Convenience has crept in our daily lives and technology has even made ‘finding love’ easier. Tinder has become the go-to app for youngsters, nowadays.
Since the day Tinder gained momentum, several entrepreneurs have contemplated the idea of making an app like Tinder.
And they’re not wrong in chasing the ‘online dating’ growth wagon.
In 2019, the online dating landscape in the USA crossed $973 million. The growth is slated to continue, and the industry is expected to cross $1.1 billion by 2024.
Online Dating Apps in the US: Revenue Growth (2017-2024)
Source: Statista
Even the number of online dating app users are expected to grow – from 30.4 million in 2019 to 35.4 million in the US alone.
Why are dating apps the new ‘fad’?
- Increasingly busy lifestyle
- Ease of finding the ‘one’ who matches your preferences
- Confidence booster for people who are introverts or shy
- Safer than real dates
- Best for people who are stuck due to uncontrollable factors like lockdowns
Types of Online Dating Apps
Everyone knows Tinder. Right? But that’s not just a single way to run an online dating service or an app.
Mostly, dating services are customized according to their region to account for cultural impact.
Here are some of the most common dating app types and approaches if you’re thinking of creating your own dating app.
1. Geolocation-based
Well, this is one of the most common approaches. You see this in an app like Tinder.
The user enters his/her location and gets a match nearby. Such apps rely on the users to discover and find the best match in vicinity.
2. Matching algorithm-based
This is slightly sophisticated and relies on a matching algorithm that learns from the inputs given by the user on sign up or during the usage of the app.
Location may or may not be an important criterion and the app shows matches based on common likes/dislikes and other attributes.
3. Niche-based
Again, these apps are highly sophisticated and generally have a qualification criteria/ invite-only membership plan.
The app promises guaranteed matches as per the standard qualification criteria. For example, an online dating service for HNI youngsters.
The ‘Dating App’ Ecosystem: Opportunities & Threats
Online dating seems like an interesting concept with several opportunities for growth as an entrepreneur or startup.
But it doesn’t mean everything will be a piece of cake.
Before you think of creating an app like Tinder, it’s important to look at the opportunities as well as limitations to the growth potential.
Pros in Favor of Launching an Online Dating App
- High demand owing to growing interest in online dating
- Increasing share of youngsters in the population
- Multiple independent revenue streams
Cons Against Launching an Online Dating App
- Intense competition owing to existing apps in the domain
- Low user retention rate
- Challenge of creating the right revenue generation model
Must-have Features You Must Evaluate While Creating Dating Apps
- Best Match Survey for Niche-based Dating Services
- Geolocation Feature for Vicinity Matches
- Curated Matching Algorithm Powered by Learning AI
- Anonymity & Privacy Controls
- Premium/Gated Features
- Gamification for Maximum Engagement
- Photo Filters for Profile Pictures
- Profile Bio & Badges for Increased Interactivity
- Social Profile-based Background Checks
Revenue Model of Dating Apps: How to Earn after Launching a Dating App?
You must be thinking about the growth potential after reading the opportunities and the feature roadmap on how to create an app like Tinder.
Now, let’s look at the real earning potential and revenue streams. As a dating app, you can think of several revenue generating streams like:
Memberships & Subscriptions
Every user pays for using the app for a specific period of time, say monthly or annual membership.
Advertisements & Promotions
In-app advertising revenue can be huge for an app like Tinder.
In-app Purchases
Users can be persuaded to buy additional stuff like emoticon packs, in-app currency, icons, badges, etc.
Restricted use Unlock
Some features can be gated (restricted for usage for limited times a day) that can be unlocked by paying an additional charge.
That’s just not it. App owners can improvise, innovate and explore other avenues to suit local cultures and grow several other streams apart from the streams mentioned above.
Cost of Developing a Dating App Like Tinder
Building an app is always a complex decision to make, especially because of the cost involved.
If you’re thinking of developing an app like Tinder, you need to understand that it would at least cost you anywhere between $5,000-$15,000.
The investment will be spent on app ideation, viability studies, UI/UX design, app development, user testing and several other aspects.
Also remember that the cost of developing a mobile app is directly proportional to the features of the app.
Wrapping Up
Matches are made in heaven- we all have heard that. But probably the first time in the history of humanity, it’s possible via mobile apps.
Apart from being an interesting concept, online dating apps are an intriguing space for startup owners, too. That’s why, creating an app like Tinder can be daunting.
And we’ve been taking the load off the shoulders of enthusiastic entrepreneurs through our expertise in mobile app development. So, if you have the app idea, we know how to execute it well. What say?
Let’s join hands for fueling the next online dating disruption.
