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Mine Your APIs for Gold: API Monetization

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One question that our customers frequently ask us is, “How can I generate revenue from my APIs?” With the increasing demand for digital transformation, exposing services as APIs has become a key business need. As an API provider, you need an easy and flexible way to monetize your business APIs so that you can generate revenue for the use of your APIs.

Moreover, subscribers can also choose the best possible subscription plan with the optimal billing plan. Hence, enabling monetization for APIs will be beneficial for both API providers and subscribers.

You can use the new monetization features in WSO2 API Manager to create different monetization plans that can be used to charge developers and subscribers for the use of your APIs.

The deck discusses the following:
- The importance of API monetization
- Benefits of monetizing your APIs and maximizing profit generation by exposing APIs
- Collection and summarizing statistical data related to API usage
- Using a payment platform for invoicing and collecting payments
- Creating multiple revenue streams by exposing services as APIs

Watch the webinar on-demand here: https://wso2.com/library/webinars/2019/12/mine-your-apis-for-gold-api-monetization/

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Mine Your APIs for Gold: API Monetization

  1. 1. Mine Your APIs for Gold - API Monetization Sanjeewa Malalgoda, Software Architect - WSO2 Chamin Dias, Senior Software Engineer - WSO2
  2. 2. Agenda ● Why we need API monetization ● How to make your API sellable product ● Different API business Models. ● WSO2 API Manager monetization overview ● Demo.
  3. 3. API Monetization Image source https://medium.com/@saltori/do-you-think-you-deserve-to-have-more-money-than-you-need-387380f0aaed
  4. 4. Why We Need API? ● To drive innovation and accelerate go to market process. ● As marketing channel or lead generation source. ● To acquire new customers and users. ● Expand your business with partners or resellers. ● Build audience and an ecosystem around your products. ● Integrate your services with different devices and systems. ● Sell your data to external parties. ● Extend your products or services.
  5. 5. API Revenue Source https://www.information-age.com/organisations-advantage-api-economy-123485729/ 100% of Revenue comes through API calls
  6. 6. Value Added by API Management Microservices Service Consumers
  7. 7. Value Added by API Management Microservices API Consumers API Access Control Transform Extensions Rate Limit
  8. 8. Value Added by API Management Microservices API Consumers API Access Control Transform Extensions Rate Limit
  9. 9. Value Added by API Management Microservices API Consumers API Business Partners
  10. 10. Value Added by API Management Microservices API Consumers API Business Partners External Users API Marketplaces
  11. 11. Build Sellable API Product ● Improve the quality of API. Follow API best practices including use correct naming conventions, use correct http methods etc. ● Improve documents and have self descriptive API definitions. ● Make sure samples and necessary help available with API. ● Build necessary tools to make integration easy. Provide SDKs, clients to improve user experience. ● Allow users to tryout APIs and see how things work. ● Provide sandbox environment to test scenarios with API. ● Let users to access dashboards and visualize their API usages. ● Allow users to troubleshoot issues related to API. ● Expose APIs to different market segments with different plans.
  12. 12. Different API Business Models ● Free access to APIs ○ (ex some government APIs, Facebook APIs) ● Developers pays for API usage. ○ Revenue generate by API usage(ex stripe, paypal, google). ○ Tiered, freemium, pay as go, transaction fee based, unit based etc ● Developer get paid for API usage. ○ Affiliated marketing, ecommerce platforms, revenue sharing solutions. ● Indirect revenue ○ Internal API usages, ecommerce solutions, ○ Use APIs to do some business and earn revenue through that.
  13. 13. APIs and Business APIs Extensions Rate Limit Access Control Transform Business Plans API
  14. 14. Use of Business API in WSO2 API Manager App... Weather API Location API Application Developer Application Health API Subscribe with Gold business plan Subscribe with Silver business plan Access Key Consume APIs
  15. 15. Setup Details ❖ WSO2 API Manager 3.0.0 ❖ WSO2 API Manager Analytics 3.0.0 ❖ 2 Stripe accounts (tenant admin and API publisher) ❖ MySQL database (optional) https://apim.docs.wso2.com/en/latest/Learn/APIMonetization/monetizing-an-api/
  16. 16. Extension Points - Summary WSO2 API Manager Billing Engine (Stripe) Create a subscription tier (commercial) Create a billing plan Monetize an API Attach plan(s) to API Subscribe to a monetized API Create stripe subscription Submit API usage data Calculate billing amount View invoice Retrieve pending invoice
  17. 17. Step 1 : Creating a subscription policy (commercial)
  18. 18. Step 2 : Monetize an API
  19. 19. Step 3 : Subscribe to a monetized API
  20. 20. Step 4 : Invoke API / Publish summarized data Github Gist : http://bit.do/postman-script
  21. 21. Step 5 : View Invoice
  22. 22. Next Steps... ❖ Download WSO2 API Manager 3.0.0 ❖ Download WSO2 API Manager Analytics 3.0.0 ❖ Try it out! https://apim.docs.wso2.com/en/latest/Learn/APIMonetization/monetizing-an-api/ https://wso2.com/api-management/
  23. 23. Q & A
  24. 24. THANK YOU wso2.com