In this day and age of abundance, we face the problem of choice. More choices often make it difficult to arrive at a decision, making things complicated, and our interactions less committed as we multitask and unconsciously seek out new sources of thrill, excitement and entertainment. The digital world is a perfect example of this phenomenon.
These elements have impacted our lives. In the past five to six years, a whole new range of dating apps has emerged, despite the availability of several social media platforms. It has been exactly a decade since the launch of the dating app Tinder, which is now the most downloaded app on the internet.
According to various statistics, the dating app market generated a revenue of $4.94 billion in 2022. More than 30 crore people worldwide use dating apps, and 2 crore of them pay for premium features. These statistics trigger a natural question: How profitable is the business of dating apps? Let us take a closer look to understand the growing popularity of digital romance.
HOW DO DATING APPS WORK
Despite the general perception that people are averse to paying for dating app subscriptions, Indian consumers spent $9.9 million on dating and friendship apps in 2022, according to a report by data.ai, a mobile data and analytics platform, which provides data and insights into the app world.
In the online dating world, Tinder dominates the market with a share of over 50%. This dominance makes it difficult for new entrants to compete. Prominent dating apps other than Tinder are Bumble, Hinge, OkCupid, Happn, TrulyMadly, Woo and Badoo.
Now, let us understand the business model of a dating website.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
IMPORTANT JARGON
SEBI Allows Mutual Funds To Invest In Foreign Funds With Exposure To Indian Securities
NO SHORTCUTS, JUST HARD TRUTHS
Riding the economic rollercoaster, Howard Marks reveals the hard truths about why adhering to fundamental principles is critical for long-term stability
SOW TODAY, REAP TOMORROW
Invest for your child's retirement from day one - because why wait for adulthood to plan for golden years?
BORROWING BOLDLY, SAVING SPARINGLY
Post-pandemic, India's tech-savvy middle class is leveraging bold borrowing trends, balancing premium spending with smarter investments for a bright future
EASING THE PREMIUM PRESSURE
The GST council's upcoming meeting hopes to address potential tax reductions on health and life insurance to improve affordability and insurance penetration while balancing fiscal priorities
PIRACY: STEALING THE SHOW!
Piracy is where blockbuster hits go cheap because the prices are steep
TEMPERED BY FIRE
India's steel sector faces the heat from cheap Chinese imports but holds strong long-term growth prospects driven by rising domestic demand and capacity expansion
TAKING A FIRM STANCE
RBI's action against select NBFCs aims to curb the risks of growth at any cost before it jeopardizes the entire system
STEADY BUT SHAKY
IMF's latest World Economic Outlook forecasts modest 3.2% global growth, with the US thriving while Europe grapples with inflation
THE TRUMP CARD
While the return of Donald Trump as US President may create new challenges, it could also present opportunities, particularly as the US seeks alternatives to China
