What Are the Suitable Ways to Monetize Apps in 2020

App monetization is a technique through which you can utilise the existing user base to generate revenues via app usages. The demand for app development has grown up exponentially in recent times due to the increase of smartphone users globally. So to meet the increasing demands companies are constantly looking for ways to make their applications successful and popular. For this the main focus should be on making apps engaging for the target users. Following this you need to devise suitable app monetization techniques for revenue generation. 

Paid apps, advertising, in-app purchases are some of the ways through which you can generate significant revenues for your business. From this post you can have valuable insights whether you are doing it for the first time or even trying to optimise your revenues of a successful and popular app. Moreover, this post will also give you a clear cut idea about a blend of strategies or any definite one for boosting the financial value of your applications. 

Now from the following discussion you can get to know how proper monetization opportunities can make your apps successful and popular

Paid Apps : One of the oldest and most straightforward techniques for monetizing your apps is to pay upfront for downloading. Here a definite price has to be determined which can be collected after the share of your selected app store/stores. For popularising paid apps measurable benefits have to be demonstrated for the target customers or users. Before getting on with paid app monetization technique you have to do a competitor analysis to assess the standard prices for your app category. In addition to this app download analytics has to be evaluated to strike a balance between your revenue target and customers’ payment.

In-App Advertising : To make your apps profitable this is another important strategy which needs to be considered. This technique is highly versatile in the sense that user experience will be hassle free as variety formats are used in a customised manner. 

With ads you can make your apps free which helps in scaling your audience as downloading involves no cost. Through this technique advanced targeting options can be availed through which any amount can be paid for reaching the targeted audiences fast. 

The evolution of mobile technology has made mobile advertising one of the leading forms in this direction. As large sections of the prospects can be reached through this medium, advertisers tend to spend more on mobile devices. With its growing popularity it can be predicted that in 2022 mobile advertising will surpass major forms like radio, tv, print etc. 

Compared to 180 billion dollars revenue through mobile ad in 2018, the same increased upto 217 billion dollars in 2019. Thus you can realise how popular this strategy can become for app monetization.

Out of various ad formats like classic banner ad, interstitial, native advertising etc, banner ads are the most common as they are simple and reliable and are also compatible across various app categories. 

In-App Purchases : Using this technique apps can be made capable of yielding good money for your business. Charging upfront for your apps is probably not the only solution to generate revenues. In fact there are plenty of ways through which users can be charged for payments in the future. Apart from gaming apps, in-app purchase model can also be well used for apps meant for dating as they involve frequent verbal and textual communication.

 App publishers and users can both be beneficial if this technique is rightly executed. With the popularity of freemium apps, in-app purchase model has gained more prominence. Considering its current growth rate it can be estimated that in 2020 the revenue from this model can go upto 71 billion dollars. 

Why App Monetization is Necessary

From the aforesaid discussion, it is quite clear that mobile apps if monetized properly can be a good source of generating revenue. Across the world, the number of app users has become more than 5 billion and is still growing.

Considering this, statistics have revealed that by 2023 the mobile app revenue globally will go upto 935.2 billion dollars compared to 97.7 billion dollars in 2014.

Thus it can be rightly said that mobile apps can be an effective platform to increase business revenues by applying various monetization strategies. 

Conclusion : Hope you are now aware about the fact that to make your apps popular and successful you need to monetize them using suitable strategies. In today’s competitive world, you should not hesitate to get in touch with us if you have thought of making your applications prominent.