How Do Dating Apps Make Money: Monetization Strategy

27 Dec

In the quest to hit an important network effect, all of the online services providers know that mere downloads do not indicate the success ratio.

Ultimately revenue generation is required to ensure sustainability or longevity of the app. At present, Dating App Development Solutions have laid the foundation of most intuitive thinking and unique monetization strategies. Every passing day, popularity for such applications is increasing constantly where the majority of the people are relying on such applications to find their perfect match.

In countries like the European Union or US people are using dating applications to reach out to their soul mate. People belonging to different geography use Different applications based upon the functioning and popularity in the following reaction. An increase in user base for such applications has forced the users to start using specific dating application. The updated latest applications have also salt various errors or issues which are commonly faced by users and now they are more reliable and secure from a user point of view.

What's the big deal?

Development of the dating applications requires lots of time, effort and resources and therefore it is essential to follow multiple ways in order to monetize every investment. It is generally expected from On Demand App Development to meet the requirements as it can brainstorm unique ideas to build such an application. Dating application Development Company can also guide you during the stages of development or on how to create a modern dating app. Once you have made the application it is essential to get a clear idea about how to make money from it and what are the different ways available through which you can integrate the application.

In the field of mobile application development, Tinder clone Development has opened up new opportunities for dating applications. In spite of the most number of dating application services, most of the users are still searching for their favorite platform and all you need to do is find a chance to enter the market and create a dating application with better revenue. Building the application you can include various options that differ by their features or duration.

Considering the figures for the year 2015 the overall worth of the online dating industry was around $ 2.2 billion. This industry is growing further and at present, it is considered as a venture of a lucrative business. Online dating application models have their unique selling strategies and prepositions for connecting the potential users and also provide them a better connection with strangers which they normally would not have met.

The unique models are designed to strengthen the revenue or profits. The world of online dating applications and trends are changing and the number of users is also rising significantly. Most of the young audience is happy to pay for their share of these dating applications. Let us learn about some of the interesting facts with online dating applications-

  • In the year 2019, the overall revenue of online dating services ranges to $ 1,1667 m
  • By the year 2023, it is estimated that the annual growth for the same segment will rise by 4.2% where the share will exceed $ 1,968 m
  • The average revenue based upon individual user currently accounts for $4.90
  • As per Google trends, Canada is ranking 12:00 among 57 countries that search for 'online dating'.

How does dating applications like Tinder and Bumble make money?

Tinder is categorized as the most valuable application of all time wherein the year 2017 its overall value was estimated to be around $ 3 billion. On a daily basis, it earns around $ 2,336,039. The base application of tinder is free for users with limited features where the company begins charging them right after they introduced to tinder plus. Tinder makes most of its revenue with this feature which is a subscription service extending maximum features and gives access to other users as well.

Tinder

Among all the other dating apps Tinder and Bumble are actively used by the users and they are even popular. Tinder makes money through some of the features like-

  • Tinder gold- it provides the features of Tinder Plus and new likes which enables the user to check how many likes they have received. The cost of this feature varies with location, age, time, Services and various other parameters where it can range between $ 15, 00 to $ 83.99.
  • Boost- when you subscribe for tinder boost your profile gets a maximum chance for the views and matches

Read the blog- List Of Market Leaders In The Dating App And Features Make Them Unique

  • Super like- using the feature like, Super like instead of interested you are right any user can just super like them which directly notify them if they are interested. on a daily basis, the free user receives one super like, on the other hand, subscribe user receives 5 Super likes in a day. Users can also subscribe or purchase the package ranging from 5 to 25 by paying an additional amount of $ 5 to $ 20.
  • Sponsored profiles- most of the corporate or providers have started collaborating with the application in order to visualize the content.

Tinder has cleverly adopted the model from Snapchat that has to modify the sponsored content or advertisement resembling with the user interface to make it look more secure and relevant. Whenever the user clicks on the sponsored profile then instantly free drafted popup from the sponsor with whom they have initially started the conversation. In the big picture Tinder clone Development help integrative the chatbots for such cause.

Bumble

Bumble is the second largest dating application right after tender which has three significant models-

  • Bumble Bff
  • Bumble Buzz
  • Bumble Date

Bumble BFF is a place where the user gets to meet new friends on the other hand Bumble Buzz professional networking. Bumble Date is more or less like tinder to find a perfect match. This application is specifically designed for men where it offers equal opportunity to them to make the first move. Just like tinder plus subscription it also provides the same package known as Bumble boost which allows you to filter out multiple options to get the perfect soul mate. Other than this it also generates maximum revenue with sponsored profiles.

How can I make money?

If you have released your own dating application and looking for various ways to monetize it then go through the below-mentioned segments. There are various channels at present through which expected revenue can be generated for the dating application just like Tinder or Bumble. All you have to choose is the channels that you should incorporate in the application to generate the revenue. There are some ways mentioned here through which you can generate the session.

  • Subscription- this is the fundamental revenue stream strategy for the dating application where the registered user of the sites has to avail the services by paying a monthly, quarterly or annual subscription. For this you can categorize your application whenever the user pays for the account, more views will be generated along with the filter options to get the best match. Ultimately you can provide them chatting features. In the premium model, you can include features like unlimited swipes or video chatting. You can then limit the number of search results where free members can see only limited and paid members can view all.

  • In-app purchases- most users love to send different types of text or emojis other than the general one where you can integrate in-app purchases for such specifications. This might emoji, Gifs, graphics or any other thing. It could be one of the easiest ways to earn money Dating Mobile App Development Services.
  • Advertisement- this is one of the most profitable options for the owners of dating applications to generate maximum profit or revenue for the services. Various users all across the world are spending plenty of time on dating applications hence every day new users or existing users are captivating such insights. Various industries are targeting this audience for their brand promotion or advertising of the services which are related to dating services for example greeting cards, florists, food and beverages and so on. Meanwhile, you can present an option to contact regional businessmen for the advertisement of their business on auditing applications.
    Some of the restaurant owners who have recently developed their applications are also promoting their business applications because it is the actual place where sophisticated audience lies. Ultimately it has helped the dating application owners to generate maximum revenue from the brand promoters.
  • Affiliated marketing- for this type of revenue generation event app developer has to ask other service providers to sell or promote their services through the application. This can include restaurant owners, jewelry store bars, gift Store and many more. It significantly allows the affiliated services or marketing to target the expected users of the application where app developer in return receives a commission for every cell through these affiliated services.
  • Passing gifts- if you are keen to bring a dating Mobile Application Development strategy on the floor then you can add multiple services for selecting or sending gifts through the application. In the big picture, it will allow you to create maximum revenue by purchasing or selling the gift items across your application. If you are a newbie then try to create an online gift shop for your own application and provide direct links to the user.

  • Run AdSense advertisements- it is general to run AdSense advertisements through the application service which are subjected to little restrictions on the contents. Most of the owners use such advertisements with the application provided that there is no adult content in the menu. This is duly taken care of while affiliate marketing along with trying to target the advertisement where it must not contain any adult content which is strictly against the policy of AdSense.
  • Using the services of BuySellAds- buy and sell ads is actually a service provider connecting the advertisers along with publishers. Most of the Android App Development Company use these services in order to advertise their application which ultimately allowed the interested individuals to find out more about your application. If it goes as planned then you can learn about the conditions for payment slabs in order to post an advertisement.
  • Promotion of the sponsored posts- to improve the revenue from dating application owners must strictly follow the eligibility of sponsored posts in the application. you can allow the companies selling products that are relevant for your services and through this, you will not only be able to provide better services to your users but will also get maximum revenue from those companies advertising them on your application. This is an unbeatable option that makes most of your application successful. Eventually, you will get maximum profit and popularity for the application.

Which monetization strategy works best?

All things considered in Dating Mobile App Development it is essential to understand that greater the amalgamation of monetization methods more profit is at the end. This is the only reason behind the phenomenal worldwide success of Tinder. Specifically, each of the features also has its own drawbacks, where advertising only has the benefit when service is capable to offer scalability otherwise there is no value for the brand. Also charging users for new services can be a little confusing and requires more justification because until the cost and locks the additional unique feature it cannot be converted to profits. Without scalability, marketers cannot charge the users for better data insights which are also hardly possible.

Read the blog- How Much You Can Earn Through Dating Apps And How Much Investment Required

There is a challenge faced by Android App Development Company utilization interesting applications. If your application has finally worked then eventually you will start losing clients which time because people who might have started with you have finally figured out their matches. The success behind dating applications entirely depends upon the fact of them being trendy and unique. Most of the applications remain trendy only when the header market and with time they gradually lose users. Along with the sparkles, there are some hardships that are faced on several terms while creating the online dating application. These are listed as-

  • This application required to continually acquire frequent customers in order to remain profitable. On the contrary, it is not possible to constantly grow the user database.
  • Most of the applications face an imbalance between the male and female users and sometimes they run out of proportions.
  • Almost half of the users using the applications are not loyal to the brand and there are chances that they are using some alternative applications simultaneously. If you have acquired users the competition lies in order to keep them engaged with you.

At present dating application platforms have established themselves to be strong and have dedicated user base which means you cannot put the trust and user’s safety at stake while finding new ways to keep them engaged. Along with various positive things about the applications, there are indeed negative connotations that exist in them. Most of the applications are conscious of preventing the drawbacks and the risk with users is catfished which shows inappropriate content or any fraudulent activity.

Interested users can easily find various dating applications of platforms that are capable to build user trust and boost conversions. In the era of Mobile Application Development, content moderation is ultimately successful and it is the only way dating applications are looking to expand their user base. Also, there is no other substitute for getting the services in transparent terms knowing the actual requirements of users and building a safe and secure platform for the interaction. Monetization strategy automatically becomes natural when each of the dynamic is established precisely.

Bottom line

The monetization strategy of Dating App Development Solutions is not limited there are potential ways through which you can easily make money. The dating game at present has been totally changed with the involvement of online dating applications. At present, people like to spend maximum time on their smartphones and this is one of the most preferable ways they find their soul mates. Including any advanced feature and application does not essentially mean that the application is going to be profitable or hit. In the long run, dating application has to be flexible for adapting monetization strategies in order to become profitable. The monetization strategies of online dating applications basically fall into three categories-

  • Subscription plans- under this user have to pay a certain amount in order to access the features of the application for a limited period. The payments are more likely to be recurring with time.
  • Advertising- the application order has to accept the advertisement from third parties to display them in his application. This allows them to earn money.
  • Single purchase- in-app purchases or single purchases are spontaneous where people can easily pay for the conversation tokens, virtual gifts, daily matches and so on.

Various above-mentioned services are used in combination with the On Demand Application Development in dating application functioning. This eventually helps the platform to make maximum profits along with providing a better platform to the users.