If you’ve ever played Candy Crush or Pokemon Go and found yourself entering your credit card details for an in-app purchase, you already know just how easy it can be for certain apps to make money. They’ve got something you want (entertainment) and you’ve got something the developers want (your money) – it is a match made in heaven.
Casino and gaming apps in particular are very profitable. This is why more and more app developers are turning to these apps in order to learn a thing or two. A well-designed casino app with a great range of games keeps players coming back again and again. So how can your gaming app do the same?
It all starts with the initial development stages
You already have a leg up against your competition, as you are thinking about monetization before you even get started. This is one of the most important things you can do – once you get too far along in the development stage, it can be hard to add some of the monetization methods that reap the biggest rewards.
Three Main Monetization Models
There are three common monetization models that developers use for their gaming apps. There are free games that have in-app purchases (sometimes called ‘freemium’ apps), paid games that have no in-app purchases, and paid apps that also have in-app purchases.
If you want to earn the biggest profits possible, you need to understand how these successful models work, and think about which will be best for your gaming or casino app. Ideally, you need to grab the attention of your player, and then keep them interested and playing for longer and longer.
Free games with in-app purchases
So-called ‘freemium games’ are currently drawing the largest market share on the app store in the US, with approximately 75% of uploads. In certain markets, such as China and Japan, this number can top 90%! This is certainly a profitable model for app developers.
So, why does it work so well? By offering a free download to anyone interested, all barriers are removed and a client won’t have any initial misgivings. They download the app and get to see how it works, getting hooked on your irresistible game or content. Then, when they get hooked, they can access a ‘premium’ version, more lives, or better/additional content by making in-app purchases. The result? Profit.
2. Paid games that have no in-app purchases
This is a far less common model, but might be one that works well for your game or your app’s content. It draws on more traditional methods of commerce – the client pays for the app once, and then plays to their heart’s content. Players then know that all future updates and features will be free of charge.
If you choose to develop a game in this fashion, you will need to keep expanding your customer base and selling to new customers. There is no way to sell to your existing clients, and this can be a true lost opportunity, and a less successful way to run your business.
3. Paid games that also have in-app purchases
This is a hybrid monetization model that has been less common in the past, but is currently gaining traction. The model’s detractors claim it is unfair to ask customers to buy an app and then pay for more features once they are intrigued. That said, if you can design compelling and unique ways to make your customers want to part with their hard-earned cash, this can be a great source of revenue.
Not only do your customers pay an initial fee to buy the game, they continue to pay to reach new goals and add new features to their experience. In order to make this work, you need to carefully design your game in such a way that deeply engages its players and has them coming back for more.
A Gaming App Can Be a Goldmine
Just remember – when executed with savvy, a casino or gaming app can earn millions of dollars, and keep paying dividends for many years to come. By understanding the methods for monetizing apps listed and detailed above, you will be well on your way to launching an app that generates a lot of income.
So, get your ideas on paper, strategize your monetization, and launch your app – happy earning!