In 2013, 102 billion apps were downloaded, generating a whooping $26 billion. More than 80 percent of the revenue was generated from free apps through various app monetization strategies. These facts clearly indicate that mobile app development is no more fun; it has gone mainstream as a sure fire method to make millions overnight. However, to attain glory on the intensely populated landscape of mobile applications, it is important to get mobile applications developed from professionals, and identify monetization tactics that will win you your desired market share. So, consider these three strategies to have a greater chance of making more revenue from iPhone and android app development.
This monetization model possesses the capability of sincerely generating millions. In-app purchase is accountable for almost 76 percent of all revenue in the App Store in the US, and nearly 90 percent in the Asian markets. It allows users to purchase coins to unlock features or more of something while playing games. In January 2014, six out of the ten most popular games were free – they were able to exploit in-app purchases so effectively that they managed to drive millions of dollars in sales, even though the app was free.
iPhone / iPad app development provides the Newsstand functionality that allows you to set up this model that will automatically charge every month. However, before planning to rack up millions in revenue from this model, you must have a killer app idea to justify your investment.
One-time paid apps
If your app concept is innovative and provides value to users, then one-time paid apps method will work best for you. In this model, users pay once to download the app and expect updates and features to be free. It only generates one-time revenue from each customer. In order to continuously earn profit from your app, you need to reach wider audience across the globe.
Before formulating the strategy, it is critical to determine whether your app should be paid one or not. Most paid apps offer the coolest features and functionality in the first download. This is followed by minor graphics, design and usability enhancements. Most utility apps fall under this monetization category.
Free apps with advertising
This monetization method requires the user to pay to use. If your application offers the mileage to glue users for more than 10 minutes, this model can severely impact the revenue generated from your mobile apps. Many apps prefer this model of monetization. Every time the app is used, non-intrusive ads run in the application, which becomes the source of income. However, you can only make big money from this method if your app has a large user-base. So, go for this model if your app invites prolonged usage frequently.
These are the sure fire methods to transform your mobile applications into a cash cow. However, to even think of generating considerable amount of app revenue from iOS and android app development, you must discuss your app ideas with experts. Unless you have a unique concept and a robust development strategy, your app will go unnoticed. Your app can only reach heights of success if you offer users a usable app or better that exploits the smart-phone specific features such as voice-calling or accelerometer and quality content. This will hook users on to your app.
Also, as an investor, it is critical to evaluate the quality of your idea and pros and cons of the above mentioned monetization methods to generate high return on investments. So, if you are thinking to reap benefits of the billion dollars app industry, set aside your passive intents and get ready to make millions from mobile application development.