The industry is booming and, as a result, has become fiercely competitive. With that in mind, it’s become more crucial than ever for developers to discover successful avenues for generating revenue and staying afloat in the market.
While some revenue avenues might not be immediately apparent, understanding the perfect fit for your app is key. Join us as we delve into the top revenue streams tailored for mobile apps, helping you unlock the potential for financial growth and success.
App Monetization Tool
Unlocking hidden revenue streams on apps can be effectively achieved through the use of specialized monetization tools. It’s crucial to opt for tools that not only streamline revenue generation but also prioritize enhancing user experiences, as compromising on UX should never be an option.
One such tool is Bright SDK. This versatile SDK is designed for integration across various platforms, seamlessly operating in the background. It leverages the user’s bandwidth to access and download publicly available information while ensuring the safety of the user’s personal data.
By joining the Bright SDK network, mobile app operators can create a consistent source of passive income without resorting to intrusive measures such as displaying ads or selling products. This steady revenue generation occurs seamlessly while the user enjoys an uninterrupted app experience.
Advertisements
While monetization tools are a growing trend, there’s also nothing wrong with old-fashioned advertising to bring in revenue to a mobile app. Digital advertising is nothing new and was among the first revenue streams used for mobile apps. Mobile advertisements are likely to never go out of style; in fact, advertising on mobile apps continues to rise.
The only issue is how individual mobile apps want to use advertisements because there are several options. Banner ads and videos are among the most common types of advertisements found on apps. However, a lot of apps remain attached to those classic types of advertisements. Newer methods like text ads, native ads, and interstitial ads can help unlock new forms of revenue that not all mobile apps are considering.
In-App Purchases
For both free and paid apps, in-app purchases can be a great way to generate extra revenue and make space-consuming advertisements less of a necessity. Plus, it never hurts to diversify revenue streams.
Mobile games are most associated with in-app purchases. They can generate revenue by offering extra lives or hidden levels to users, knowing that the biggest fans of the game will pay small fees to get a little extra. But that doesn’t mean that in-app purchases are limited to games and similar apps. Any app that is able to offer additional features that go beyond the basics can offer those features for a small additional fee. If a mobile app that’s already successful starts to develop new features, it’s fair to at least experiment with those features being available as an add-on purchase. The key is recognizing what features are fundamental for the app and what features could have success as add-ons.
Freemium Subscriptions
Along the same lines of in-app purchases is the concept of freemium subscriptions. Some apps can be free to download and use on a basic level, with the option available to users to purchase subscriptions that unlock other features and benefits of the app. Typically, one of the benefits given to those who purchase a subscription from an app is that they no longer have ads. This is another good example of being able to create revenue streams in new ways without relying on traditional methods like ads.
Freemium subscriptions offer a great way to service a wide base of users while remaining diversified in revenue streams. Some users will opt for the free version of the app with ads and other revenue streams available to free apps. At the same time, the possibility is there to earn revenue from monthly subscriptions. This can also be a great way for apps to determine the popularity of different features so that updates can be made to what’s being offered via subscriptions. The trick is to create multiple subscription levels to complement the free service while also letting users know what else is available with a subscription.
Affiliate Marketing
Some of the major players in the tech industry have created affiliate marketing programs that are available to app developers. This allows mobile apps to earn a commission through the promotion of other apps. Essentially, this is a more modern type of advertising that points users toward other apps rather than specific products.
The caveat with affiliate marketing is that apps aren’t always in control of the other apps that are being mentioned and promoted alongside their own app. However, the obvious advantage of this type of revenue stream is that it doesn’t cost the user anything and isn’t all that different from traditional mobile advertisements. Also, since this is one of the newer types of revenue streams for mobile apps, the kinks are still being worked out, and there is great potential for revenue from affiliate marketing in the future.
Sponsorships
While sponsorships have been a part of generating revenue for mobile apps for more than a decade, they are starting to pick up steam. Until recently, they were largely overlooked and underutilized. Getting a known brand to sponsor a new or emerging mobile app can be a game-changer for the success of that app, on top of being a good source of revenue. Of course, apps that are well-established and have a large user base will be the most appealing for potential sponsors. That’s why it can be a good idea for successful free apps to approach potential sponsors.
Welcoming a sponsor for an app goes beyond just advertising for that sponsor. It can also include giving users exclusive offers and other forms of cross-marketing.
Either way, finding a sponsor for a mobile app is going to open up a new revenue stream, making an app less reliable on other revenue streams that are less successful or less appealing to users. Naturally, the key is finding the right sponsor for your particular app so that the partnership can be beneficial for both parties for a long time.
