With multiple features and options available, as of 2024, the costs of creating your own social media platform can vary from as low as $10,000 to infinity. The final cost depends on a number of factors, including:
- The type of platform you want to create
- The features on your app
- The platforms you want to cover (Android, iOS, web, etc.)
- The development option you choose
- etc.
Development costs alone can range from $6,000 to $12,000, depending on complexity. It consists of frontend and backend development, database setup, and API integration. You can choose to hire an in-house development team, outsource the coding to a specialized company, or integrate a software development kit like Banuba’s AR solutions. SDKs are probably the most economically viable option that ensures a smooth functioning of your future platform with little effort.
Quality user interface (UI) and user experience (UX) design are essential when it comes to a crowd’s favorite social media app. Design affects the cost of building a social media app by from $3,000 to $5,000.
Testing and quality insurance, as well as app maintenance, adds from $3,000 to $7,000 yearly to your expenses. This step is vital for ensuring a successful launch and persevering a good performance of your social media app.
Remember to calculate your budget wisely and take into account all spendings including design, marketing and promotion, and others. Read more about developing a social media platform in Banuba's blog.