If you look at the current dating scene, then you will understand the important part dating app plays in bringing people together from diverse strata of the society. For millennials, who find it hard to get some free time to pursue dating traditionally, these apps provide an excellent dating platform.
The importance of dating apps can be gauged from the fact that in the App Store you will find hundreds of dating apps vying for your attention. With such a huge number of apps focused on bringing people together so that they can find their soul mates, you might be wondering how much money these apps are raking in. If you also want to jump into the bandwagon and build a dating app, then you should know how high the stakes are and the amount of money you can make through a popular dating app. At present, the dating app market is worth more than $3 billion and experts predict that by 2024 this market will grow to $8.4 billion.
If you analyse the dating market, you will find that millions of people everyday use different dating apps to find love online. With so many people using the dating app you should know what your favourite dating app may be earning?
How much money does a popular dating app like Tinder make?
In recent time, experts who have gone through the numbers of popular dating sites and mobile apps have managed to break down the numbers to understand the number of money apps like Tinder, Match and Bubble are making every minute.
Since Tinder is the most popular dating app of all time, it is no surprise that in revenue generation, it occupies the pole position. Tinder is making a mind-boggling $ 1469 per minute that can be extrapolated to $88,143 per hour.
If you analyse this huge amount of revenue stream in detail, you will find that a large percentage of it can be attributed to the recently paid subscription models that the company has offered. These paid subscription options like the Tinder Plus and Tinder Gold allows the subscriber to use additional features that are not available in the free model.
Another dating app, Bumble that is focused on female subscribers is at present in the second spot in terms of revenue generated. This dating app is earning $172 per minute. Although it is not as crazy high as Tinder, it is serious money though. Even for this app, you will find that the major revenue part comes from the subscription model. While earlier, it was doing moderately well, the moment it introduced the monetised service like the $9.99 per month subscription package with several extra features, it’s income skyrocketed.
Other dating apps that scored well in terms of how much revenue they generated includes Match and Plenty of Fish. These two apps occupy the third and fourth place in terms of the money they earn. While Match earns around $134 per minute, Plenty of Fish is credited to earn $78 per minute. Going down the line, the infidelity site Ashley Madison that courted controversy earlier due to data breach has bounced back and is now earning $28 per minute.
Another name that finds a place in the roll of honour is Huggle. It matches people based on their interest and has more than 45 million subscribers. This dating app is earning around $0.10 per minute.
In addition to these dating apps, several others are focused on some niche audience. For example, The League dating app that is directed towards the upper strata of the society earns nearly $300K. These apps are also doing great in terms of their reach and revenue they are generating.
What revenue model to follow?
As the owner of a dating app, you can choose between four different revenue models. The models include the following.
· In-app advertisement.
· In-app purchases.
The freemium model as the name suggests is the most basic pack that you can offer to your members. This model is used to scale loyalties and increase your membership. In this model, the members need to sign up for enjoying some basic features of your app for free.
You can get revenue through in-app advertisement as well as allowing the members to purchase some premium access to unlock additional features. The subscription-based model as the name suggests allows the member a host of features in the app after they pay a fixed monthly, half-yearly or yearly fees.
Therefore, while love is still a tender feeling, the business of bringing people together with the help of a dating app is based on hard-nosed business realities. If you have a great idea for a dating app, then you should hire the services of an app developer to turn your idea into a fully functional dating app. After that, you can look at various revenue models to figure out which one or combinations of them are perfect for you.