So you have built your own app, Greetings! In fact, mobile applications are really helping in transforming the digital environment. Helps businesses to interact with their customers in a much effective way. But the ultimate goal of every developer behind creating an app is to earn profit.

So, today we are going to share several app monetizing strategies which you can avail with your Mobile Application. Various lucrative ways to generate revenue from your app are listed below.

App Monetizing Strategies in 2021

The most common and talked about monetization strategy is paid downloads. You can put a minimal price tag on your app if you don’t want to offer it for free. As the number of downloads for popular apps can rise to hundreds of millions, providing your app for just around $1 can help you make a notable amount of revenue.

Paid Downloads

A majority of mobile apps, in particular, cost below $1, and most of the apps available on the App Store and Play Store cost less than $5. But Paid Downloads monetization model has one greatest disadvantage, that is, one can’t draw as many downloads as one would get for a free app.

To understand this let’s look into this comparison:
Topping the chart, the 2 free apps on Google Play Store are Google Pay and Zoom Cloud, both having 100 million+ downloads. And the top 2 paid apps on Google Play Store are Navigation Pro and Scanner Radio Pro with the number of downloads as 500k+ and 100k+, respectively. This clearly shows the difference!

In-App Purchases

You can monetize your app through an in-app purchases model if you want to give it for free. There are several gaming apps that follow this model including the famous mobile battle royale game PubG which are available for free on the Play Store and App Store.

In-App Purchases

If we look around the collection, PubG mobile gaming app has collected more than $1 billion solely from in-app purchases in 2020 alone. After downloading it for free, the game, as you progress, allows you to purchase several crates that offer various outfits and weapon skins for your character.

So, if you want to increase your downloads by giving your app for free then you can incorporate in-app purchases monetization revenue model.

The most popular way to monetize a mobile app is the Subscriptions model. Giving mobile app subscriptions is an excellent way to generate a substantial revenue stream if you are offering Software as a Service (SaaS) on mobile. Here you can dispose of a freemium model, in which you can give a version of your app with limited peculiarities/features for free.

Subscriptions

The most popular way to monetize a mobile app is the Subscriptions model. Giving mobile app subscriptions is an excellent way to generate a substantial revenue stream if you are offering Software as a Service (SaaS) on mobile. Here you can dispose of a freemium model, in which you can give a version of your app with limited peculiarities/features for free.

Subscriptions

And if your consumers want access to more features, they can subscribe to a premium plan and get added functionalities. Amazon Prime and Netflix are amongst the popular examples of subscription-based app monetization.

Advertisements

Many apps don’t have a product or service to sell, however, they still monetize their app by putting ads on it. Putting ads on an app works similarly to showing ads on a website. One can sign up for an ad network like Google Ads, and in return, the ad network displays ads on your app, and you get paid if the visitor sees or clicks the ad.

Several mobile app providers offer a premium ad-free upgrade. One can give a free app integrated with ads, along with a choice to upgrade to an ad-free version.

Advertisements

But this monetization model has the biggest drawback too. App users really frown upon ads while scrolling down the mobile application. Advertisements and pop-ups that hamper user experience can affect the usage of your app and brand in the long term. So, one must be very thoughtful while putting ads on the app.

Sponsorships

Lack of relevance can be a significant shortcoming of showing advertisements on your app. Though there are sufficient roadblocks that don’t allow adult advertisements on your site, it is not guaranteed that the ads will be appropriate to your users.

Sponsorships are somewhat an upgrade to conventional advertisements. Here, you can work with particular advertisers and display the ads that you want on your app. The model provides you with complete control, and you can pick which ads you want to display. Henceforth, you can put up relevant advertisements according to your consumer base and provide a better experience with your app.

Sponsorships

The online advertisement market has gained a tremendous boost since the pandemic. Mobile app monetization has yielded enormous revenue to several apps in the market. This is a good time and opportunity to give a boost to your app through the above-mentioned monetization models.

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