Monday, June 10, 2024

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

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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.

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