If you’re thinking of making money from mobile apps, think of building free apps.
Free mobile apps aren’t free because they cost nothing to build but because these apps are made available to intending users for free. There are paid apps and there are free apps.
While both requires a lot of time and money to develop, it is the free app that brings the lion share of revenue. Available market reports show that the market for free apps is huge with huge gross revenues running into billions of dollars across the globe now and experts project that the market for free mobile apps will keep growing into the foreseeable future.
Most of the top earning mobile apps on both Apple App Store and the Google Play Store are free apps; and these include games; you can easily verify this yourself. The record of app downloads globally shows that most people all over the world prefer to interact with and use free apps rather than paid apps.
If your app is well packaged in a way to attract and incite users to want to download and use it, free app is the best option if you want to make the most money off your app.
The strategies for making money from your free app can be categorised into four main groups:
Group 1: The use of in-app purchases
This strategy allows users to buy something right while using your app and the things that could be presented to users through in-app purchases include consumables, non-consumables and in some cases, subscriptions to unlock hidden contents or functions of the app for a while.
Group 2: The use of in-app ads
Advertising is the force that drives the market all over the world. Ads are everywhere and can be incorporated into your free mobile apps to earn you passive income off your app especially if your app can keep users fixated on it.
Group 3: The use of freemium
To make money with this strategy, you would have to incorporate a paid section into your app. The idea is that if your users like your free app, the possibility that they will opt to pay to use your paid version to enjoy more functions of your app is greater.
Group 4: The use of sponsorship
If you can find a sponsor for your app, earning free money is possible. However, to use this strategy, you would have to develop an app that can gain many users very quickly. Once, you have got many people using your app, go find a sponsor who usually should be a company that finds your app compatible with their brand. Once you’ve found a funder, an agreement about how to share revenues from your free app should be drafted.
The above free app money making strategies can be combined or you can opt to use just a few. If you’re convinced that creating free apps is right for you, go ahead but make sure you create a five-star app and never forget to apply the right app monetisation strategy that suits your purpose most.