The global mobile app market has never been as competitive as it is today. What’s more, by 2020 it is expected to reach $188.9 billion! The mobile gaming industry alone generated $46.1 billion in 2018, according to Newzoo. In the past, it was simple enough to make a profit by launching a game with a cool and innovative idea. Users didn’t expect something extraordinary and weren’t so pampered with thousands of seductive offers. Today, you need to consider various factors, from preparing a quality software technical specification and defining functionality to choosing the right monetization strategy. Mobile game monetization is one of the most important factors to consider when embarking on your journey of developing a mobile game. It takes a lot of money, time, and effort to build and maintain a game, so you need to figure out how to make money out of this game, not only to cover its costs but to make a profit as well. There are many ways to do so and it’s all about figuring out a model that works for you. Here are some mobile game monetization strategies:
Pay Per Download
Probably, this strategy is the easiest way to monetize a mobile application. When publishing the app on Google Play or the App Store, you set up the price that users will have to pay for downloading. As the product owner, you receive income once users start downloading it. Since the profit directly depends on the number of downloads, a big challenge is to attract a lot of users and engage them.
In-app purchases give developers a unique opportunity to control what happens at the point of sale. Freemium models where the game developer does not charge the user for the default but strategically change behaviour of a player within the game in which the player can buy new levels or features, characters or in-app currency depending upon the game. You should choose this monetization strategy for iGaming like slot machines at Gambino.
In app Advertising
It is the most common way for gaining revenues through an app. In-app advertising refers to promoting particular ads within a game mostly it works on same niche games for e.g. in a slot game you will see ad for best 777 Vegas slots games. It allows marketers to have their brand name or product featured within a game or an app. In-app advertising in games is majorly done through these three major ad formats:
- Display Banners
- Native Ads
The ad format mimics that of the original game format for optimal user experience.
Premium Paid Apps
Last but not least is paid app download a.k.a. upfront purchase. It’s the most obvious and straightforward way to generate revenue from a mobile app. Basically, you submit your mobile app to either of the app stores (or both) and set a specific price that users have to pay upfront before being able to download and use the app. It’s as simple as that.
Mobile game monetization is a huge market but you don’t want to overdo it. Your aim might be to maximize your revenue, but pushing way too many ads and turning everything in your game into in-app purchases would have an inverse effect.