Got an app idea? Here is how to monetize it
From connecting with friends and family to organizing your finances, catching up on current events, finding a new restaurant or just entertaining yourself – there's an app for that. In fact, mobile apps have become so ubiquitous that, according to Forbes, mobile users across 10 countries averaged 4.8 hours per day spent on apps.
And time isn't all people are spending, either. According to Grandview Research, in 2019 the global mobile application market was valued at $154 billion – and projected to grow to more than $407 billion by 2026, according to Allied Market Research.
With that kind of money on the table, there's no reason not to start monetizing your app idea now. While there are several ways to do this, a good developer can help you determine what suits your idea best.
In-app advertising
It's not difficult to understand why the bulk apps that actually get downloaded are free. That said, even if an app is free to download and free to use, that doesn't mean it can't make money – in fact, many of the most profitable apps don't cost users a dime.
One way to monetize your app idea is to provide in-app advertising opportunities. By allowing affiliate businesses to purchase ad space (think banners, interstitial ads and video ads), you can keep your app free for users, while keeping the technology profitable – a win/win.
In-app purchases
A mobile app that's free to download can certainly be monetized with in-app purchases. Using this model, users download and use the free app, but have the opportunity to make purchases to increase functionality, remove ads or enhance the user experience, according to Purchasely.
In-app purchasing is widely popular across all types of apps. For gaming apps like Roblox, users can make purchases to enhance their game, while health apps like MyFitnessPal allow users to upgrade to a premium version with more tools and functionalities.
Subscriptions
Most people who use mobile apps are accustomed to the subscription model – a popular way to monetize the user experience. Subscription apps are profitable because users pay an ongoing premium in order to continue enjoying the app.
According to Upland, subscription apps provide owners with more reliable income, as cashflow can be predicted on a month-to-month basis. As long as users continue to find value in the app, subscription-based monetization can be an incredibly profitable tactic.
The paid app
While free might be everyone's favorite price, people are certainly willing to pay for something they deem worth their money. A paid app – which costs users a one-time price to download and use – can be attractive to users who are uncomfortable with subscriptions or don't want to be upsold within the app.
Of course, to convince users to pay to download your app, you'll need to convince them it's worth the price – and better than any similar free versions. This is where an innovative developer can be critical in helping you create a unique app that stands out among the competition.
If you're ready to monetize your app idea, you've certainly got options. But your first stop should be a developer that can bring your idea to life. Apps Tango's skilled iOS and Android app developers transform visions into a stylish, functional and profitable apps. To get a quote for your business or idea, visit Apps Tango.
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