There are a large amount of ways to monetise Digital wellbeing and Fitness apps. The main includes:
- Subscription-based models: as previously exemplified companies like US Peleton and MyFitnessPal are prime examples of success stories in this space, with the former offering subscription services up to $39.99/month, and the latter $9.99/month
- In-App Purchases (IAP): additional workouts, gear, or other products within the app itself. In Europe, IAP in 2023 amounted to a record-breaking $420 million, a 9% YoY increase, with the cycling, running & hiking apps, including Strava, Kamoot, and AllTrails, as frontrunners in the space. The three contributing 27% of the European total API. On individual app level, Strava, followed by MyFitnessPal and Fitbit led in IAP. Gamification provides a great catalyst for IAP.
- Subscription-based models and in-app purchases are estimated to contribute to 55% of Wellbeing and Fitness app revenues. In the Diet and Nutrition segment specifically, up to 45%
- Freemium model: basic version of the app for free, with the option to purchase premium features or content
- In-app advertising: British Sweatcoin, which rewards user Exercise and Fitness activity through Cryptocurrency, in turn finances most of its business though in app-advertising. Moreover, for example, Nike Running offers fitness advertising as part of engagement in their apps, and MyFitnessPal works with health and wellness companies to promote their products and services
- Partnerships and sponsorships: another income stream for Sweatcoin, partnering with insurance agencies and governmental institutes promoting a healthier lifestyle. Moreover, for example, Strava has partnered with several major brands to offer discounts and other perks to its users. Fitbit has partnered with several major health insurance companies to offer discounts and rewards to users who meet certain fitness goals. These partnerships not only help usersto e.g. save money on their health insurance premiums but also encourages them to stay active and healthy
- Affiliate marketing: promoting products or services from third-party companies and earning a commission for each sale or lead generated, generating sales leads through offering products or services that complement the app's offerings, such as fitness equipment or nutritional supplements
- Data monetisation: fitness apps can also monetise user data by anonymising and aggregating it to provide insights to third-party companies