What Is App Monetization?
There are many different types of app monetization, and a wide range of strategies, with more cropping up every day. Your job is to determine the strategy that works best for your business.
In this topic, we’ll help you drive your own top line by looking at the most common monetization models in the mobile app market today. Here are a few high-level takeaways:
Monetization can be both direct and indirect. For example, direct purchases and in-app advertising are clear streams of revenue, but there are also more indirect ways your app can contribute to the financial health of your business. It can, for example, build brand loyalty and provide tools that enhance the customer journey, leading to increased revenue.
Combining monetization strategies is becoming more prevalent. With so many options for making money, savvy app developers mix and match them in new ways all the time. You may need to do some research and experiment to find the best fit for your business goals, the app itself and your target users.
Amazon has been relentless about generating new avenues for monetization, and its app strategy reflects this drive. In addition to its primary shopping-focused app, it also has subscription-based music and video streaming apps and recently launched the Alexa voice app to help customers connect with all of its products through new technologies.
Before we get into specific monetization strategies, let’s take a look at the overall state of the app economy (which we covered more broadly in the Discover topic) in the next lesson.
In the next lesson, we'll look at a snapshot of the worldwide app economy and start thinking about revenue and brand loyalty on a global scale.