New research by Market Growth Insight shows that the dating services market’s expected goal of $9.9 billion in 2026 is up from $6.7 billion in 2018. The dating market continues to grow with a CAGR (compound annual growth rate) of 5.2% to achieve that marker. Of this, North America contributes to 37% of that growth, but Asian markets are quickly picking up speed.
POF (Plenty of Fish)
Dating app Hinge has partnered with popular meditation app Headspace to help daters calm their nerves before going on a date. Plenty of Fish also announced their partnership with Shine, a popular self-care app designed by women of color, to help users take care of themselves during this stressful time. Both dating services are owned by Match Group.
The Hinge and Headspace partnership will offer pre-date meditations that Hinge users can access directly at hinge.co/headspace at no cost. Each meditation lasts about six to seven minutes and is intended to address a range of potential pre-date emotions, from “self-doubt” to “negative self-talk” according to Mashable.
The page to access the meditation also includes a link to Headspace’s website, where the company lists resources for help with mental illness through a variety of hotlines, accessible for users around the world. There is also a helpful “how to meditate” guide if you are new to the practice.
A new report revealed that dating app scams in the UK had significantly increased during the summer as the coronavirus spread and lockdowns continued, and as more people turned to the apps for connection.
More than 600 reports of fraud a month were reported during June, July and August according to Sky News. In addition, there was a 26 percent increase in reported frauds overall during the past year. Since August of 2019, UK police have seen about 400 reports of fraud per month on average, with victims losing over 66 million pounds total over the past year.
Match Group shared in an exclusive interview with Marketwatch that they expect its dating app Hinge to triple its revenue by the end of the year.
Analysts shared that they are optimistic about the dating app’s prospects too, with 6 million monthly active users and about 400,000 subscribers. Hinge has the opportunity to add more paid features and can raise subscription prices as ways of increasing revenue among its so-called “premium” customer base of high earners. According to Marketwatch, Morgan Stanley analyst Lauren Cassel said, “we believe Hinge is Match’s next major revenue and earnings growth driver.”
The Meet Group’s revenue and profits soared past original milestones for Q2 of this year, thanks in part to so many singles turning to dating apps during coronavirus lockdowns.
The company beat Wall Street estimates, with net income at $10.3 million, up from $2.2 million in the same period last year. This was a huge jump – resulting in a 373% increase in profits for the company. According to Philadelphia Business Journal, The Meet Group did not conduct an earnings call with investors over Q2 results, nor did they speak to the publication about the increase, and what part of its business was generating the most income.
Match Group announced that it had exceeded Wall Street revenue expectations for Q2 despite concern over drops in paying subscribers and a la carte services in April, as coronavirus began to spread through the U.S. The company also saw its stock tick up in value immediately following this news.
Match Group reported second quarter earnings that grew 15% year over year, and an 18% increase in subscribers year over year. Their earnings report also shows an increase in subscribers and downloads over pre-pandemic levels, and according to Business Insider, paid subscriptions are also back to the same level as before.