Most app owners have this question in his mind in the early stages of considering their app idea, “can they make millions and billions with their app”. It is true that you can earn millions or even billions from an app, even if the app is free to download. There are many app owners that are generating outstanding revenue through their mobile applications, and this article is going to help you in understanding the mobile app market for revenue generation through monetization and app advertisement.
To make your app successful, first of all, you need to understand your competitors, business and user’s needs. It is important to find out the unique content or features that your competitors are not providing. It is often best to launch a free version of your app, as one of the most important targets for you, after a successful launch is to increase the app user base as quickly as possible. Paid applications are usually slower to be adopted by the market.
It is still possible to make money if your e-wallet app is free to download, by using in-app purchases. By understanding your user’s needs, you can introduce premium features in the app as Tinder does. Tinder allows its users to buy Tinder plus for getting unlimited swipes and they offer premium packages for finding matches at other locations. You can also introduce a subscription feature in your own application. There are many other companies like Uber and Lyft that have applications that are free to download but provide in-app purchase services through the iTunes and Play store.
There are many different monetization platforms that are available, such as Admob. It is important to implement the best suitable monetization platform for your own app and audience, to ensure you can earn through it.