In the early times when dating apps were used to help people in finding their significant other, they had to avoid telling people how they met and instead would use excuses such as “through a friend” or “at a bar.” This was done to avoid the shame attached to digital matchmaking.
Today, however, swiping right has become incredibly common and is perceived as a very casual act such as sending a text or leaving your number on a tissue. The phrases “first date” and “dating after being matched for the first time” have become synonyms.
As adult dating apps have started to be used more and more, our society has moved away from the uninvited approaches in bars and buying drinks to strangers in nightclubs; these mutual dating apps have become a norm.
These mature dating apps have around twenty to thirty million users that are active monthly. Allowing millions of users to match; this has paved way leading to the loss of stigma and has started to move towards a trend of gramification. This trend has increased the size of adult dating apps to over $2 billion, and if these mutual dating apps have a good strategy, then more money can be exploited.
However, Monetization has been a problem for the new dating app industry ever since this concept has been introduced. An average user can spend around 90 minutes every day on top dating apps and can log in 15 times every day. With the mentioned statistics, these applications have a potential to generate large revenue, but due to the competition of quality, only the most established mature dating apps can risk proper monetization without turning users away.
For a fledging dating app losing or turning away, users can be very fatal. With young and increasingly busy, always on mobile-audience, the attraction towards dating app industry has become very addictive. Tinder, the famous dating app has been valued at $1 million, but when it presented monetization in the form of Tinder Plus, it suffered heavily.
Tinder Plus was a subscription service that added extra functionality to the dating app however when it comes down to rating the app; it got 1.5 stars on App Store whereas Tinder had a four-star average rating. Many mobile dating apps have their own strategies to follow when it comes to monetization. Some avoid subscription and instead use a freemium model by following the strategy used by gaming apps.
With the lowering of the stigma attached to adult dating apps, along with the technological advancements and the growing target of this industry, it is clear that these dating apps have come to stay. The dating industry as mentioned above is worth $2 billion, but many dating apps don’t consider their chances of making a profit.
Many of these new mobile dating apps have not even been introduced with a successful plan to monetize their service whereas few are leading the way. Mentioned below are some successful ways you can monetize your services and enjoy.
This is the most common method of monetization among dating apps where users are allowed to purchase either premium features yearly, quarterly or monthly basis or grab a membership.
- An example of this is Tinder Plus.
Tinder Plus gave their uses access to features such as Rewind and Passport and also a chance for unlimited Like’s. What they did is they did not charge their users for core features but instead added the most requested features of the app by offering these in-demand features at a price.
The best time to use this subscription feature for monetization is when your new dating app had extensively engaged users and increased the traffic coming to your application.
Following gaming applications, Freemium is a popular technique amongst new dating applications. This technique allows users to access the simpler version of the social dating app for free without any money and then you can charge them for premium features.
- An example of this is OkCupid
With OkCupid’s premium features you have the upper hand as you can buy as many boosts as you want to outshine other OkCupid users. Some dating apps also allow you to get featured for six to seven hours in the district of your choosing.
Unlike subscription which is a time-based monetizing option, Freemium model is a much better; it lets you purchase premium features whenever you want without any time limit.
This option is a good strategy for initial dating apps as they can reach more users due to having an open trial and keeping a low barrier for user’s entry.
Gifts And Tangible Services
Monetization can be approached by using an old fashion way of allowing users to buy gifts. You can allow your users to digitally gift their dates on the site with roses, complimentary services such as a cab or book a table and also buy them chocolates and small pieces of cute jewelry.
- An example of this is Grouper
This app allows users to buy gifts for each other and once the date is set, then the person can pay $20 to cover the cost of drinks and services.
This technique will not only help bring money to your business but will also bring back chivalry.
This is the most comprehensive monetization technique and can be helpful for non-paying users; new dating apps can opt for in-app advertising, but you must have a sophisticated advertising solution. This solution to have in-app advertisements should in no way disrupt the user’s interaction to infringer their privacy.
Advertising must be done by respecting the form and function of the application; only then can this be a good monetization method.
With these methods, first dating apps can generate revenue as well as help their users in finding their significant others. New dating apps are on the rise and can easily monetize their services for the betterment of their business. Generating revenue on social dating apps can help these applications to become better and easier with more advanced features thus allowing users to enjoy it more.