It is surprising to know that almost 4 million applications are available on Apple’s App Store and Google Play. It’s really a question of whether they even make any money. If so, how much money can an application on the Google Play store make? What is the revenue model for these app developers?
In this article, we have answered some of the most frequently asked questions by app publishers considering monetizing Android apps. Many Android app monetization platforms are available over the horizon that you should check before jumping into the business.
These Android app monetization platforms help publishers ensure that their app business is profitable. However, picking the right app monetization model is crucial to generate substantial revenue.
Are You Asking Yourself, “How Can I Monetize My Android App?”
Well, mobile app monetization is nothing but generating revenue through apps. And building an appropriate strategy and an app business model is a key to monetizing your Android app.
In addition to complementing the nature of your business, your app monetization strategy should also ensure scalability and user retention.
Publishers on the Google Play Store use several strategies to monetize their apps. While playing the game or using the app, most publishers display ads while the user is playing the game or using the app.
How to Choose an Efficient Android App Monetization Strategy?
You should research your target audience (TA) to monetize an Android app. Analyzing their behaviour and preferences is crucial. Consider adding a subscription fee as your Android app monetization method. You need to know what types of people your app caters to and whether they will be willing to pay a fee.
If you are focusing on businesses, they would agree to pay a sum in exchange for services that your application might offer. On the other hand, if your target audience is consumers and individuals, a subscription model might not appeal to your users. You might want to consider other app monetization strategies available in such a case.
What’s the Best Way to Monetize Android Apps?
Providing content and using relevant ad formats for your users can create a positive user experience. This is true whether you are trying to monetize an Android or an iOS app.
According to a report published by Data.ai – mobile app revenue is generated primarily through in-app advertising and in-app purchases. However, focusing on one type of app monetization strategy can limit the growth potential of your app. Create a mixed monetization model if you want the best way to monetize an app.
Nonetheless, we have listed various strategies that can be useful if you want to monetize your Android app. Let’s get started!
Top Android App Monetization Strategies
1. In-app purchases
You might have heard a lot about this and experienced it in various applications. By paying an extra fee after signing up for the application, the user gets more benefits and premium features. Many consumers want to enjoy the application to its fullest potential, which is when we cash in on their needs by monetizing the application with in-app purchases.
Within free applications, there are three types of in-app purchases.
- Consumable goods are items that can be purchased and might have an expiration date. Consumers can use these perks to a certain limit. They disappear once that limit and time frame have been reached.
- Non-consumables are one-time purchases that the user makes. They only have to pay for these additions once and can enjoy these benefits for as long as they want.
- A subscription is an arrangement where a user is required to pay recurring payments after a certain period to access additional features. We will read more about it later.
2. In-app advertisements
In an Android application, advertisements are a win-win situation. It is a win for the user because the app is free; all users do is watch and engage with an ad. There are many ways for developers to incorporate ads into their applications. Today, you do not have to find people to purchase your ad spots and can easily add any ad network to your app. You just have to integrate a third-party SDK that manages everything for the application.
3. Rewarded Video Ads
Rewarded or playable ads are one of Android gaming apps’ most used forms of app monetization strategies. Such android app monetizing models make the experience rewarding for the audience by choosing rewarded ads or playable video ads.
Such a format provides a short-term impression of the advertised product. The interaction with the ad makes it more likeable and leads to better revenue generation for Android applications.
4. Paid downloads
This is one of the simplest ways to monetize your Android app on the Google Play store. This way, you ask your user for a pre-determined sum of money just before they decide to download the application.
In this case, the Google Play store will enlist your application under the paid category, where the user needs to pay for the application.
Various game developers use this as their primary monetization strategy. A good review page is handy to gain trust as you ask your user to pay before experiencing your application.
As discussed, it is an arrangement where the user is liable to make recurring payments after a certain period to enjoy the benefits of additional features. Consumers are required to pay a monthly or yearly fee to access the app.
This model might also have pricing tiers offering additional features, such as access to downloads and unlimited services without ads.
6. Donation/ Contribution
App developers may ask users to donate any amount they choose as a monetization strategy. This way, you can get them to believe in your idea and the purpose of your Android application.
It might sound extraordinary, but many people worldwide have used it. You can get the account linked to any payment processing application for a better understanding.
A List of Top Paid Apps on Android: (Data from data.ai or elsewhere)
Take Your Android App Monetization Efforts to the Next Level!
If you are still questioning yourself, “how can I monetize my Android app?” or “what is the right way to monetize Android apps?”
Then we are here for you!
Connect with our app monetization experts and book your free consultation today to take your Android or iOS app to the next level!
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