Long, long ago, during the era of physical video gaming equipment and floppy disks, selling physical media, game machines, and cartridges was the main way of making money for game developers.
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However, with the development of online gaming apps and advanced gaming tech, this is no longer an option today. Most players aren’t even willing to buy new games by paying an upfront price.
Now, to earn money, you must monetize your gaming app. Why should you do that? Well, let’s find out.
Create Multiple Revenue Streams
Gone are the days when you need to charge people upfront and force them to purchase gaming apps to generate revenue. Now, you can employ multiple monetization models, such as in-app ads, subscriptions, upgraded memberships, or virtual currency purchases, to earn more money.
This way, you can check which monetization method works best for your games. Plus, it would allow you to cater to multiple types of players. After all, not all players would be willing to pay upfront to try new games they are not sure about.
So, offering several in-app micro-transaction models will create multiple streams of income, which otherwise would have been impossible.
Improve Player Engagement
Monetization methods, when used correctly, can also boost your gaming app’s player engagement rate. For example, you can offer the players a limited amount of virtual currency or other in-game rewards for viewing or interacting with ads.
You can also provide new skins, boosted weapons, or personalized features for a minimal sum of money. This way, each player can have unique skills, looks, or rewards, improving overall player engagement.
Remove or Reduce Entry Barrier
High-end mobile games, such as PUBG or Pokemon Go, require a more complex development process than casual ones. Clearly, the development cost of the high-end games will be quite high as well.
To cope with the high development cost, the game producers often sell those games at a high, upfront price to make the game profitable. However, this upfront price creates an immense entry barrier for the players.
Most players aren’t really keen on paying a high upfront price to purchase a game they don’t know about. With smart monetization methods, you can make your games free-to-play and still generate a hefty profit over the long run.
Games with no upfront price barrier can get a large player base fast. With monetization methods like in-app purchases, ads, and virtual currency microtransactions, you can make the game more engaging and fulfilling for the players.
Support Continuing Game Updates
Using smart in-app monetization methods instead of an upfront pricing strategy will ensure ongoing streams of income as long as you can maintain an active player base.
With a continuous stream of revenue, you can focus on adding new content and features to your game on the go. It makes the game more interesting and gives players new quests and missions to keep playing the game without getting bored.
You can further monetize the new content of your online gaming app to generate even more revenue. In a nutshell, monetization methods give you more leeway to test different content and support ongoing game updates. The players will be happy. And you will earn even more money.
Get Insightful Optimization Ideas
Implementing in-app monetization doesn’t just give you a way to earn more money over the long run. It also provides valuable insights into the players’ in-app activities and preferences.
By analyzing the players’ purchase history, you can determine the features or in-game elements that make the game more engaging to the players. You can use this data to analyze the current trends, update the game, and discover new streams of income.
This way, you can adjust your marketing campaigns, change the in-app purchase prices, and even offer new things to improve your revenue and player engagement.
Conclusion: Monetize Your Gaming App Today!
Monetizing gaming apps is not an option but a necessity. With smart monetization models, you can:
- Generate more revenue
- Increase the size of your player base quickly
- Remove entry barrier by offering free-to-play games
- Boost player engagement
- Keep updating the game with relevant content
…and do much more.
Don’t just sit back. Monetize your online gaming app today!
