The average person spends about 4 hours a day on their cell phones and about 90% of that time is spent using apps So why not turn your mindless scrolling into cold, hard cash? We rounded up money making apps that help you earn cashback on online purchases to those that pay you for your opinions, to those that will invest your spare change.
Our smartphones are used for essentially everything. With the assistance of a specific app, we will communicate across long distances, order pizza, or find a route in an unknown city. The amount of apps with rich functionality is growing annually, leading to harsh app market competition among developers. In a nutshell, free applications make money from one among the subsequent 8 most well-known monetization strategies:
Advertising through the banner, video, native ad, interstitial ad, incentivized ad: These days, mobile advertisements are the easiest and most common way to receive money from a free app. Most of the apps have embedded commercials that generate payments per its display, per click, or per install by performing certain tasks.
Referral Marketing: Referral marketing is closely connected with the previous model of in-app advertisement to monetize your app. There is even a separate direction in marketing. Informational about the affiliate company is placed in the app and, based on clicks and installs of the apps, you receive rewards. These rewards are based on a cost-per-action model.
In-App Purchase & Freemium Model: In-app purchasing is a very popular strategy used by the freemium model.All these transactions are managed by the app store and therefore the owner gets a commission from every trade. By selling these virtual objects yo receive a reward.
Subscription Model: The subscription model sets up revenue streams from the weekly, monthly, or annual fees for a selected service provided by the free app. This model is mostly used in cloud services, audio and video content providers, and digital news portals. Consumers receive access to the content consistent with their chosen subscription plan.
Sponsorship: Getting sponsorship is a profitable model to follow to make money from a free app. If there are already a regular user sponsorship model helps to increase the development of the app. The most benefits can be gained by applications with a specific market opportunity. Thus, you may contact sponsors in the same industry to match their brand with ads, the information in the app, or adapt the app design to the brand.
Crowdfunding: This one is fairly a replacement thanks to monetizing an app free of charge. Developers may use these platforms to raise funds for app development and marketing needs. Raising funds financially supports the strategies.It is helpful when your user retention indices drop or when wont to notify about new features, rewards, app news, etc.
App Merchandise & E-commerce: The e-commerce industry is blooming and more and more consumers are joining the web buying community. Most physical items are sold with the assistance of free mobile apps. The opportunity to earn take advantage of this app model with the assistance of its Merch tool, a simple program allowing app owners to make and sell their branded items within their apps.