Online dating market study

Consequently, it is no surprise that the business is booming with the many thousands of apps and websites available.

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In fact, the dating sector is now one of the fastest evolving industries on the planet and with record numbers of singles turning to the Internet to find every kind of relationship imaginable, there shows no signs of it slowing down. Young adults are leading the surge in online dating, with the greatest usage among 18—year-olds.

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A study has revealed that 55—year-olds are also flocking to online dating in increasingly greater numbers. The sector is expected to maintain continuous growth, with a study by Statista predicting a global annual revenue growth rate of 3. Dating sites have been troubled by issues of profile authenticity since the beginning. Existing apps including major names like Tinder and Bumble create little incentive for honesty, instead rewarding those whose profiles look the most visually appealing and not the most transparent nor the most trustworthy.

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Across all platforms, it is thought that 1 in every 10 profiles is a fake or fraudulent user. Similarly, there have been severe security issues affecting the users of these dating platforms. For some, swiping through potential matches has even become a social activity of sorts. Now you can go out and have fun with your friends, and still look for a potential partner on the web.

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These apps also push a different agenda on the world of online dating. Niche dating apps have also started to appear in the past two years.

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Traditional dating sites like Match. But not all online dating businesses are created equal, especially when it comes to profiting off their products. Many dating apps and websites are free for users.

So how do many of these apps profit from your quest for a partner? Advertisers will pay more money to reach users whose profiles they can tie to real people. For example the rising dating app Coffee Meets Bagel claims to have resulted in 10, relationships and at least 80 engagements since it launched in April of In the quest to profit from online dating, businesses are being innovative and trying different approaches.

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For example, OKCupid allows users free access to their matching service. It took OKCupid seven years to become profitable, however last year their paid subscriber revenue finally surpassed their ad revenue. And with record numbers of singles turning to the Internet to find love, friendships and hookups, it shows no signs of slowing down. Led by Millennials, the dating industry has morphed from a socially strange concept to almost universally accepted in just a few years.

But where is it heading? Here are three trends that are almost certainly going to continue shaping the industry. The online dating scene is no longer about building flames from sparks, but rather, instant gratification.

The Tinder revolution has no doubt been a defining factor, stripping dating right down to its most superficial qualities. It also requires the least amount of effort and embarrassment.

Upcoming Trends in the Online Dating Industry

The problem with this trend is that it's based almost solely on physical attraction from the outset — few take note of written profiles. Of course, attraction is hugely important; however, it's not enough to lay the foundations of a real relationship. Perhaps a dating app that takes the opposite approach wouldn't go amiss; something that only allows people to base their decision on a snippet of profile text, and only reveals pictures in the event of a match.