Know how to build passive income by making mobile application

 The Android play store has around 3.48 million apps to download whereas the apple app store has 2.22 million apps to download. The mobile application market generates revenue in billions at the end of every year. Mobile applications have the potential to make you earn a handsome amount of money. In this modern era, everyone wants to do everything online from watching movies, and cloth shopping to even grocery shopping is also done on mobile apps.                               

Firstly we have to recognize the user's demand regarding the app. Which kind of app will be more suitable for users' demand? and what kind of improvements do we have to make in the new app we're gonna make? Which updates do we have to put in our app compared to the other old apps which are available in the store?

 Now let’s figure out how to monetize our mobile application with various methods. Below are the various ways to earn money from applications.

In-app purchase
In-app advertising
Sponsorship
Affiliate links

Above are the methods which are used to monetize our mobile application, which will end up making a big profit for you.
In-app purchase:-

An in-app purchase allows the app owner to take a fee within the app by providing features or updates in some areas of the app. This method is mostly used in the multi-featured app to make good revenue from it. Many of the app developers use free-app purchases instead of in-app purchases to get more audience compared to other paid apps.

In-app advertising:-

In-app advertising allows us to run ads on our apps and we get paid to run those ads on our apps. Advertisers and developers get connected with the audience through advertising on mobile apps. The amount to be paid for running those ads depends on the company’s demand and performance of the company in the market. The more engagement of users with ads, the more you get paid.   There are mostly two types of ads used. The Video ads and Poster ads.

Sponsorship:-

Sponsorship is one major source to monetize our mobile app. Sponsorship gives us a chance to run other’s ads and get paid for that. There are mainly three types of sponsorship monetization as below

Banner Ad
Sponsored Ad
Sponsored Polls

Banner ads are the most common and popular ones in ad monetization. Sponsors will get more engagement through the banner ads and they can target the maximum audience they want. Sponsored polls are the best ones to get the ideas and needs of users. By polling, Sponsors can get the demands of the market from the user’s perspective.

Affiliate links:-

Affiliate links are another way to make money from our app. In this method, we just need to link the affiliate links within our app. After that when users engage with those links and make any purchase or something then, we’ll get paid for that.

Having an app without the above-mentioned strategies is worthless for us. We need to monetize our app in various ways to make a handsome amount of money out of that. There are many other monetization ways we can use to make money. But, above are the majors. In case you have queries, then contact us at bitrixinfotech.com