The Impact of Freemium in Society Today Essay

Freemium Characteristics and Psychological EffectsIn the neoliberal age, several new business models were created as a result of the shift towards free market. One of which has generated a remarkable amount of buzz in the past few years and has made its way to become one of the main sources of revenue for a number of businesses. The Freemium model has integrated itself into many everyday services, from online subscription-based services to mobile applications and games. The term Freemium is described in Reime (2011)s research paper as a service that is essentially free, but also allows users to pay for extra premium features that are not available to a free user. Freemium services can also use advertisement as a supplement of revenue. As with every other business models, not all of the businesses that make the use of the freemium model are bound to succeed so what does it take for a Freemium service to thrive?Freemium has gained much attention in the recent years for the notion of the word free. Psychological studies show that people link a price on a product or service to a consideration of cost, no matter how small (Anderson, 2009). Thus, users are automatically attracted to these free services, even though they would need to pay to enjoy the maximum experience of the service. It is now the service providers job to convert these free users into premium users.In the Freemium model, a basic version is given away for free, with the hope of eventually persuading sufficient numbers of customers to pay for a more advanced version (McGrath, 2010). Based on this definition of a Freemium model proposed by McGrath, Reime (2011) suggests that a Freemium service is consisted of nine major characteristicsValue Proposition of Free Offer Features of a service that are meant to attract free users, but can have limitations that will eventually force them to upgrade.Value Proposition of Premium Offer Benefits of upgrading to...

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