Mobile apps have started to hold a special place in today's world and within the matter of a couple of years, its development has exponentially risen. It can be considered as the most effective and simple form of displaying products and services for the owners or accessing those products and services for the customers. The convenience it has portrayed for the end-user is commendable and undoubtedly the business of apps only gets stronger. So, yes it is a lucrative business and will continue to flaunt extensive profits in 2020.
Apart from the giant companies like Facebook, Instagram, and Google, even the newly launched apps are gaining a good amount of profit. The requirement, of course, is a good and worthy app. There are two types of platform an app can surface- Android and iOS. App development has become extremely essential to flourish an online business. An Android app development company develops the android app according to the client’s needs and business plan. In the same way, iOS development is done to activate the app for customers. Another important aspect that you can make huge money with mobile apps if you focus on certain strategies and shape it according to your preferences. Let us take a closer view.
· Revenue from ads- Earning through displaying ads in your app is one of the most popular and modest formulae to earn money. Google AdSense and Google AdMob have made this option even easier. You need to simply sign up for free and let AdSense decide the most suitable ads for your app. The more the number of clicks through your app, the more revenue you can generate. However, the number of ads should be such that the content of the app's page is not compromised.
· Through subscription- If you own an app that is updated with interesting media like videos, music or content, you can charge a monthly fee from your users. For example- Hotstar offers some content for free while some other popular content for a subscription fee. On the other hand, Netflix doesn't offer any free content and is locked unless you sign in with a subscription.
· Through In-app purchases- This is another commonly used strategy to earn a profit. The underlying concept is to launch a free version and make it superbly interesting so that the users are ready to spend an additional amount to access a premium version. This can be mainly used in gaming apps where you can keep the initial levels accessible and charge a specific amount to unlock higher levels. One thing worth understanding is that the app should contain interesting and engaging content to attract users.
· Affiliate marketing- Incorporating affiliate links within your content can help in making a good amount of money. If the user clicks on your affiliate link and further buys the product, you will get a share of the profit. The more popular your app, the more people clicking the link. Affiliate marketing is the fastest-growing revenue-generator in today's digital world.
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