app purchases – In-app Advertisements have often become the effective strategies associated with the monetization of the mobile apps. 71% of all in-app purchases come through apps that are free to download.
Ad based revenue – It is a a great monetization tool where developers can monetize their app by displaying banner ads, video ads, push notification ads on their app. .
Social ads – Developers can use their social ads and generate greater revenue within their application.
Fremium – It is a well-established online business model that can also be applied to mobile apps. Offer a free app and let people unlock premium features such as additional levels for games or more exercises for a workout app.
Choosing the right business model is very essential for app’s success. The right model can mean maximizing both users and revenue. A great app + A great promotion + Great monetization tool= Huge profits
At Krify, we work closely with our clients building the strategy for development and monetization for their App Success.