Study: The ever-changing landscape of dating apps – Grit Daily
For better or worse, modern romance includes the use of dating apps to find potential romantic partners.
We look at a picture, sometimes read a bio, and then swipe left or right to show our interest. If we both swipe right, it’s a match! Then, occasionally, we’ll chat in-app. On rare occasions, we may meet up for a date. That being said, in 2020 – thanks to the COVID-19 pandemic – this has become a super-rare occurrence.
However, there has been a significant increase in dating app usage, thanks to the pandemic. Match Group’s 2020 Q2 earnings report shows more people using online dating apps since COVID-19 hit.
Source: Match Group
The dating app landscape is significant. According to Statista, revenue in the online dating segment is projected to reach $2,725m in 2020. Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 11.6%, resulting in a projected market volume of $4,230m by 2024. And user penetration will be 4.3% in 2020 and is expected to hit 5.7% by 2024.
While there are hundreds of small startups in the online dating industry, the majority of market share is spread between three significant companies.
- Match Group
- etc. (45 companies in total)
- Bumble (former Magic Lab)
- Dating Group
This study will focus on these three, who currently share around 35% of the online dating market. The majority of this is controlled by Match Group, which has an estimated 25.7% market share in 2020.
IAC recently owned Match Group. IAC is an American holding company. In