Mobile App Monetization Trends for 2024

The year 2024 has seen a lot of changes in the mobile app industry, especially in the context of monetization. A report by Radicati Group says that by the end of 2025, mobile phone users will reach up to 7.5 billion, driven by 5G. From entertainment to work and shopping, the market is a lucrative arena for app developers to stamp their authority. 

However, the rise of technologies has also increased customer demands. Hence, mobile applications must keep up with the latest trends. This ensures they create meaningful and profitable experiences. 

Let’s look into the app monetization trends that will help you stay ahead of the competition.

Factors Driving Mobile App Monetization in 2024

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With technologies evolving all around, mobile app monetization has undergone a significant transformation in the past year. Here are a few factors that have played a significant role in shaping 2024’s app monetization trends:

1. Constant Evolution Influenced by Global Politics, Holidays, Technological Advancements, and 5G

Globalization reached a new form in 2024, where political changes on factors such as data privacy can impact an entire industry. Changes worldwide, including holidays and tech advancements, heavily influence user behavior. 

From the global release of a new iPhone to a holiday like Christmas and Diwali, the potential for a seasonal economic boom is astonishing. 

The advent of 5G has also seriously impacted the production of high-quality content and real-time interactions. This translates into boundless monetary potential for mobile applications.

2. Shift from Quantity to Quality in App Development Post-2021 Peak

With the sheer flux of mobile applications in the market, the focus has shifted from being first to being high-quality. Your product’s success is now measured by the seamless integration of user satisfaction into the app experience. 

Moreover, your app must inculcate personalized content to keep your users hooked. Quality, therefore, means higher engagement, leading to higher retention and monetization opportunities.

Popular Monetization Trends

Depending on the use case and industry, almost all mobile developers follow a certain strategy to monetize their applications. Here are some popular monetization trends followed by the thought leaders of the mobile app market.

1. Paid vs. Free Applications

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In the beginning, companies offered applications in the market as paid versions. However, with the increasing demand and competition, they had to make the apps available for free.

In fact, now 96% of Google Play Store’s apps are available free to use. Hence, you must now focus on alternative and innovative strategies to generate revenue.

While a free app can attract more users, it can also ensure growth through other means. You can opt for other methods, such as in-app purchases, ads, or premium features.

A hybrid strategy, such as the freemium model, can help apps expand their user base while increasing profitability. 

2. In-App Advertising

Here are some different ad formats, each catering to various user experiences:

• Native Ads: Ads that naturally blend in with the app’s interface. They often appear as products or recommended content and are part of in-app nudges.
• Playable Ads: These ads often appear with a short demo before any call to action and are primarily found in gaming apps. 
• Rewarded Videos: These are part of the gamification feature, which is an area of expertise for Plotline. Again, typical in games, these ads offer an exchange for view-to-win rewards such as extra lives or points.
• Banner Ads: A widespread format of adverts, banner ads are known for their less intrusive nature. However, they may generate lower revenue than most of the other formats. 

Another successful ad campaign is Zomato, which displayed its ZPL event as a PiP video. This generated a massive amount of interactions and revenue for the app.

Book a demo to see how Plotline uses these in-app elements to optimize your conversion and retention rates.

3. Subscription Model

Entertainment platforms like Netflix use the subscription model, which allows users to access content for a recurring fee. The fee can be monthly, quarterly, or annually. 

Additionally, the subscription model lets you pinpoint your app’s predicted revenue. This will enable you to invest in app improvements under surety security. However, you must also constantly produce interactive content and features to keep customers for a longer period.

Emerging Mobile App Monetization Trends

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Now that all the established trends have been discussed, it is time to take your app ahead of your competitors. By incorporating the following monetization models, your app will become a thought leader in your industry.

Pay-Per-Task Model

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• You make payments for specific tasks, ensuring flexibility with no recurring charges.

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• Budgeting apps such as SplitWise offer premium financial advice services.

Tokenization and Blockchain-Based Models

• In-app transactions using tokens or blockchain currencies in exchange for new in-app features.

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• One example can be redeemable token rewards in e-commerce websites like Flipkart’s SuperCoin. 

Rounding off

‍Incorporating these app monetization trends into your app can open a world of innovative ways to boost revenue. Ensure quality in methods such as optimized price plans and flexible payment options for user retention.With our expert strategies like A/B tests, Plotline offers the best mobile adoption and retention services.

With our industry and use-cases based services, you will see your brand growth reaching new heights.