Mobile apps are best to improve accessibility for businesses. Given the mobile trends, gaming apps are popular and downloaded the most followed by social media apps. If you are thinking of creating a business mobile app or a gaming app, a question that will pop in your mind is- how to earn money from phone? Of course, you will sell your products or services if it is an e-commerce mobile app or your business app. But, other than that, there are various methods to monetize your mobile app.
How to earn money through mobile apps?
Have a look at this chart and you will know that the hours spent on social media apps, gaming, shopping, entertainment on the mobile have all increased manifold. It is the right time for you to invest in designing a mobile app and monetizing it. It may be a gaming app, e-commerce app or just an entertainment mobile app, you can earn money through it.
Let us see how to make money through a mobile app.
The users have to pay for mobile app downloads. This works when the mobile app has a strong value-proposition and is popular.
If you plan not to charge for downloads, do not worry. There are many other ways to earn money from mobile.
How to earn money from free apps?
2. Advertisements or Referral Marketing
Embedded ads in your mobile app help in generating payments through clicks, display or installation. The ads can be imposed in your mobile app screens in different forms like banners, in-stream video or native ads.
3. In-app purchases
The in-app purchase is popular in gaming apps. It may be in different forms like the purchase of ad-blocking, unlocking of additional features, digital currencies, points, and so on. Here, an important point is that the transactions are done by the app store. The owner gets a certain percentage as agreed upon.
4. Subscription Model
This gels well with content apps like audio, video, and newspaper apps. Here, materials are to be provided continuously so that the users subscribe either for monthly or annual fees or as per the subscription model offers.
5. Sponsorship Model
If your mobile app is having a steady business, consider contacting sponsors wherein you can try to fit something of their product or service inside your app through ads, information, or app design adaptation.
6. App Merchandise
Here e-commerce giants like Amazon allow app owners to sell their products within the apps. It offers a merchandising tool that helps owners to list items on their apps and earn a profit from the sales encountered.
7. Data Sales
The collected user information and the analysis report can be sold to other companies who need it. The relevant data will fetch a good price depending on the demand.
How much money can be made through mobile apps depends on the strategy and the success of your mobile app. Even though most money is earned by gaming apps, there are many instances when successful business apps have even earned money through business strategies.