Mobile app development is a work that requires both time and effort. So, regardless of whether you are a hobbyist mobile app developer or a specialized mobile application development company, you would always want your mobile apps to be rewarded properly for your efforts. There are many ways in which mobile app developers and development companies can generate revenue from their apps. In this post, we will discuss the four widely used mobile app payment models, which will help you market your apps better.
This is perhaps the easiest and the simplest model for generating revenue with your mobile apps. The model is straightforward; you develop an app and sell it as a product. In most cases, the upfront cost includes the price of future updates; however, it is not mandatory. To attract new customers and prove their value for the money, most paid apps offer time-bound trial versions. To ensure the success of this model, it is necessary that you price your apps judiciously, or else you may not find a good number of customers.
Free apps never ask the user downloading or using them for money; they generate revenue through advertisement. This model is simple too. You make an incredible app, offer it to the users for free, and then display paid-ads on it. The advertising value of your app will be determined by how popular it is. Apps of popular social media websites like Facebook, LinkedIn, Twitter, and Instagram fall in this payment model.
Don't know what "Freemium" means? It is an app payment model, very popular with mobile games. In such a model, you develop an app (preferably gaming app) and make it available to the users for free. But, though there is no upfront cost for downloading or using a "Freemium" app, there are many locked advancements and features, which require the user to pay a certain amount to unlock.
Never heard of this term? A "Paymium" mobile app is one that has both an upfront cost, as well as additional IAPs (or extra price) for advanced features. This model might appear to be the most lucrative amongst all the app payment models, but to get the customers pay for the apps and make subsequent payments for the advanced features require the app to be exceptional. So, if you are sure that you have developed an incredible app, which is best-in-the-breed and outshines