How to make money from mobile apps In 2024

How to make money from mobile apps?

Here are 9 different ways free apps make money!

(Need image like this here with below-mentioned ways)

• Advertising Model
• Subscription Model
• Sponsorship Model
• Selling Merchandise Model
• In-App Purchases Model
• Affiliate or Referral Marketing Model
• Collecting and Selling Data Models
• Transaction Fees Model
• Crowdfunding Model

Follow the guide below till the end to learn about these wavering and proven best ways to make money from mobile apps in 2024.

Best App Monetization Strategies and Models

Here are some of the best app monetization strategies that can help you make money from your mobile app.

Advertising Model

One of the most common ways to earn free money through mobile apps is advertising. As per Statista, $327 billion was spent on mobile advertising in 2023, and the figure will go up to $389.6 billion by 2026.

Whenever a user views or clicks on your advertisement, you get paid for it. Not only this if the user decides to go to the next extent and purchase the service provided in the advertisement, you’ll be getting a fair share of it too.

Having a free mobile app, an owner can increase his app revenue by collaborating with third-party networks and running their sponsored ad campaigns as per contract. This will help you make the most money from your mobile app.

Subscription Model

The model that is super popular these days is none other than the subscription model. If you don’t find advertisements pleasing, then this is the second best option you can choose to make money from your mobile app.

Give your users a free limited version of your app. If your users find your app appealing, they will want to explore the premium features of the application - for which they will pay to unlock the premium features.

Not only this, if your app runs advertisements, some people even spend their money to get rid of advertisements on the app.

But to make this model a success, you need to make sure that the free version of your app is outstanding so that the user can’t resist the urge to go for the premium versions.

Sponsorship Model

If you have an app that already has a strong user base, then a Sponsorship model would surely be the best way to earn money from a mobile app.

However, below proceeding with the sponsorship model, just know that this model can only be successful if it's implemented in the right manner.

Coming again towards what the sponsorship model is? This is all about collaborating with brands and businesses that match the users and theme of your mobile app.

For example, you own a streaming application that already has a large user base. With the release of GTA VI, you can collaborate with the game company as a sponsor and make a huge amount of profits from it.

Selling Merchandise Model

In case your mobile app has managed to establish quite a fandom of its own and has a loyal user community, exploring the selling merchandise model can add some extra revenue to your income from the app. How so?

Branded merchandise can be of various forms, let it be clothing, accessories, or any digital item; selling them over your app allows you to get a commission on every sale. However again, this offer only shows magic when the branded merchandise you are selling out is visually appealing and aligns with the theme of your application.

Creating compelling merchandise is super easy, though. All you need to do is to understand your user preferences and their demographics and pay close attention to their buying behavior.

To put you at speed, let us tell you a hack for the best merchandise - Limited Editions. This is the best way to develop urgency and a feeling of being left out of something important. Saying that, enhance your merchandise model and see the revenue numbers grow!

In-App Purchases Model

Have you ever bought something in an app? You must have - that’s what In-app purchases are. This model is super famous in industries like gaming and content-driven categories. By offering virtual benefits, premium features, or functionality in the app, developers can get their hands on a lucrative revenue stream!

For example, if you are playing Candy Crush and you are out of life, what is the first thing that you will do to get life instantly? You will pay for the lives so that you can continue enjoying your game - this is the magic of in-app purchases.

However, to make this model a success, it is to make sure that the feature that the user is paying for shouldn’t be an average one. If people would feel that the feature they paid for wasn’t worth it, they won’t be spending any extra penny on the app.

Affiliate or Referral Marketing Model

Affiliate or referral marketing is another popular model to get some extra bucks in your corner. Essentially, for this model to be implemented, you need to partner with affiliate companies or individuals who are looking to promote their products.

Your mobile app would work as a medium for the products to reach maximum visibility. If people find the product amusing and interesting, they will be using your mobile app to make a purchase - and for this, you will be getting a commission per sale!

To make sure that this model succeeds, you need to make sure that your app aligns with the right affiliate. Doing so gives you a good chance to build trust for your audience and increase the likelihood of successful referrals.

Collecting and Selling Data Models

Mobile applications have the liberty to generate handsome revenue by collecting and selling out anonymized, aggregated user data to third-party entities. Here, one slight issue that developers may have to face is the data breach. However, that can be resolved if special attention is paid to data protection regulations.

By extracting and delivering useful insight, app owners can leverage the collected data to participate in market research or help any business streamline its procedures. What advantage developers have here is that all the data they will be selling out will be anonymous, and neither the data providers nor the business will know whose data they are using.

This brings us to the question of how data would be collected in secrecy. That’s easy. While signing up for the app, every mobile app informs users that their data is being stored to deliver a better user experience. So, this is where you will be getting your data from.

Sell as much data as you can to businesses in goodwill and see revenue scaling up instantly!

Transaction Fees Model

This model might be a unique one for you. Let’s say that your model includes facilitating users for making transactions between businesses. In this regard, you can generate revenue by charging transaction fees.

But just like every other model, this one, too comes with some considerations. First thing first, while charging the user the transaction fee, you need to enhance the privacy status of your app. You need to pay extra attention to make sure that your security measures meet industry standards and comply with relevant regulations.

Also, to make sure that users keep using your platform for transactions, you need to be extra careful with the payments. Put a minimal transaction cost, and be open about the wavering of deductions for each transaction limit.

This will help you earn the trust of the users and also will turn out to be the most profitable way to earn money from mobile apps.

Crowdfunding Model

Ever heard about GoFundMe? If not, then do research about it. For a brief introduction, GoFundMe is a global platform where donations are made from all over the world to those in need.

Now, why are we telling you this? It’s because GoFundMe is the best example we have to make you understand about Crowdfunding Model.

When your mobile app was developed to serve a good cause, you can attract backers by putting your idea in front of them. These backers support ideas that are focused on bringing change in society - hence, once you present your idea to them, they fund your app to get it going.

Crowdfunding can be an effective way of financing app projects, but it usually provides the necessary funding. So, if you are looking for an immediate profit, this might be your perfect pick!

What Are The Best Money Making Apps?

These are the best money-making apps:

• Swagbucks
• MyPoints
• Google Opinion Rewards
• Shopkick
• Mist Play

INSERT ANY GOOD RELATED IMAGE HERE FOR THE SNIPPET\

If you are looking for easy and fun ways to make some extra cash? Then look no further than the apps in the list above. Whatever your hobbies or interests may be, the apps in the list provide you with a variety of ways to earn money.

You, too can have your app name in the list of best money-making apps - and Appingine can help you with that!

Final Thoughts

Everybody needs a side income, but many don’t know about the smart way of getting it. If you are someone who has a mobile app idea in mind, then you are in luck!

This guide here comes with 9 best ways to make money from a mobile app in 2024. Though there are plenty of other options as well, the ones our expert finds best are enlisted here.

Also, not every way to make money enlisted here needs to work for you, but as life is all about trial and error, just give each one of these a try and check what works out best for you!