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GetJar Launches Virtual Currency For Android

5391_2.jpgGetJar, the worlds second largest app store, has announced the launch of a new virtual currency system rewarding users with virtual money for loyalty (such as minutes spent on the site and actions completed) that can then be used to buy premium games.

The virtual currency, called GetJar Gold virtual currency can be used with Android apps downloaded from any app store, including the Android Market, Amazon AppStore, as well as GetJar’s own.

GetJar Gold virtual currency is entirely reliant on advertising, with consumers earning the currency by downloading Android apps. They can then spend this money on premium apps, costing up to $10 each on the official Android app store, as well as on in-app purchases.

The system also benefits developers, with GetJar paying on a per-install basis. The company estimates that free apps are downloaded somewhere between 10 and 20 times more than paid-for apps, giving developers much larger exposure than on the official Android store.

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Ilja Laurs, CEO for GetJar, said: “The virtual nature of the currency and its linking to the global advertising spend solve two major problems that the traditional billing platforms have struggled with – low conversions due to the complicated user experience and the lack of access to global markets.”

“Our early results are showing significant increases in both revenue and conversion, and we expect developers will experience an increase of up to 10 times for participating.”

The virtual currency comes as a compliment to GetJar’s Gold program, launched last year, that allowed consumers to get premium apps that would cost up to $10 on other apps stores for free from GetJar.

They are able to do this because of the scale of their app store, allowing them to buy premium content from publishers, distributing it for free to consumers and relying on sponsored app placements on its site to generate revenue.

Download a PDF explaining how GetJar’s Gold Virtual Currency differs from traditional App store business models.





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