Mobile app monetization strategies aren’t yet being applied to the majority of tech startups, and turning an app or a piece of software into a monetized platform is an afterthought for a number of developers.
Popular apps like Snapchat, Instagram and Citymapper all aim to reach critical mass in terms of usage before thinking about developing a potential revenue stream.
But there comes a point in the lifecycle of most apps that revenue has to be considered and monetization strategies have to be designed.
And the reality is, it’s hard to go from an ad free app that everyone loves, to an app that becomes self-sustaining and profitable.
That’s something that the founder of social travel app MileHi, Richard Lloyd, is conscious of.
MileHi is a social network designed around air-travellers, who can use the app to meet up with their fellow passengers at airport lounges and in-flight, allowing greater networking opportunities.
Up until this point Lloyd’s venture has been entirely self-funded, as he still wants to be “able to sleep at night”, something he doesn’t think would happen if he accepted a large investment from a business angel or VC.
He sits down with Hot Topics to discuss mobile app monetization strategies as he looks to monetize MileHi by Christmas this year.
There are, “three or four options,” open to MileHi says Lloyd.
Advertising is one. “We can push up adverts to any flight,” similar to the kind you’d find in an in-flight magazine.
“We also can be sending polls up to each flight… how they rate the food, what the service was like, what the check in was like.”
Finally, Lloyd is looking to integrate a price comparison aspect into MileHi, similar to Skyscanner, which would allow users to compare costs from a variety of different travel destinations.
To find out what else Richard Lloyd has to say about mobile app monetization strategies, watch the clip above.