One issue, how to make money with apps in a world where they are a part of daily life, is still unresolved. The most simple way could be to create a premium app, but given that 97% of applications in Google Play and 94% of apps in Apple's App Store are free, this option isn't as attractive as it might appear. So, do all these creators of free applications work for nothing or do their applications generate income?
Here's a look at 9 proven strategies on how to monetize your free apps.
1. Advertisement
The majority of app revenue comes from in-app advertising, which has grown in popularity and engagement, particularly in developed economies. Gadgets and mobile advertisements increased in 2020, when the COVID-19 epidemic increased demand for digital products.
For instance, researchers from App Annie estimate that worldwide ad expenditure will reach $240 billion in 2020 from the $190 billion it was in 2019. Global ad expenditure is anticipated to reach $290 billion in 2021 and expand at a CAGR of 21%.
2. Marketing through Referral
Referral marketing is a different category of in-app advertisement. The key idea is that you promote an affiliate product or service in your app and be compensated for clicks, views, impressions, or downloads.
In order to generate value, you should concentrate on luring marketers who are interested in your audience. Additionally, you may earn more money from your free apps the more active your user base is.
3. App Store Purchases
One of the most popular methods of monetization is in-app purchases. In-app consumer spending climbed 30% YoY (year over year) globally in 2020 compared to 2019, according to Sensor Tower. In-app purchases in the top non-game applications increased in price to a median of $5.99 in 2020 from a median of $3.99 in 2017, indicating that customers are willing to pay more.
4. Subscriptions
A subscription is a mechanism for a user to upgrade their degree of desired access for a certain amount of time or to increase the app's capabilities. Different software categories, including productivity and graphic editors, cloud services, and digital news sources, all employ this kind of revenue.
5. Promotion
You can create a cooperative relationship with a business if you can identify one that serves to similar users and has a sizable marketing budget. It will sponsor your app in exchange for you advertising its products or services.
The distribution of content, branding the app's design to the sponsor's company, and in-app advertising are just a few of the many ways that promotions are carried out. Any promotion's primary goal is to increase awareness of the sponsor.
Find the rest of the strategies in our blog article.
Understanding ARPDAU and its ImportanceThe business of mobile app development solely depends on the revenue generated.
It is the only magnitude by which we can judge the health and popularity of a mobile app on the app store/play store.
Thus it becomes much more critical to understand ARPDAU and how the game of mobile app monetization works.Increasing ARPDAU has a positive impact on the app monetization rates and makes the mobile app famous amidst its targeted audience for a more extended period of time.
There is an enormous experienced mobile app development company that is making sure they update the app time-to-time but the new app development company might not know the significance of the app update and why is it required.
If you are new in the world of app development or want to come in this field then you must have to know about the factors that help to identify when you need to update your mobile app.Read More at : https://www.appsinvo.com/blog/factors-identify-when-to-update-to-your-app/
