In spite of the fact that the number of apps are constantly increasing on the Apple and Google stores, there are only a very small number of apps that are actually making a profit. According to a survey, 93 percent of the mobile apps are expected to be free by the end of this current year. This emphasis a greater need for mobile app monetization. Majority of the paid apps fail miserably in the market, therefore paid apps are no longer a good option. In order to generate good revenue for the apps, in-app revenue options should be considered more seriously. In this article, we will be discussing a few of the monetizing aspects for mobile apps other than the subscription fee. Take into consideration the below monetization strategies that can actually work for you and your business.

1. Premium Subscription

You can generate revenue by offering a premium subscription in your app, but for that to be effective, it is imperative that your freemium version does well and is able to gain the interest of the audience.

2. In-app purchase

In-app purchase is still by far the most popular and effective monetization strategy. Contrary to the ads and advertisement banners, this way of monetization causes no interference in the use of the app and has no impact on the user experience. Apps generate revenue when users make a small purchase and in return, they are offered multiple items for example a player is unlocked or a new level is accessible if it’s a game app. In-app purchases are pretty popular with especially Gaming apps, as they offer a more immersive experience as compared to other kinds of applications, because game apps are more addictive and users are glued to their screen for hours, therefore there is a high probability that users will fall prey to this strategy.

3. Virtual currency

A lot of mobile apps are considering the option of utilizing virtual currency as a revenue model. Virtual currency is very popular in all kinds of apps. The idea behind is give users the option to earn more virtual currency by playing or using the app more, this gives the apps more user engagement and users on the other hand can utilize their earned currency to unlock features or items of choice.

4. Native advertisements

Native ads is another a great way to generate revenue and it causes the least interruption to the user experience. Since, these native ads actually blend with the app’s visuals and other elements; therefore they don’t really have a great impact on the user’s ability to use the app. However, it takes a few extra man hours of both design and development teams to include native advertisements within the app.

5. SMS marketing

When users register themselves on the app, they share their personal details in the form of email address, cell numbers, social media profiles etc. This crucial customer information if used correctly can be a source of great revenue as this info can be used for SMS and email marketing campaigns.

There are several other monetization strategies which can be equally effective for revenue generation, but any of the above strategy could prove to be just right for you and your app. Just do a bit of research to figure out what particular strategy could prove to be the most effective considering the nature of your application.