If you want to invest in mobile application development, the first step is to select the niche. But there are so many categories out there that it might get overwhelming to choose one. However, one of the best niches that can give a good return on your investment is online dating apps.
By 2020, there were around 220 million people all over the world using online dating apps. This shows that online dating is normalized now and more people are gravitating towards it to find romantic relationships.
The revenue of dating apps is estimated to reach around $5.71 billion by 2025. This shows that people are ready to pay for these services.
If you have a unique idea for a dating app, the right time to develop and launch it is today. There are many ways to monetize dating apps and earn a steady stream of income. This article discusses the different ways in which a dating app can be monetized.
- Paid Subscription
The most common monetization method used by dating apps is to provide a membership plan. Although most online dating apps are free to use, users can pay a monthly or yearly subscription fee to access the dating site's many premium features. Paid features help users to stand apart from the crowd and get more visible to other users.
The premium features include-
- Profile getting more views
- More filtering options
- Chat with another person instantly
- Unlimited swipes
And many more.
This model can be offered as a monthly or yearly subscription plan where users can gain access to all the free perks provided by the app. The other model can be provided in the way of bundles where specific perks are provided in different plans, and users can choose the one they deem the best for themselves. It is best to use this monetization method in addition to other ways of monetization to increase revenue.
- Affiliate Marketing
Affiliate marketing is a wonderful method to generate money, especially if your website has a lot of traffic. Affiliate marketing works by placing advertising for other companies on your app. Every time a user sees the ad, clicks it, or makes a purchase using that link, you will get a commission.
You can join hands with service providers like restaurant owners, gift stores, florists, or jewelry stores to feature their products or services on your app. Make sure that those products or services are relevant to your dating app developmet.
You can also make use of Google AdSense. It is a great option if your website or app gets a lot of traffic. In this program, Google places ads on your app or website that are relevant to your niche.
- In-App Purchases
There are a number of in-app purchases and upgrades that can prove to be a very significant source of revenue. These in-app purchases include-
Integrating a service that allows users to pick appealing presents for their dates and deliver them immediately is a good method to make money with dating apps. You can start your own online gift shop and share the URL on the dating app.
- In-App Advertising
Advertising on a dating app may also be a very successful way for app owners to monetize their services. Many companies would like to advertise their own products/services that are linked to dating services to these consumers.
You can reach out to local business owners and ask them to advertise their services on your dating app. This helps app owners in earning an income and enables companies to list their products and services on the app in developing their own brand.
- In-App Upgrades
Interacting with people you meet on an online dating site requires direct contact. As a result, charging a little price for the usage of a chat function is a sensible decision. The options of communication you can provide to your users can be text, audio, or video chat.
- Paid Surveys and Videos
Another monetization strategy used by dating apps to boost income is the integration of incentivized surveys and videos. Both options can be made available on the app in a specific “Earnings Section.”
- Users can earn coins, access in-app features, or even pay their membership fees by taking surveys. This is an excellent option since you will be compensated for every survey that your users complete.
- Since most dating app users are unwilling to spend a few dollars per month for a premium subscription, you can have an in-app advertising feature to provide a steady source of money. Instead of paying for the premium edition of the app, users can view a video to gain access to some additional features.
- Personal Coaching Advice
Many people are introverts and hesitant to approach someone of the opposing gender. They lack the confidence to interact with the other person and convey their sentiments. You can provide them with different suggestions and methods to chat with the other person, advice on body language, grooming, and looks, as well as how to create the greatest first impression possible when they meet their date.
Apart from that, you can provide a customized one-on-one video coaching session. You can charge the service provider a commission on each successful transaction if you provide these types of services.
- Final Words:
Over many years, the industry of dating apps has attracted many users. This has given rise to more players entering this industry to monetize dating apps. But, more people entering this space have raised the expectations of users. Today, no one wants to pay for basic features. If you want to beat the competition and generate revenue with this app, you will need to provide unique features to the users that are worth the price.
The most important part is that you should make the whole process of online dating smooth and enjoyable for the users. If you are able to do that, no one will mind paying for those extra features of your application.