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Assuming you have a popular free to use app - what are the best ways to monetize it?

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HandheldM

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I have another thread talking about the development of an app. This thread is to discuss what to do assuming you get over the hurdle of developing the app and people are actually using it. The app I would like to develop would be free and would be used on a regular basis. It is a "finder" of sorts. Right now, the only thing I am thinking is to incorporate ad space built into the app itself and send that traffic to affiliate programs. I used to do a lot of affiliate marketing back in the day with basic websites. I assume there are similar avenues for app traffic. My long term goal would be to sell advertising space to companies with matching products to the free service I am offering. I do not intend to charge the used to upgrade to a version without ads. I do not intend to go after the companies I am listing in my "finder". There MAY be an opportunity for those companies to pay to be someone "better" than the other companies on the page, however, the app would work best if the companies listed were sorted by review score (after location and day of week are taken into consideration). Any light you can shed on monetization would be highly appreciated.
 
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