Selling a digital subscription to a magazine app is the game plan for many digital publishers as it brings them continuous revenue. However, one-off digital products in the form of apps can be another way to pique the interest of subscribers and non-subscribers alike, while creating multiple opportunities to generate revenue.
With one-off apps, publishers can target people who have never purchased before at a lower price point, or free. It can be another way of expanding your digital footprint with current subscribers. And in addition to providing the app, you can offer sponsorship or advertising within it to different companies. In this case, if you were selling the one-off app, and offering sponsorship of it, you’d have the chance to generate revenue in two different ways.
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Forbes Media is one such publisher who is offering a financial planning app that is sponsored by Northwestern Mutual. The app includes live-streaming content, social interactivity, and tools for investors. This specific app is free, so there is a much larger potential audience who will buy it. As the sponsor, Northwester Mutual gets access to Forbes’ audience, and places banner ads within the app, which lead to videos of Northwestern executives discussing financial planning.
Next time you develop a one-off app, consider options for generating revenue from it, even if you are offering the app for free. Partnering with a sponsor can be beneficial to both parties, especially if your app promotes interactivity with a relevant audience.
What is the rough budget for these types of apps?
Hi Michael,
Budgets vary depending on the type of app. Basic, static apps are typically the cheapest. I’ve seen some companies that will create such apps for under $1,000. More elaborate apps are typically more expensive. Some major agencies charge tens of thousands of dollars to develop these apps, although I’ve seen smaller agencies who will do it for around $5,000.
-Chris