Mobile applications development is increasingly becoming one of the most lucrative sectors with over approximately 170 billion applications being downloaded every year. The market is mainly dominated by apps from technology giants like Google, Facebook and Instagram or the gaming apps. In comparison to the desktop users there has been a tremendous growth in the mobile users over the years. Hence it is important for the businesses to migrate to mobile apps for an increased return on investment. The advantages of having mobile apps are many like they are faster then the websites. Also some of the mobile apps can be accessed both online and offline. The mobile apps offer great functionality by using the device features as well. Having a mobile application might be a great decision from the business perspective but what if you could monetize your app? Yes, by implementing certain in app features one can generate good amounts of revenues as well.
There are many ways to monetize mobile apps and some of which are listed below. The first and the most simplest and lucrative option is to advertise on your apps. This is one of the most common and profitable methods to monetize your application. It works more or less like an Adsense for your app. Some of the types of in app advertisements that can be used are interstitial ads, video ads, text ads, native ads and banner ads. The revenue from these ads are generated by three models that is cost per install, cost per click and cost per mile. Charging for app installs is another method to monetize your app. This might not be an ideal scenario keeping the user in mind but it one cannot negate the fact that it does generate revenues. Charging for app installs can be driven through websites by creating a value proposition for the customers.
There are other apps where only a few functionalities are free to use but others require an upgrade from the customer side. This is another excellent method that can be used to monetise your app. Another common method is to monetize the in app purchases. These purchases can be of two types consumable and non consumable. One time use only purchases come under the former while the later includes forever lasting purchases. Lastly one can monetize the mobile apps with sponsorships as well. Depending upon your user base and popularity other brands can showcase interest in advertising on your app.