Sports apps have gained much popularity in recent times as mobile apps make it easier for users to access various sports products and services such as streaming match broadcasts, watching live scores, fantasy sports, purchasing sports merchandise, etc.
While such applications are high in demand, more and more sports businesses are going digital by investing in mobile app development technology. Nevertheless, the challenge for those sports businesses is to generate improved revenue while they offer various products and services to users through their apps.
Thus, comes the need to think of profitable and useful monetization techniques. Talking about that, we’ve compiled a list of the effective techniques to monetize your sports online application.
But before that, let’s get more insight into sports apps, their types, and more!
What Are Some Popular Sports App Types?
- Live streaming apps
One of the popular sports app categories is live streaming mobile applications. Such apps are popular as one can stream various live sports events, matches, and highlights seamlessly through their mobile devices.
- Fantasy sports apps
It is another sports app category that is much popular today. Such apps support legal betting and allow users to bet on various sports matches. To make betting interesting, they allow you to compete with your friends, known ones, and others. Users can earn some rewards and money by using these apps.
- Sports merchandise apps
If you are looking to build a profitable app, an eSports app might be your best bet if you have the budget and investment to go. You can sell various sports merchandise, essentials, accessories, and health supplements, etc. through your app.
- Sports news apps
Sports enthusiasts follow sports-related news very dedicatedly and that’s the reason there are multiple apps showing sports news, blogs, vlogs, and live match updates. Such sports online applications are high on demand and can be very profitable for your business.
Free Online Sports Apps Are Feasible or Not?
When you browse for various sports applications in app stores, you would find multiple free and premium applications there. But, as a business owner, you might wonder if developing a free app can generate revenue.
If that’s your concern, read on further and see if it could benefit you.
First of all, the very reason you plan to build a free app instead of a paid app is to attract a higher audience segment. Besides this, the other benefits you can expect are to promote your brand in the beginning, gain loyal customers, and build a reputation.
But, can it help you generate sufficient revenue to keep your business running?
While free sports applications might help you get huge installation numbers, there are limited ways for you to monetize these ideas. Here, look at a few of these monetization ideas for your free sports app.
- You can create an eCommerce sports app for customers and sell them various sports essentials and merchandise and earn revenue from it.
- Adding in-app advertisements is a popular way to generate revenue while not charging users any money.
- Businesses can also invest in software development and develop a robust sports app that offers services free of cost. This could help promote your brand and gain much recognition in the market and you may charge a subscription fee at a later stage or ask users for various in-app purchases.
However, the revenue-generating options are limited in the case of free sports online apps. You might consider sports mobile app development and look at the other various monetization ideas mentioned below.
Top Sports App Monetization Ideas for Increased Revenue
Now that you are aware how sports apps are crucial for businesses, you have to think of profitable monetization ideas as well. It’s imperative to understand that the monetization model you choose depends hugely on the kind of sports online application you have built.
Here, we have mentioned a list of the most profitable monetization ideas that could work well for your sports app. Have a look!
- Premium model
If you have built a feature-rich, cross-platform sports app that is sure to provide customers with unique experiences, the premium model works fine. In this case, you won’t be able to target all sports enthusiasts but rather a restricted section of potential customers who have the means and interest to pay for the premium model.
- Freemium model
A freemium model of monetization is rather useful when you have created an application with a rather simple user interface. An easy-to-use and functional sports app can appease users.
In a freemium model, you can allow users to access a set of features in a free version. But for a few interesting features, you can ask them to subscribe to the premium version.
- In-app purchases
App purchases are another famous way to monetize your app. If you have added some special features in your sports app like premium content access, live streaming, and so on, you can incorporate in-app purchases and earn revenue from it.
Such in-app purchases are calculated to be $380 billion as of 2021. However, it should be designed in a way that doesn’t compromise the user experience of your app. Otherwise, it may look like money-fetching schemes and annoy users.
This kind of monetization policy works best with sports live streaming apps and news apps. Users who want to get early access to such content can buy a subscription for your app and you can earn some loyal customers while earning some revenue.
However, the challenge for businesses here is to determine how much free access they should provide to customers before they are needed to subscribe. And make sure to incorporate the subscription message or CTA effortlessly in your app design as it should not look like a typical sales copy.
These are a few profitable app monetization ideas that one can use to generate revenue from their app. Investing in any of these techniques with the right app development practices like creating seamless UI and UX, maintaining security, using secure third-party tools, incorporating chatbots, etc. will ensure you earn sufficiently from it.
The sports online app you create will surely generate revenue for your business if you have built it with the help of the best experts and have implemented a smart monetization plan to go with.
Without the right monetization idea, you might end up building an app that brings much value to customers but less to no value to your business.
You may end up investing in a plan that your customer base doesn’t feel very much comfortable with and won’t willingly spend on it. Therefore, learning the various sports app types and creating a smart monetization idea accordingly is in your best interest.