Wednesday, February 28, 2024
HomeUncategorizedDating Services Industry to...

Dating Services Industry to Hit 600 Million Users, $8B in Revenue Next Year

The dating services industry has seen impressive growth over the past few years, mostly to the rise of dating apps and websites. The entire market will continue growing in the years ahead, driven by technological advancements and changing attitudes toward online dating.

According to data presented by OnlyAccounts.io, the global dating services industry is expected to hit almost 600 million users and $8.1bn in revenue next year.

More than 220 million People Started Using Dating Services in the Last Five Years

One of the key factors driving the growth of this market is the increasing acceptance and popularity of online dating, especially among younger generations. The convenience and accessibility of dating apps and websites have made it easier than ever for people to connect with potential partners, driving impressive user growth.

According to Statista Digital Market Outlook, more than 220 million people started using dating services in the past five years, pushing the total user count to 573.9 million in 2023. Statista expects another 25 million people to try their luck with dating apps and websites in 2024, with the total number of users rising to 598.9 million. By 2027, the global dating industry is expected to hit more than 672 million users worldwide.

Around 66% of all users in 2023, or 384 million, prefer online dating apps and websites. This figure is projected to grow to 398 million next year. Matchmaking and casual dating services will have less than half that user count, with 119.7 million and 177.5 million users in 2024.

This massive user base has helped the entire market increase its revenue by 66% in the past five years, rising from $5.24bn in 2028 to $7.88bn in 2023. Statista expects revenues to grow by another 3.4% to $8.15bn in 2024, and matchmaking apps and websites will make up half of that value.

Although online dating apps have the highest user count, this market segment will bring in around $3.15bn next year or 22% less than matchmaking services. Casual dating follows, with $940 million in revenue next year.

Match Group Controls 25% of the Dating Services Market, with Tinder as the No.1 App

After some major mergers in recent years, the dating services market is now dominated by only a few players, and the US dating app giant Match Group is the biggest among them. The Dallas-based company owns and operates the largest global portfolio of online dating services, including Tinder, Match.com, Meetic, OkCupid, Hinge, PlentyOfFish, and OurTime.

Statistics show Match Group has a huge 25% global dating services market share, while the second-largest competitor is eHarmony, with under 14% share.

The Statista data show around 16% of all dating app users prefer Tinder, the number-one app in the market. Bumble ranked second with a 9% share last year. Badoo, Hinge, and Tantan follow with 5% share each.

- A word from our sponsors -

Most Popular

More from Author

Microsoft’s Strategic Acquisition of OpenAI’s Sam Altman Sends Stocks Soaring to Record High

Microsoft, a leading tech giant, has propelled its stocks to unprecedented...

Citi Launches Securities Lending Access™ In Sweden

LONDON – Citi Securities Services announced Nordnet AB (Nordnet), the leading...

Vedanta Ltd Declares Fifth Interim Dividend of ₹20.50 per Share for FY 2022-23

INDIA| Mining company Vedanta Ltd, owned by Anil Agarwal, has announced...

- A word from our sponsors -

Bridging Cultures, Building Futures: The Kiige and Emmanuel Initiative for Immigrant Empowerment in Canada

In the heart of Canada's multicultural landscape, Duncan Kiige and Emmanuel, both celebrated public speakers with immigrant backgrounds, have become symbols of hope and transformation for new immigrants. Their recent conference on career and personal development marked a significant milestone in their mission to empower newcomers with...

UGANDAN FIRST LADY AMAZED BY HAMZ NAKIVUBO STADIUM DEVELOPMENT WORKS BY HAMIS KIGGUNDU.

The NRM government is very proud to see the example of our young people begin to build Uganda by putting up projects such as this one. We congratulate Ham Kiggundu for this excellent jobKAMPALA UGANDA| As sports lovers countdown to 2027 when the Nakivubo-based Hamz Stadium will...

Raila’s search for a post with the AU Commission could be a suitable trapdoor or departure.

In Kenyan politics, Raila Odinga has long been a mystery. His international performance? Even when the African Union designated him, he remained debatable.But he said on Thursday that he would run for the position of Chairperson of the African Union Commission. One diplomat tampered with his first...

Court Finds Jowie Irungu Guilty of Monica Kimani’s Murder

In a landmark ruling, Justice Grace Nzioka declared Jowie Irungu guilty of the murder of Monica Kimani. According to Justice Nzioka, the evidence presented convincingly establishes Jowie's culpability in the crime beyond a reasonable doubt.Highlighting the sequence of events, Justice Nzioka outlined how Jowie, armed with a...

KUPPET Questions Government Directive For Parents To Pay Schools Fees E-Citizen Platform

KUPPET opposes the Government directive for parents to use eCitizen platform to pay school fees calls for clear public participation, legislation and policy framework.KUPPET national officials have opposed the move by Government to force parents to use eCitizen platform to pay school fees saying it will be difficult for...

List of best Audiology Services in Nairobi, Kenya

List of best Audiology Services in Nairobi, Kenya. The word audiology is made up of two roots: Audio and Logy. ‘Audio’ refers to ‘hear’ and ‘logy’ to ‘the study of’. In essence, audiology is the study of hearing - as the inner ear is also required...