“Love in the Digital Age: The Rise of Online Dating Apps and Revenue Generation”
Online dating was once considered taboo, but the number of couples meeting online has more than doubled over the past decade to about one in five. These days, you’re much more likely to meet your next partner online than with family or colleagues. But don’t worry, your friends are still a good help too.
Revenue in billion USD (US$)
How do dating apps make money?
Dating apps generate revenue through numerous subscription plans, in-app purchases, ads, and freemium.
These apps are mostly free to use, but often require a purchase to access special features or increase profile visibility. The market growth in men’s care is obvious, especially since dating apps have a motto of “first impression is last impression”.
When Love Met Technology
- Video and audio are taking over!
Since the viral success of Social Media Clubhouse, where users communicated in audio chat rooms, dating apps have faced more evidence that adding audio is key to keeping users on the app longer. In that sense, voice messaging features are commonplace, and in-app videos are also shown when users demand more authenticity and want to show their personality in new ways.
· Livestreaming and socials
Earlier this year, Tinder introduced Swipe Party. It’s a feature that allows Tinder users to virtually invite friends to join them in a “swipe right”, i.e., a feature that allows them to “prove” potential matches. This feature is a technical response to an already popular offline activity among our users. Co-browsing is enabled by users who grant access to their phone’s camera and microphone, allowing them to discuss candidates with their friends.
Market Dynamics:
Growth Drivers
- Increase in Internet users
- Spread of smartphones continues
- Increase in single adult population
- Rapid Urbanization
- Changing Perceptions of Online Dating
- Late marriage among young people
Market Trends
- Use of blockchain technology
- Expanded use of big data
- Increased acceptance among older generations
The Future of Dating Apps
Dating apps like Tinder offer concierge services to help you create the perfect profile. For a fee, Tinder assigns you a “concierge.” Concierge completes your profile to get more matches. The service works with a combination of humans, AI, and machine learning to most likely make your profile more attractive to potential matches.
Average Revenue Per User in USD (US$)
Conclusion
In the times we live in, almost everything can be done with the help of the Internet. Online dating and making connections have become a new trend as people are turning to online dating services because offline dating seems expensive.
Especially during Covid-19, multiple apps such as Tinder, Bumble and Aisle have doubled their user numbers, and at this rate the dating business market is only increasing.
Author: Bobby Singh