According to a report, app revenues are expected to grow by leaps and bounds in 2017. Apps made $45 billion in revenues in 2015, and the number is projected to shoot up to a staggering $76 billion by the end of this year. If you own an Android application - or are planning to make one - you stand to make truckloads of money, if you play your cards right.
Here are some proven ways to monetize Android apps:
Many developers make significant sums of money by displaying third-party banners and anchor texts in their app. If you want to make money this way, it’s important that you don’t overdo it. Nothing will cause your users to abandon your app faster than showing them annoying adverts. Ads should be non-distracting and subtle.
Some developers make their products available for free, and users can unlock extra features or gain upgrades by paying for them. This approach has paid off for many developers, most notably Niantic and Nintendo - the developers behind Pokémon Go making $2 million in revenues every single day.
The subscription-based model isn’t suitable for every product. Use it only if you offer something that customers will want to use daily for a long-term period. Magazine apps or services like Netflix rake in the moolah through this approach. Games also sometimes successful use this method.
Selling user data
Selling user data is a grey area legally and is morally questionable. You don’t always have to resort to selling customer details, though - some companies will buy customer preferences and other information for you for a significant sum of money if your product is popular enough and is relevant to their niche. The data can also be used by your business to promote products and services in a personalized manner.
You can also make money by charging customers for downloading your product. However, we don’t recommend this approach - there are millions of apps in the market and users usually, won’t pay upfront for it. You can consult with experienced android app developers if you want to learn more about the best way to monetize your unique product.