SideHustle App will be adding a subscription-based app monetization method. Currently SideHustle in-app purchase (IAP) model is more like traditional commerce like retail- come on in, everyone is welcome, and, if you like, you can buy premium ad spots once you are here. The addition of the Subscription-based model offers significant revenue potential and the benefit of a steady stream of income.
The Subscription model is a very different approach than monetizing through premium ads, which offer choice and value, but do so on a fractional, incremental basis, as compared to subscriptions, where we ask for a commitment just once or sporadically. The bump in average revenue per user (ARPU) is also a considerable benefit to employing subscription-based monetization models.
Subscriptions will provide a winning formula in addition to long term revenue streams and higher LTV, subscription-based monetization model will create deeper engagements. Consumer psychology is predicated on the idea that once we pay for something, we want to continue to get value from it. So, once a user has committed to a subscription, they are more inclined to return to our app on a routine basis, increasing retention further.
Venture capitalists love subscription models because they manage a lot of risk out of the business plan as we get ready to raise series A in the 1st quarter of 2021.
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