Welcome to Mozy’s App Profile, where we introduce new programs seeking to improve the way we live and socialize. This week, Mozy takes a look at Charm, an app that has a whole new take on the typical dating app.
App first, monetization later. At least, that seems to be a pattern these days. And what better way to monetize than to incorporate video? Currently, video is helping a new app called Charm stand out from among the dating app crowd.
Apps such as Tinder have taken the dating world by storm. Essentially a game of “hot or not,” Tinder prompts people to swipe left (reject) or right (approve) on users’ photos in the hopes of making a match. According to TechCrunch, the app has matched more than 50 million people and about 50% of users open the app on a daily basis. But even with the high volume of usage, Tinder’s path to profit is still unclear.
But, through its utilization of video, the Charm app by MeetMe is aiming to do more than just connect local singles. Given how both Google and Facebook are enjoying a spike in mobile advertising revenue from their footage-based ventures (YouTube and Instagram, respectively), MeetMe seems poised to monetize the digital dating world.
On the surface, Charm doesn’t differ much from existing romance apps out there. Like Tinder and OkCupid, Charm identifies potential matches based on proximity, prompts users to reject or approve other users, and enables successful matches to chat with each other. But instead of choosing from among the usual selfies, however, Charm prompts users to upload short video clips of themselves.
Catherine Cook, the co-founder and vice president of brand strategy for MeetMe, believes that people are tired of the static nature of mobile dating apps.
“A major benefit of the video approach to dating is that it doesn’t reduce people to just a profile photo,” said Cook in an interview with Wired. “Apps like Tinder make it very easy to dismiss or express interest based on a profile photo, but we don’t believe you can make a first impression with just a photo–which may turn out to be five to 10 years old. A video shows personality and a realistic sense of what a person actually looks like now.”
But regardless of the video-versus-photos debate, it’s likely Cook and her co-founder/brother Geoff Cook might not be looking to reinvent matchmaker formulas like Match.com or to emulate the bar scene like Tinder. The siblings’ vision for Charm–which Geoff calls “Tinder meets Vine”–could just be a purely lucrative endeavor, as the app’s distinguishing feature (video) opens the door for a more tangible media buy.
Video has certainly paid off in the past. According to Bloomberg, YouTube’s mobile advertising revenue tripled to $350 million in a span of just six months. And Instagram (via Facebook) has similar plans to monetize its popular video feature, finally tapping into its impressive 130 million-user base.
Charm is still in its infancy (see its introductory video, here), and its monetization plans will likely be put on hold until it has gained enough of a following to implement active media buys. But, assuming Charm can eventually boast similar user numbers as its digital dating competitors, the Cooks will finally have put a price on love.