In the world of digital, business is understanding the need for technological tools and trends into their hands that help to grow their businesses. It is important to know that everything is not affordable, you need to put your efforts, time, and money to make it worthwhile.
Mobile apps are crucial for any business to operate smoothly and effortlessly. Therefore when someone talks about the mobile app, there is one question that keeps arising: how do free mobile apps make money? It is not hidden from anyone that designing and developing an app takes lots of time money and resources to make money through the apps.
In the mobile app market, free mobile apps are the ones who rule the market with 90.3% on the app store and 96% on the play store. Now you must be wonder how these free mobile apps earning revenue and what monetization strategy they are following.
Nowadays almost every person is using 7-8 apps on a daily basis and only 5-10% of app users use the paid apps and approx 98% of the income is generated from free mobile app downloads. There is no doubt that a vast number of people use free mobile apps.
Therefore we have decided to tell you through this blog how you can earn money from the free mobile app. There are some app monetization strategies that assist the free mobile to earn revenue.
Monetization Strategies for the Free Mobile Apps
In-app advertising
This is the easiest and most widely used monetization method. In this method, you let the ads show on your app and get the money according to the number of clicks the advertisement gets through your app. When you put a video ad rather than a banner ad, you get more than a banner ad in this the duration of the ad and how often you play it also matters. The native apps are considered less annoying than other ads because they are less distracting. Always give the users to close the option to close the ad or tap to learn more about the promotion.
Freemium
This model allows you to make money from a free app. This model is almost identical to the subscription model. The difference between both is that the app users can use the free version with basic features without any time limitations. But to enjoy the premium version features, users need to pay a monthly or annual fee. As per the stats, only 2% of the users buy the premium version of the app.
Subscription
This model enables the app company to make money from the free apps providing the paid subscriptions. This model only works for those apps that have high user engagement, like educational or productivity video or music streaming apps. This subscription model allows the users to use the app on a trial basis and after the end of the trial, users need to buy the subscription to use it further.
Sponsorship
This technique is identical to the ads but the difference in the in-depth integration of the app. Besides running ads, you can place the sponsor’s icon or logo on the screen. The most crucial part here is to find the right sponsor for your app. This strategy works more effectively if you can easily find a sponsor that targets a similar market.
In-App Purchases
This feature allows the users to unlock new and pro version features or levels after purchasing the upgrade version of the app. This monetization model offers an additional bonus, virtual currency for the game, premium content, or unlock the additional level. This monetization model approach allows you to sell different items to the users. This model assists to increase user engagement and make the user addicted to the screen. This model comprises combining a native app store payment gateway.
Conclusion
Therefore, free mobile apps have occupied more market than paid apps. As we have already discussed in the article above, there are various app monetization strategies that free apps can use to earn money. We highly recommend selecting the right monetization strategy for your free mobile app.
Till then, stay safe, stay at home, wash your hands, and be happy
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