Mobile application development is a business that can be really lucrative if you choose the right monetization strategy. You can get hold of tools that will help you make your product your main source of income. There are a lot of models and below we talk about the most popular ones.
The ways to monetize Android and iOS mobile applications
The following tools are widely used in the course of Android and iOS app monetization:
- Advertising within your app. These can be banner, native, interactive, and video ads. You sell your app’s advertising space and the publisher pays you for it.
- Built-in purchases. You can sell virtual currency to help users buy the stuff they need to play, e.g ammunition (if we talk about a shooter game). However, users are not very likely to pay for these.
- Freemium, or the access to additional features of your application. In this case, the gaming process is generally free of charge, but to get access to a wider content and range of tools people need to pay. This is the model used on some PC software.
- Subscription is similar to the freemium model, the only difference is that users pay regularly, e.g. monthly. This way they gain access to the full set of features for a certain monthly fee. However, this model is not advised for gaming apps that do not publish upgrades regularly.
- Paid download. It may seem surprising, but this method is still in use and can even bring you revenue. The main advantage is that each new user brings you money.
The best way to monetize Android and iOS apps
Each strategy that is based on the income being obtained from the user is rather risky, especially, if you consider the abundance of free applications on the market. Moreover, there are fewer and fewer people willing to pay for something in a game.
Under these circumstances, it makes sense to start making money on advertising. You, as the app owner, provide your product as an advertising platform, and this way you monetize it.
If you have been wondering whether pop-up ads or videos will annoy the users, the answer is no, provided you turn to programmatic advertising services. The software selects who to show a certain ad to, and it will be demonstrated only to the targeted audience interested in the offer. This way you do not risk anything.
