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There are numerous fantasy game companies in the market, but those that have unique features and facilities to offer, will get the advantage and dominate the market. If you are dealing in a sports business already then having a fantasy sports app for your business will be cherry on the cake. Because at this time, having a sports betting app is like having a golden goose. There are around more than 4 billion legitimate football fans around the world who are driving the popularity of fantasy apps. This massive fan following translates the business into a successful business model.
Why is the fantasy football business successful?
- Continuously increasing football fans
- A vigorous and compelling business model
- Massive liquid money in the market
Day by day fan following of football is increasing exponentially; that is why fantasy football app development companies are also trying to make hay while the sun shines.
As per a study by Marketwatch, America is the largest producer of Fantasy Sports with a market share in revenue form this category amounting to 58% in 2017, and Europe holds the second-largest market share with a 14 % share in 2017. The global market size for Fantasy Sports apps is about to reach a USD 26400 million in 2024. (source)
Strategies to Develop a Fantasy Football App
A business plan for a startup of any other business should be reliable because this is what an investor looks for. The uniqueness of your plan will attract more and more investors. Below listed are some business tactics to develop a fantasy football app business effortlessly.
- Business Model
There is a need for you to construct a unique business plan for your fantasy sports software development, business that can outperform your competitors. Because this business is usually perceived as straightforward, that’s why there is a need to maintain a difference in the market. A good fantasy sports business plan will exhibit the uniqueness of your business.
- Market Research
Before starting any business, it is imperative to calculate the risks involved in the business. And for that, market research is fundamental. Market research is a method to collect information about the targeted business market and customers. It also helps to understand how many competitors you have in the market and how you will do better than them to gain more customers.
- Fund Raising
To start any business, the first and foremost thing to consider is an investment. You need to decide how much you can spend on your business and how you will arrange the remaining part of the investment. There is a need for a clear explanation of how much funding you require and how you will use it in the coming years. Because every investor is going to ask you questions like this. So always make a clear plan for everything and specify how you will use your money to make a profit and also in debt how you will recover that money.
- Marketing Plan
The marketing of any business depends on opening the stages of that business. Because if you are in an early stage or have not launched yet officially, then the most critical approach is the initial user accretion. The value of any business increases when more and more customers use it. And it totally depends upon the product launch strategy. Therefore, you need a reliable product launch strategy to stay in the market. Otherwise, some other company will overtake you.
- Financial Projections
Financial projection of a company is designed to calculate how that company is going to make money. And what expected profit margins it will earn in a particular time. The primary task is to generate the funds which a company spent to get new customers. And these figures must be calculated very carefully and precisely. Over the next five years, the company forecast income statements, cash flow statements, balance sheets and capital expenditure budgets.
Revenue Model For Fantasy Football App
The market for fantasy football apps is full of opportunities. Now it’s time to talk about how these opportunities can be converted to a successful booming business model. Here are some monetization strategies for fantasy football apps. Have a look.
- In-App Purchases
Although most of the fantasy football apps are free to use, no one wants to limit themselves when it comes to football. This is why Fantasy football app allows users to unlock new and exciting features by purchasing a paid version of the app. This is the most popular method of making money from a fantasy football app.
- Brand Promotion
A business can increase its revenue by promoting the brand into the market. Promoting a brand works both ways. It is a traditional method, and it is never going to be old. Promotion of a brand attracts the maximum mass and also spreads awareness about the brand in public. By promoting a brand, the customers can get more money, and the brand will also get more profit from a wide range of users.
- Entry Fees
People are crazy about football all around the world. A large portion of the revenue of a fantasy football app company comes from the entry fee that they charge from the customers. The market for football is more extensive than any other sport. Hence it comes with hell lot of opportunities with itself. In order to win a big reward or play private league or to explore more of the application, the users need to pay an entry fee. That represents a significant role in booming the revenue of the fantasy football business.
Did you know the market for sports merchandising in the world is already around $25 billion? Because football fever is all over on its fans and they believe in buying branded football-related things. So, it is a good idea to make an e-commerce section for selling branded products for these football lovers and get paid. Football fans will help you to increase your business revenue overnight.
Cost to Build a Fantasy Sports App
Well, the cost to develop any kind of app depends upon various factors. Some of them are negotiable, and some are mandatory. Now, to develop a fantasy football app, you need to decide what features you can have and what features you can leave if there is a budget-related issue. Some factors that can influence the cost of a fantasy football app are
- Legal Fees
- Maintenance of your app
- The platform that you choose(Android, iOS, Windows etc.)
- Developer cost
- Features of the application
- Requirements that you want in-app
- Payment gateway integration and much more.
Read more : – Features & Cost for Fantasy Cricket App Development
In addition to this, the development cost also varies because of geography. For example, if you compare the development cost of an app that is being developed by developers from the USA and on the other hand developers from India, then USA developers are quite expensive from South Asian countries like India. For an approximation, a fantasy football app developed in India cost around $20 to $80 per hour and in the USA hourly rate is about $160 to $200. So, the overall cost to develop a football fantasy app will cost around $5,000 to $10,000 depending upon the features explained above.
If you are looking to develop a fantasy football app, then BR Softech is a one-stop solution for all your queries. We can help you with app development for your fantasy football app idea. Our team of developers are experts in using various PHP frameworks, MySQL, Angular.js, MongoDB, HTML5, CSS3 & SaSS and much more. Our quality driven process will give you a responsive, flawless, fully functional, and user-friendly fantasy football app that will integrate all the features you want using the latest technologies. Give us a chance to prove ourselves and enjoy a fantastic solution provided by us.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.