My Artists saw a huge increase in sales the day after being free
Two days ago I made My Artists free for a day in the hope that it would help boost sales once the promotion ended. I was unsure whether it would pay off but since sales of the app had dwindled I figured it was worth a shot.
Yesterday I reported how the app performed while free and adjusted the price to $0.99, a drop from its original $2.99 price tag.
This was not the first time I had tried a price drop to $0.99 to test the effect on revenue but it was by far the most successful experiment with pricing to date. The chart below shows royalty receipts since the release of My Artists in August.
I originally proposed that I would steadily move the price from free back to $2.99. However, given the huge impact this promotion has had, I have decided to refrain from changing any more of the variables for the time being and will leave the price at $0.99 until some level of equilibrium is reached.
Now to see how this plays out over the coming days and weeks.
