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Feb 18

How Can Mobile App Developers Monetize Their Products

Mobile application development is over $25 billion industry annually and is growing at a fast pace. Smartphones are the way of the future and have become the tool by which people access information on the go and communicate with each other. Mobile applications are considered to be the soul of any smartphone. Which is why due to the surge in the smartphones market, there has also been an exponential growth in the mobile application development industry.

With so many mobile OS platform coming into picture, the need for mobile applications to sustain these platforms has increased day after day. There are reports that have suggested that this software industry is slated to grow at the same rapid pace and would exceed $100 billion by 2015. Smartphones nowadays have become mobile PCs as users like to access information on the go. These devices are capable of doing anything that a traditional PC can do, which is why they hold an important ground.

Although the market of mobile apps is increasing but there is no denying the fact that the revenue generation is becoming much difficult in this ever competitive industry. It has become a big hurdle for mobile app developers which they would have to overcome in order to sustain themselves.

The development of a software is one thing but actually generating some revenue out of that application involves some skill set. With a variety of of products and services out there, it is difficult to gather substantial userbase and audience so as to monetize your own product.

There have been real time case studies that have shown how difficult it has become to monetize applications along with sustaining large userbase. There are many developers who have faced a similar issue on the iOS app store. The recent figures state that the top grossing applications on the app market does not contain a single paid application. Same is the case in the Google play store, which has been reeling under pressure of its non-ability to generate revenue from applications.
But as the trend is shifting itself, developers are trying new ways to generate revenue and also sustain volume. Earlier developers used to launch a demo application or a lite version of their application as a free product so as to setup a large userbase. But it did not help them achieve the goals that they were aiming for.

In-app purchasing is the way to go forward, as far as generating volumes as well as revenues are concerned. On one hand the applications are free to use, but in the same go, the developers can put in features and items that users would have to pay for. There recent decrease in the number of paid applications in the top grossing application list can be due to this reason only. Developers have understood that the market trend is shifting and this is the best way forward.

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