To earn money, you need to get started by building an app with software like the Andromo news app builder. Once you have your app set up, you can follow our guide towards applications monetization.
Methods to Monetize Free Apps
If you’ve decided to earn money through the monetization of your free app, there are different methods that you can go for. Let’s take a look at some popular methods that you can start with after building your app.
- In-App Ad Revenue:
The main source of revenue that free apps can set up is through internal apps. Most of the free apps depend on this major source to remain in the market. There are different types of in-app ad-revenue that you can go through to monetize an app. These include Cost per Click, Cost per Thousand Impressions and Cost per Action.
The Cost per Thousand Impressions is mostly used with free apps because your users don’t have to click on the ads for you to earn money. Although you would earn less from it, it doesn’t affect the user experience as they use the apps.
- In-App Purchases:
Although your app might be free, you can also set up in-app purchases as a main source of revenue. This method of applications monetization makes up 47% of revenue generated from free apps globally. You can include an in-app marketplace in your free application.
Ensure that you have services or products that your users would be interested in so that you can make a profit with your free app.
You can also turn to sponsors to get revenue for your free app in exchange for free marketing within your app. These investors and sponsors provide you with the revenue that you need to run your app and make a profit, and you only have to display their products as in-app advertisements.
- Upgrade to Remove Ads:
Your free app would most likely include in-app advertisements, and although you might be earning money through the apps or from the sponsors, your users might not like the apps. So, you can ask them to upgrade the app to remove advertisements, but they would have to pay a price for it.
- Affiliate Programs:
Some free apps can also be connected with affiliate programs, which is a great way for you to make a profit. Major companies like Google, Apple and Microsoft have affiliate programs so you can easily sign up to get commissions. They might also require you to feature other popular apps in your free app.
Combine Different Methods of Monetization
If you want to make a lot of profit from your free app, you can also combine several methods of monetization. These different methods are compatible, so it won’t affect the user experience if you add them to your free app.
But regardless of what you go for, you should ensure you have a powerful marketing campaign. It is only this way that you can make a profit through your different monetization strategies.