I'm interested in building a Social Networking app, on a freemium model, which can potentially change the lives of a lot of people. I have no idea how I would monetize the idea. Any suggestions/advice on creating a freemium social networking app, and monetizing it? How much investment does one need? Is it possible to bootstrap such a model?
Building an app like Tinder can vary in cost depending on the features you want to include and the team you hire, but it typically ranges from $50,000 to $200,000+. For a freemium social networking app, the model can be quite effective if you offer basic features for free while charging for premium services, like extra visibility or advanced matching algorithms.
As for monetization, consider in-app purchases, subscriptions, and ads. It’s also possible to bootstrap, but be prepared for higher upfront time and resource investments. For more detailed advice, check out this helpful article: https://www.cleveroad.com/blog/how-to-make-a-social-media-app/.
