9 Social Network Success Stories [2024]
A social network business is a company that operates a platform for users to connect and interact with each other online. This can include features such as messaging, sharing posts and photos, and joining groups and communities.
To start a social network business, you must develop a website or app that allows users to create profiles and connect with others. You will also need to consider how you will generate revenue, such as through advertising or offering premium features for a fee.
It is essential to focus on building a solid community of users and maintaining a positive online environment. This can involve moderating content and addressing any issues or concerns that arise. It would help if you also considered offering customer support and continually updating and improving your platform to meet the needs and interests of your users.
To run a successful social network business, it is also essential to market your platform and attract new users. This can involve utilizing social media and other online marketing techniques and offering incentives for users to invite their friends and connections to join.
Overall, a social network business offers a unique opportunity for entrepreneurs to connect with people and build a community online. The right strategy and focus on user experience can be a rewarding and lucrative business venture.
Here are some real life success stories of starting a social network:
1. Aucoin Analytics, LLC ($166K/year)
Kervin Aucoin, a 15-year Army veteran and 20+ year Intelligence analyst, came up with the idea for Aucoin Analytics after realizing the need for an unbiased and well-informed travel security platform. Through blogging about his travel experiences and witnessing the detrimental effects of sensationalized news, Kervin developed a subscription-based private intelligence community that focuses on defeating fake news and providing accurate information. With a low overhead, Aucoin Analytics has seen profits of $10,000/month and offers specialized risk assessments and intelligence reports tailored to customers' needs.
How much they make: $166K/year
How much did it cost to start: $25K
Current team size: 1
Aucoin Analytics, LLC is a private intelligence company that delivers highly specialized risk assessments and intelligence reports, while also offering a subscription-based private intelligence community that provides access to subject matter experts in government intelligence, with profits at $10,000/month.
2. 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 they make: $174K/year
How much did it cost to start: $42.5K
Current team size: 2
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.
So... can you actually make money with a social network?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesn’t.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
3. Touchunwind ($18K/year)
How much they make: $18K/year
How much did it cost to start: $0
Current team size: 0
This case study follows Kristiina Link, a professional cuddler in East London who earns up to £170 per session, by offering hugs and physical comfort for up to three hours.
4. Medium ($34.8M/year)
How much they make: $34.8M/year
Current team size: 5288
So... can you actually make money with a social network?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesn’t.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
5. HR.com ($21.8M/year)
How much they make: $21.8M/year
Current team size: 285
Case study of CEO and creator of HR.com, the world's largest social networking and resource site for HR professionals, which is trusted by over 110,000 HR professionals and offers 5,900+ courses and 400+ webcasts every year.
6. Seedscout ($108K/year)
How much they make: $108K/year
How much did it cost to start: $1K
Current team size: 1
Case study: Seedscout is a social network for founders, investors, and job seekers that generates $9,000 per month from 65 paying users and has attracted over 1,500 users who are open to intro requests, offering valuable networking opportunities in the startup community.
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- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
