Get you ready to make a Dating application today? The cost of developing an application depends on the features used in it. Create a dating app and make money with us. The popularity of dating apps is growing every day. Dating apps are used by a majority of people to find a perfect match. In contrast, people use dating apps in countries such as the US and the European Union to find their soulmates.
Individuals from different countries use various apps based on the app’s popularity in that region. A growing number of users have driven different users to use the dating app. The new dating apps have solved numerous user-faced issues and are now more user-friendly and stable.
84% of Americans using dating apps said they used online dating apps to search for a romantic relationship, while 43% said they used dating apps for friendly interactions, and only 24% of users used them specifically for sexual encounters.
The Landscape of The Online Dating Industry
As Statista points out, both the total number of users and the total revenue from dating apps is increasing year after year and is expected to continue to grow in the coming years. Today, users of online dating apps number nearly 139 million worldwide, while they are expected to increase to 161 million in 2023. An income is expected to reach $1,221 in 2019, while it is expected to increase to $1,447 million in 2023.
Online Dating apps users in millions — Source: Statista
Taking the US market as a benchmark, today’s dating app champions are Tinder with 8.2 million active users, PoF with 6.7 million active users, Match with 5.1 million active users, OK Cupid with 5.1 million active users, and Grindr with 1.9 million active users.
Revenue of Dating apps in million US$ — Source: Statista
It takes a lot of time, money, and effort to create a dating app; hence, it is very important to follow different ways of monetizing it. But you know what, 70% of users are reluctant to pay premium version for making a qualitative Dating app.
So, Never expect everything free and perfect too. You can contact a company that creates a dating app development solution to create a perfect dating app.
They brainstorm on different ideas to create the dating app according to your needs. We will direct you through the development phase in various stages and help you create a modern-day dating app.
Dating Apps Face Many Challenges:
Developing the mobile app, collecting information from their customers, increasing their user base, and creating a steady stream of revenue. Dating apps have introduced various monetization strategies, such as Offerwalls, Rewarded Photos, In-app Purchases & Sponsorships, to optimize their revenue potential.
Below is a List of Some of The Monetization Strategies Implemented By Dating Apps:
Advertising
Through introducing these advertisements, you want to concentrate most on interaction. It’s a concept that many companies fail to define. Simply put, the stronger the experience, the greater the dedication. The client must be enticed by your advertising, not annoyed.
So, when you plan to incorporate an advertisement into your app, ask yourself these questions:
- How can users have a more meaningful experience when dealing with these ads?
- What sort of ads would the target audience prefer?
- How can these ads tie back to my brand?
- Will these ads be too clunky or ugly, potentially ruining part of the experience for users?
The advertisers you work with might pay you a significant amount of change to host their advertisements, depending on your brand. Digital marketing is set to reach $18 billion annually, according to Gartner Research.
So choose wisely–your decision could make all the difference in the profitability of your app.
Sponsors and Partnerships :
You will dramatically step up the monetization game if you can achieve a partnership with another company. What you’re going to have to do is find a partner with a similar client base that can add something to the users ‘ experience.
A partner or a network of partners can seriously benefit your customers and your businesses alike, especially if you create an integrated experience–like when Localytics and Optimizely partnered to deliver mobile analytics as a combined service.
Imagine users who see your brand logo on another app, and perhaps even an interactive feature typically found in your app that appears as part of the app that they are using. That might convince them to download your app.
And if your partner has ads promoting your software, their customers may be able to click the ad to go straight to your app with a solid chance. This is considered a click-through rate (CTR) and may be as high as 12.5 percent in some cases.
So, if you’ve opened up to the concept of hosting and exchanging advertisements, consider certainly creating alliances to improve your product outreach.
One-time Purchases:
Many installs of software are free, but that certainly doesn’t mean that consumers will never be able to spend any money on the game.
In-app purchases help you out of your otherwise free app to make as much money as possible and allow customers to interact directly with your product. This is a huge part of so-called “freemium” apps (usually mobile games) where users pay no upfront costs but pay for gated functionality, but this tactic can be used by any company.
Read more: How A Well-implemented Animation Improves The User Experience?
Your company can choose to purchase and ship your products directly from the app (in the case of physical items). And, if you’re a service provider, consumers may even opt for in-app billing. The downside of buying in-app is that developers are walking a fine line between giving too many free options and offering too few features. So, bear that in mind when choosing this form of monetization.
Free/Premium Versions :
As previously mentioned, “freemium” apps cost nothing to download, but usually, have in-app purchases that make the developer cash. But there’s another way to generate revenue–creating a completely separate version of your app with features that add up to a more robust experience.
With a free/cheaper version, consumers can get a sense of what their software can do for them. Only think of it as a teaser. Eventually, your consumers will know after using the free version of your app that the app will play an important role in their lives that they just don’t want to live without.
Data-Driven Strategies:
The best way to maximize the potential of your app to generate revenue is by analyzing the robust data you collect from your user base’s habits and making good use of those observations. Using this approach, you can find out who spends the most time and money on your app and focus primarily on those users rather than wasting all of your development time on new user acquisition.
A recent study by Localytics found that after using it only once, 20 percent of users never used an app again. In other words, a significant portion of those new users you are attracting may not participate at any point other than the initial download.
And, if you can learn why users leave your app after registration and compare their actions with loyal users, you will gain knowledge that will enable you to further improve the user experience.
To ensure that you get the highest ROI, you should always know which of your efforts with your target audience is most successful. By focusing on pursuing more of those same efforts, your app will prove more beneficial to your customers (and your business!) than ever.
And note – any data you collect is valuable outside of your own business. Behavioral information is a marketer’s gold mine. If your app is successful, there is a strong likelihood that a big analytics company might want to buy the data from you.
Wrap-up
You are well aware of how good a dating app can be for your bottom line at this stage. It can help you to broaden your brand and make consumer connections that you may never have reached before. And as you saw in this article, it can also be a major source of income. So, Get the Promising leads and make money out of them.
Use these tactics, analyze the relevant data we’ve provided and implement every strategy to monetize your dating app and see yourself start generating more app sales than ever before.
Kinjal Savaliya
Kinjal Savaliya is Business Development Executive USS LLC. At USS LLC we developed the best mobile app development solution for Dating App, Grocery Delivery App, Healthcare App, Laundry & Dry Cleaning App, Pharmacy App, Taxi Booking App.