Mobile platforms have been constantly evolving for the past decade, and so far, we have reached a level where you can literally play games you’ve never thought you would play on your phone. With that said, it’s only natural for Game Monetization to take the leading role in this.
According to Newzoo, The Global Games Market’s estimate is for games to generate over $150 Billion at the end of this year.
However, the most important factor that single-handedly revolutionized mobile gaming was definitely in-app advertising.
To better understand this, imagine that you’re downloading an app. Conclusively, you will always choose the free version instead of a paid version, the same as everyone else. There are extreme situations where an application or a game is actually worth buying, but generally, that’s not the case.
That’s exactly why in-app advertising and all of its forms changed the entire concept of Game Monetization.
This specific article will provide you with the most effective strategies you can use to monetize games.
We’ll talk about Pre-rolls, e-mail blasts, freemium and subscriptions.
So without further ado…
Pre-rolls are a high-value game monetization method in digital advertising. During these engagements, a video advertisement is being shown to the player that usually lasts 10-15 seconds. The short duration of such advertisements leaves user experience intact whereas other types of prerolls where a player is subjected to a series of 30-second ads will most likely cause players to close the app.
Pre-rolls generally have a high conversion rate, but only if used correctly. With adequate strategies along with overall insertion planning, you can grab your user’s attention while simultaneously generating sales. Besides that, pre-rolls can be modified to be skippable, which, contrary to popular belief, does not decrease overall sales. In fact, research has shown that people don’t see pre-rolls as intrusive or interruptive. In fact, they tend to memorize pre-rolls, which increases the likelihood of brand recognition, brand recall, and user experience increase.
Paid ads are a good choice if you want to aim towards revenue right away. However, it’s extremely difficult to sell a paid ad that has no previous fan base or audience in general. Brands and games that have stable and well-established fan bases are more likely to persuade their fans to go for the paid version. A newly developed app that nobody even heard about yet might not have the same privileges i.e it won’t sell. To conclude, paid apps are extremely profitable, but only with a strong and engaging fan base, and if you’ve just developed your first game, this might not be the way to go, at least not right away. What you can do, however, is go freemium.
Premium + Free(Freemium)
Let’s say you’re playing a game. You’re enjoying it and all of a sudden you realize that if you want the best features the game has, you got to pay. That’s freemium, or simply a free product with a charge on additional features. Despite the fact that gaming communities harshly criticize games that are built around this model, game developers and advertisers still effectively monetize this.
Even though it is pay to play, games are sometimes that good that people play them anyway. On the other hand, experienced gamers despise pay to play.
They see it as a form of disruption for the overall gameplay experience.
Well, users that choose to pay have larger privileges than free users; which is seen as unbalanced and unfair from an experienced gamer standpoint. Nevertheless, if you choose to monetize your app through freemium; then you should probably aim towards a competitive multiplayer experience. That will increase your chances of establishing a strong and engaged fanbase, which will lead to a stable stream of revenue.
E-mails were virtually the first communication tool that the internet provided us. Unsurprisingly, with and it has stayed as relevant as it was to this very day. E.mail marketing can still be very effective in boosting your app’s or game’s fanbase. If you’re really eager to let everyone know about your newest app; a well-planned e-mail marketing strategy could go a long way.
What do we mean by that?
Simple, E-mail blasts.
Ad Networks like MonadPlug can help you spread the word out through methods such as E-mail Blasts, which are basically e-mails that are sent in bulk to a very large group of people. If you want to engage in crowdfunding for your app, you can effectively utilize E-mail blasts to do exactly that.
Old but gold. Subscriptions have always been a viable option in game monetization. Adding subscription-based features to your apps along with meaningful rewards assure substantial revenue increases, especially if you’ve already established trustworthiness and authority among your users/players. The better the benefits you provide to your users after the subscription, the better user experience and feedback you get, which ultimately means more money. Even if that’s not enough, you can always implement a freemium/pay to play aspect into the subscription to increase your revenue even more.
This particular method is an extremely unique game monetization strategy. Mainly because it builds up a very personal connection between you and the customer. People generally tend to connect better when they feel that they carry a very important role within a specific project. That’s exactly why startups are generally favored by users. They can directly talk to you, ask questions, emphasize concerns, ideas, and opinions while simultaneously getting feedback.
This process works both ways because you can actually receive valuable information from your users regarding your project that you couldn’t have gotten any other way. Crowdfunding might not work if your product requires large startup fundings i.e physical products. However, software ( games and apps to be precise) projects have literally zero costs, all you need is patience and expertise.
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