The era of fantasy applications is taking over the world of online gaming. It delivers excitement right to the fingertips of the users and the gamers. But as developers, one often finds themselves wondering about the monetization of the application.
If you are thinking of how the big fantasy game development companies out there make those massive shares of profits, then this is the article you need. You will be able to understand the scope of the sports apps, growth in the industry, the development cost, and how to establish it as a profitable business. Let’s dive right in.
A Little about Fantasy Sports App
Before heading into the market and the growth of the application, it is essential to understand what makes the fantasy sports app popular among today’s players. There are two significant factors that at increasing the number of users of these applications.
- Firstly the players in the game are the virtual avatars of the actual players on the live ground. It fills the users with excitement to own their own team that is tuned with the real ones.
- Secondly, it is the cash prizes that the users aim at, and that’s the main motive of the complete fantasy app. It is the primary driving force of the applications that will play a significant role in the development of the industry.
The users’ points add to their overall game points for the match. In some instances, the pointing system differs, such as the tournament games. However, the adrenaline rush whenever your team player gains some fantastic points in the actual game is what the users love the most. Therefore, the more intense the game becomes, the more thrilling your application user numbers will look.
The Current Market Scope of Fantasy Sports App and its Growth
Looking at the current popularity and the expected growth rates of the industry, the numbers look promising for a fantasy sports app development company trying to step into the market. The USA is one of the top countries in the world with a high number of fantasy sports players. Estimated Reports suggest that nearly 50 million 18+-year-olds in the US play fantasy sports. It, thus, makes the USA one of the top contributors to the Fantasy Gaming Industry.
It indeed tells a lot about the present potential of the market and how a development company can ace the industry. Therefore, understanding the market, the scope of improvement, and the innovation becomes very crucial for a company looking forward to making a mark among the users.
Additionally, let’s look at where can the new fantasy sports app companies can upgrade to create a significant place on the leaderboard.
Partnership projects can become a driving force of an application. It makes the application more attractive and practical for the users. Depending on which sport the application is going to offer the users, creating a dedicated league with the industry-leading companies will give the app an upper hand. The market is soon going to seek applications doing well in the industry to create collaborative projects providing extra features and a mindblowing gaming experience.
2.Bagging the Millenials and Gen-Z
Gen-Z is known as the digital natives and is the generation that is trying to complement their sports experience with online gaming. However, with digital information becoming more easily and diversely available for the millennials, they are becoming an essential part of the market. Innovation and sports are two of the most prone areas of experience that millennials are stepping in for. Thus, businesses wanting to generate high revenue and become long-term players in the market can work toward developing gaming solutions for Millennials.
3. Addressing the Smartphone availability
Fantasy sport is not a recent industry, but it has been in the market for quite some time now. The history of fantasy sports gaming starts in the 1930s. However, there weren’t smartphones and high-s[eed internet back then. With smartphones and internet availability, the fantasy gaming industry has evolved tonnes. The technological advancement today can be the initial infrastructure for the years to come. Leveraging that can be very beneficial for companies right now.
4.Dedicated Fantasy App Development Companies
Some companies have proficiency and experience in the field. Online gaming and fantasy sports are two of the significant areas in which app development companies are working tremendously. It is the market growth, the potential reach, as well as the revenue areas of the market that attract the development companies. Thus, in a business taking their help will help them to create an upfront, immersive, intuitive, and high-end application that one can direct toward their audience.
What is the Development Cost of an Online Fantasy Sports Application?
Multiple factors contribute to the aggregate cost of the online fantasy sports application. Depending on the various building blocks of the app, the cost will be spread out to the teams, infrastructure, your choice of design, technology, and platform.
1.The Structure and Platform
The first and foremost consideration of creating an online fantasy application is the structure of the application. The business goals and the audience will help you to better consider the software’s basic infrastructure. There are two types of structures – Native and Hybrid. Native structure software is the one that will work over a specific single platform, whereas the latter one has comprehensive infrastructure for multiple platforms. Carefully choose the right one and discuss it further with the fantasy sports app development company you are going to work with. The platform and structure you will choose will be the first particular of your cost bill.
2.The Designing Team
Ideating and presenting the UI/UX of the application is very crucial. The gaming industry often seeks near-real avatars, looks, and designs. However, the fantasy sports industry doesn’t need it. On the other hand, the application needs to be precise with user flow, structural design, and graphics inside. The designing team will create a base for the developers to work on and understand what needs to be in there and what to scrap out. The codes will be based on the UI/UX flow.
3.The Developer Team
The developer team is the backbone of the entire software that you are going to produce for the market. The front-end and back-end development is the crucial part of the application. Though the UI/UX will help you with the flow, the developers will bring that design to life for real-life operability. A fantasy sports app development company precisely works with the development team to create the application of your dream. The development is the core cost of the app on iOS and Android.
What extra features your application need will also influence the cost of the application you are about to get. These features can make the app more profound in the market and help you achieve more target users quickly. Map out the type of fantasy sports you are looking forward to having in your app. It will help you understand what features you need to have Multiple profiles push notifications, alerts, or team management facilities. It will largely influence the price of your app. You can add high-tech into the application to make it stand out from the simple ones. These techs might include blockchain, AI, AR, VR, and IoT for a better audience grasp.
How to Generate Revenue with a Fantasy Sports App
There are multiple modes of making money with an application like fantasy sports. It offers many practical modes of earning for the players and for the business owners too. Here are some of the methods for your business to become profitable.
The first and the most obvious method is the commission cut from the participation fees of the players. The overall price for the game will be much higher than the individual participation fees. However, the number of participants can be huge too. Most fantasy app businesses keep a 10% cut from the fees deposited by the players. It allows the business to start the cash flow and maintain the amount for the other cash prize games. The bonus contests and league prizes come through these fees.
Running ads on the application is one of the most profitable solutions for generating revenue for your business. If your app has a good user base, then running ads on your application will take you a long way. Many companies working in the mobile-app department want to marketize their application to an extensive user base. They approach businesses with a vast audience to advertise on their apps. It will help generate massive revenue and allow you to get commission cuts on downloads or subscriptions. It all depends on the terms set by the advertiser and the company that wants to advertise.
A life-long casino tactic that is used massively over the fantasy sports application is the tactics to engage users in the games. Though winners have their sum to earn for the game, the losers’ money has to go somewhere. Not every buck can be utilized for the match prizes. Thus, the remaining amount is the profit of the business too. Old-time casinos used to do the same, asking the players to have one more game or letting them deal with another type of game having a different type of bet. Those made them play long and, in the run, helped the business to get some more profits.
4.A Profound Hybrid App
You need to make your business worthy enough that the investors start taking you seriously. That’s the aim here. Creating a seamless multi-platform application with cutting-edge technological solutions will make a difference that you can count on. Investors will straight up become interested in your application. All you need to do after the development of the fantasy sports app is to marketize it well. More users, a better popularity scale, and a high leaderboard ranking can get you good revenue from the users and investors.
5.High Retention = Better Opportunities
Suppose you hired an all-star fantasy app development company for your dream app, but after you put it on the apple and google play stores, there ain’t many users because you charge participation fees from the very beginning. It will hit you hard. On the other hand, if you strategize the process by creating a better opportunity for you to get a vast user base quickly. You can further develop strategies to add paid contests, offer premium services, make subscription plans, and add bonus content. It will kickstart the business and make you ready for revenue generation tactics.
In-app purchases are a standard method of generating money from the application. Offering tokens for entries or creating bonus packs can help your business to keep the cash flow cycle going. However, it is essential to understand if there is a need for In-App purchases or not. If it feels that putting it in there is not worth it, then you can drop this option without a second thought. The reason is Fantasy Sports Apps are more based on real money. So, one can directly participate with the initial fees. However, if you want to create packs for tokens or slots, you can integrate them with the application to create a better opportunity for profits.
A mind-blowing method of earning the extra bucks is by getting sponsorships for promotion over your application. If you have a nice amount of player base, many companies out there will pay to put their information banner on your app. It will help your players directly get the game information on the app and add endorsements to your application. It will make your app more reliable among the audience.
That brings the article to an end with all the information about the fantasy sports app that you need for your business. Starting with market growth and opportunity scope, the application has massive potential in the market with a large audience base.
It can stir up a tremendous amount of revenue for your business. You can leverage the power of cutting-edge technologies to deliver a seamless application to the user base. It will create the initial buzz your business needs. Looking at the cost of the application, you can directly ask a fantasy app development company for price quotes. Depending on your requirements, it will be set up at an affordable rate for your business.
Last but not least, the revenue that the application can potentially generate is vast. However, one must be very conscious of the market needs. It will create better growth opportunities and help your business to expand quickly. If you can throw in some extra money for an expert marketing company for your business, don’ hesitate a bit. It will be worth every penny if your application reaches the right audience quickly. Initiation is all that matters in the world of online gaming today.
Bonita has been working as an SEO expert in Appinop Technologies in digital marketing. She has done b.com with designing skills. With her creative skills, she also handles social media for Appinop Technologies. She loves to learn new things at her job.