Social Media Platform App Business

2 Social Media Platform App Business Success Stories [2024]

Pat Walls

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Updated: October 9th, 2024

Want to create meaningful digital connections? Start a social media platform app business. This venture involves developing a mobile application where users can connect, share content, and engage with each other.

You'll begin by identifying a niche or unique feature that sets your platform apart from giants like Facebook or Instagram. Next, you'll need to work on app development—coding, testing, and designing a user-friendly interface.

Monetization strategies could include targeted advertising, premium memberships, and in-app purchases. The potential user base is vast, and with thoughtful marketing, you can attract a dedicated community.

Building a social media platform isn't a small task, but the rewards can include both financial success and the satisfaction of creating a space for people to connect. If you're drawn to tech and community-building, this could be the ideal business for you.

In this list, you'll find real-world social media platform app business success stories and very profitable examples of starting a social media platform app business that makes money.

1. FriendsWith limited ($174K/year)

Paige and Dan came up with the idea for FriendsWith during the first lockdown in New Zealand. With more time on their hands, they evaluated what they wanted for their future and saw the opportunity in the growing market of social commerce. They combined their skills and created a social commerce platform that incorporates social media, commerce, and an affiliate rewards program, attracting users to shop and share content for premium fashion and lifestyle brands. They have seen a 300% increase in app users and estimate to bring in $200,000 in revenue for the next financial year.

How much money it makes: $174K/year
How much did it cost to start: $42.5K
How many people on the team: 2

We Started a $174K/Year Social Commerce Platform During Lockdown

FriendsWith, a social commerce platform with a built-in affiliate rewards program for premium fashion and lifestyle brands, saw a 300% increase in app users since launching in August 2020 and estimates bringing in $200,000 in revenue for the next financial year, with a focus on attracting shopping enthusiasts to become "influencers" to start a side hustle with no overhead costs.

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2. Pallyy ($24K/year)

Tim Bennetto, the founder of Pallyy, came up with the idea for his social media scheduling platform after building an Instagram analytics app that received over 500k downloads. Realizing the importance of knowing how to code to bring new ideas to life, Tim learned to code and eventually pivoted to create Pallyy, targeting social media agencies. With recent growth of almost 100% in the last 3 months, Pallyy has found its niche in the crowded social media scheduling space.

How much money it makes: $24K/year
How much did it cost to start: $100
How many people on the team: 0

I Learned To Code And Launched A Social Media Scheduling Platform [$2K/Month]

Pallyy, a social media scheduling platform built for social media agencies and managers, achieved almost 100% growth in the last three months, from $1300 MRR to $2450 MRR, after founder Tim Bennetto shifted focus to a particular niche of users and built new features, although he admitted to naming and branding mistakes.

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