The App Monetization course on Udacity introduces the concept of monetization and emphasizes the importance of considering profitability from the beginning. The course covers various monetization models, profit margins, key performance indicators (KPIs), and customer acquisition and retention strategies. Students will learn about monetization strategies for freemium, subscription, eCommerce, and ads across web, games, and native apps. They will also explore the tools used by startups to implement these strategies and design a plan to execute a model for their own product. The course teaches students how to choose and tailor a monetization strategy for their product and set up tracking to monitor its effectiveness using tools like Google Analytics. Additionally, students will learn how to optimize their monetization model and react and re-engage users if their initial strategies don't work. The course also highlights the close relationship between product and monetization and introduces the Hooked Model as a way to optimize monetization strategies.