Thanks to the top app development companies, mobile app development is now the most appreciated service to mobile users because of the experiences they enjoy from using apps. In 2016, financial experts predicted that the global app revenue will hit the $20 billion mark by the end of the year 2020. However, the global app revenue hit $39 billion in the first half of 2019; that is almost double the projected amount, meaning that
app development companies and the mobile app market as a whole are generating more revenue than expected and equally being more embraced globally. And right now, the projected app revenue at the end of 2020 is a whopping $189 billion based on the current projections. This shows just how the mobile app industry is thriving.
As of 2017, there were approximately 250 billion app downloads and as of today, the statistics have increased to nearly 350 billion, which is about a 40% increase. However, by the end of 2020, that figures are also expected to have reached about 415 billion using the same rate. So basically, all app development companies will be busy for many years to come with the rate at which mobile phone manufacturers produce new and powerful mobile phones with incredible features. In fact, they now partner with top app development companies to incorporate some of their basic apps into new mobile devices. So, the mobile app development business will continue to grow.
Now, here is the deal. Do you know that you can build a mobile app and monetize it? Well, many people do not know this because the general belief is that mobile apps are meant for business organizations alone. How wrong are they? Anybody can own a mobile app; what matters is the
UI/UX design of the app. The owner should be able to conduct activities via an easy back-end user interface.
So, how can you monetize your mobile app?
Below are some of the ways by which you can monetize your app:
1. Through advertising
You can build an app and let other people advertize their apps on yours then get paid through a third party ad network. Once your app has enjoyed a lot of downloads, other people will want to market their products or services through your app (that is if they don’t have an app). However, if they do, they can advertise theirs through yours. Either way, you get to earn money from your mobile app. Again, you can charge ad fees based on ad sizes; the banner ad can offer various sizes and you can equally offer the full-screen size ads.
2. Through merchandise sales
Yes, you can build an app and start selling merchandise through it. All e-commerce sites now have mobile apps, however, you can partner with some of them to assist in selling their merchandise or direct your app users to their online store. Whichever way you deem fit, the result is that you earn money through your app.
3. Through social networking
Social networking sites are expanding lately and everyone is signing up on them. Therefore, it is to your advantage if you can develop a new and more interesting social networking app. Once you have millions of users, a lot of companies will reach out to you for marketing and advertising purposes, and at the end of the day, you make a huge income from your app. This may take time but in the end, the wait is usually worthwhile.
4. Through subscriptions
You can offer things that are beneficial to people via your app. Let them enjoy a free trial for a period then you may now introduce subscriptions when the free trial period lapses. It is usually advisable to have a lot of users before introducing that plan. Nevertheless, you may consider charging very minimal subscription fees so that you don’t discourage your users. That way, they get to enjoy your offers at a very cheap cost. And remember that the more users you have, the more money you make.
5. Through in-app purchases
You may have come across mobile apps with “in-app purchases” and “contains ads” when you try to read more information about the apps. Yes, these are ways of monetizing an app. By the way, it is not uncommon to find such info on mobile apps these days. For the game lovers, this should not be new to you. Most games have the in-app purchases option, even though they can be played and enjoyed for free. So, if other app owners can be making money from building an app, then what is stopping you? Besides, there are mobile app development companies that have highly skilled and very experienced developers. In fact, that is one of the characteristics of best mobile app development companies. You can talk to one of them about your app idea and see how you can turn your idea into a reality.
6. Through affiliate marketing
Affiliate marketing is one of the popular methods of making money these days. It requires marketing the products of the company that you are affiliated with. Many affiliate marketers have a blog where they earn commissions on every customer that they refer or that make purchases through them. Now, you can do this too with a mobile app and make money.
Finally, to cap it all, you have understood that mobile apps are not exclusively for business organizations. Individuals too can have an app, just as people have blogs and websites, and they can also make money from them. You have also learned that app development companies can help you to turn every app idea into a reality.
