- Are you looking to start creating free apps as a developer and are unsure of how to monetize the same?
- Do you know the industry niche and type where the different app monetization strategies apply?
- Have you tried using a credible third party SDK monetization software to generate considerable revenues from free apps?
According to data, there are more than 3.5 million apps on Google Play Store and over 2 million apps on Apple Store. In terms of types, free apps, outnumber paid apps handsomely. As our mobile use increasingly turns towards using apps for different needs, app developers are in great demand.
Whether you need food, news, music, fashion advice, dating, or stockbroking tips, there is an app for that. Data also suggests that because of the recent booming of apps and limited storage, users are only going to use the best four or five apps, they need.
In this article, we look to examine the market for free apps. We also briefly touch upon the differences between free and paid apps. Lastly, we help app developers and publishers seek out credible sources for generating revenue.
- 1 Free Apps versus Paid Apps: Know the basics
- 2 What are some great Monetization strategies for Free App Developers?
- 3 Conclusion
Free Apps versus Paid Apps: Know the basics
Data shows that free apps have historically generated more revenues for developers than paid apps have. Free apps have also been created more and downloaded more. This is because users are very wary of spending money on apps unless they are absolutely premium.
Most app developers who are in the industry know that if they make their apps great enough, the market will be there. This means that in terms of value, usage, user experience, and functionalities, a free app needs to be great.
This is why most developers invest heavily in creating free apps that are of some purpose. Most app developers look to encourage consumers to spend on in-app purchases. If the app has been able to win credibility, it leads to more transactions, purchases, and also payments to unlock extra functionalities.
In the total market of app users, it has been estimated that only 5-10% of all users are willing to pay to buy an app.
What are some great Monetization strategies for Free App Developers?
The market for generating revenue in free apps is really opening up. In addition to advertisements, you have different industries devising their own revenue-generating streams.
For example, there are several journalistic apps, which depend on crowdfunding. Other apps, like the ones representing weather, ask users to pay in via donations and sponsorships.
However, while these new revenue streams are becoming popular, the major source still remains to advertise. Most free app developers looking to work with SDK monetization in a majority of the cases. While most such platforms do not offer options when it comes to advertising to the app developers, the best ones do.
App developers, who are looking to pursue SDK monetization, need to be aware of the following-
1. Does the SDK monetization software have quality controls-
You do not want gambling or porn website ads to spring up on your free children-learning app. This is why app developers need to have quality controls when pursuing these platforms. The right to control, which ads to showcase always needs to be there.
2. The credibility of the SDK monetization software company-
The best software companies, which offer this monetization option, work with great brands and advertisers. In many cases, they follow strict quality checks and assess the ads, before they place them with developers and publishers.
3. Does the platform support multiple ad formats-
Lesser-known platforms, who are in it just to make money from unsuspecting publishers, do not carry this option. However, as a free app developer, you should look for multiple ad formats- banner ads, interstitial ads, video ads, as well as MRAID ads.
In the last few years, Infatica, a leading SDK monetization platform has slowly emerged as an industry favorite. The range of options controls and the supporting ad formats have made them a top choice for free app developers and publishers.
Revenue generation is one of the major KPIs for app development. Without revenues, you will not be able to offer the best experience to your users. If you are someone who is looking at SDK monetization, you should consider the above-mentioned factors before making your choice.