Finding love online is a fascinating idea but what is more fascinating is shelling money in your bank account while people find their better halves. But, before you consider the idea of getting your own dating app developed, know why it is a right decision to make.
Online dating statistics as surfaced by Statistic Brain on the basis of a research conducted on May 12, 2017, reveals that:
‘The total number of single people in the U.S. as on that date were 54,350,000 out of which 49,650,000 have tried online dating.’ Now, if the quantum of user base doesn’t suffice your thirst for validation, take a look at the revenue this emerging industry generates on its own.
The same research results have announced a whopping figure of $1,935,000,000 generated annually by the online dating industry, which can roughly be concluded to an average spending of about $243 per user per year.
So, given the above facts, this is the right industry to enter and now is the perfect time to enter but before you dive into the wireframing of your online dating website or app project, we recommend taking a glance on existing players in the industry.
Online dating services in business currently
- Badoo – Owned by Badoo Trading Limited
- Bumble – Owned by Bumble Trading Inc.
- Coffee Meets Bagel – Owned by Coffee Meets Bagel/SOMA Central
- Happn – Owned by FTW & Co
- Christian Mingle – Owned by Spark Networks
- Chemistry – Owned by Match Group Inc
- eHarmony – Owned by eHarmony Inc. – Includes information about Compatible Partners
- Match.com – Match Group Inc
- Facebook – Owned by Facebook Inc.
- FriendFinder.com – Owned by FriendFinder Networks
- Grindr – Owned by Beijing Kunlun Tech
- OkCupid – Match Group Inc
- JDate – Owned by Spark Networks
- Tinder – Match Group Inc
- Zoosk – Owned by Zoosk Inc.
- POF.com (Plenty Of Fish) – Owned by Plentyoffish Media Inc.
Those who went out of business
- Date.com – Owned by Avalanche, LLC
- Yahoo! Personals – Owned by Yahoo Inc.
- Spark.com – Owned by Spark Networks
Now, that you know who you are competing with, you need to carefully pull the strings to set just the right show. There is a lot you need to know about the online dating industry before setting foot into it. The major ‘know-abouts’ are outlined below for a quick reference:
- How many types of dating apps are there in the market?
- How do the dating apps make money?
- How can you increase user engagement on a dating app?
- What major features an online dating app must have?
- How much a Tinder-like app costs?
We have addressed all of these questions individually so as to deliver a better comprehension to our reader base. A flood of info is on its way so keep your guards up! 😉
1. How many types of dating apps are there in the market?
There are roughly 4 types of dating apps:
-Geolocation matching dating apps: Matches the prospects on the basis of geographical proximity.
e.g. Tangle, Tinder, and Bumble
-Matching algorithm-based dating apps: Matches the prospects on the basis of a matching algorithm that uses personal survey information collected from users beforehand.
– Traditional dating apps: Old-school dating websites now available in the app versions.
e.g. OK Cupid
– Niche dating apps: Only available for a specific group of people.
e.g. ‘The League’ which allows only people with advanced degrees and ‘Bristlr’, a dating app advertised as “connecting those with beards to those who want to stroke beards.”
2. How do the dating apps make money?
– Subscriptions: Users pay a fee for using the app for a defined period of time.
– Ads: Apps generate money by selling ad space to third-party companies.
– In-app purchases: Users buy in-app currency, icons, smileys, etc.
– Premium plans: Users pay a fee to unlock additional features.
3. How can you increase user engagement on a dating app?
The three significant KPIs that play the major role in the engagement metrics in an online dating app are:
– Session length
– Number of pages accessed during a single visit
– Retention rate
Here are some handy tricks you can use to keep your user retention high.
i) Use matching algorithms
Machine algorithms are bifurcated into two different types of matching algorithms:
– Survey-based matching algorithms: Where users provide information about themselves and the matches are fetched on the basis of shared interests.
– Facial recognition-based matching algorithms: Pick matches with similar face types.
ii) Set of filters
Provide filters in your app for fetching better search results for your users. Filters can be anything along the lines of age, height, weight, ethnicity, body type, hobbies, geolocation, and interests.
iii) Feature of anonymity
Though it reduces the authenticity, it might work well for your user base which is may be shy to meet strangers. Anonymity works as an ice-breaker for them and also an opportunity to carry on due-diligence before they disclose their true identities.
iv) Profile ranking on the basis of activity
When users see their profile ranking improve with their frequent activities like posting a story which will be live only for 24 hours, they keep coming back because a profile with a higher ranking is by default preferred by other users.
v) App gamification in search and selection processes
The swipe feature in Tinder is the best example of app gamification in the search and selection processes and there is no doubt that it has dramatically increased the user retention rate.
4. What major features an online dating app must have?
Let’s take a look at the number of features that your online dating app must have-
- User Profile with basic information
- Sign up with Facebook and Instagram accounts
- Password recovery option
- Advanced features like Super like and Rewind
- Search Bar
- Swipeable interface
- Chat Box
5. How much a Tinder-like app costs?
Online dating app industry may look an easy recipe for a quick success but there is a lot of factors that keep your app alive in long run like complicated algorithms, bug fixes, a dedicated development, and design team. The USP of such apps is their simplicity and security. If your app is simple to use and the user data is protected by all means, you are already on the doorstep of success but only with appropriate marketing.
To make all this happen and see constant credits of dollars in your account, hire professional online dating app developers and designers.