Contributed by: kellyseal on Tuesday, August 06 2024 @ 01:03 pm
Last modified on Tuesday, August 06 2024 @ 01:09 pm
Hinge and Grindr are two standout dating apps as they continue to grow in a tough market; powerhouses Tinder and Bumble are seeing more users leave their platforms.
In general, dating apps have had a rough couple of years, with the coveted Gen Z market looking to other options besides dating apps to meet singles, including in-person events, running clubs, and social media platforms like LinkedIn.
“Online dating trends have continued to decelerate industry-wide, showing minimal relief from the recent struggles,” wrote Morgan Stanley analysts Nathan Feather and Brian Nowak in their research, according to Quartz[*1] .
But these same analysts have noted that Grindr and Hinge have both seen an increase in users.
Hinge, which is owned by Match Group (like sister app Tinder), has seen a surge in paying users this year, in part thanks to its emphasis on more serious relationships. Downloads were up 14 percent in the second quarter compared to the same time last year, compared to Tinder and Bumble’s, according to Quartz.
In addition, Grindr’s stock has increased nearly 120 percent from last year, and jumped 32 percent since June when the company offered its new growth plan to investors.
Bumble only saw a modest 2 percent growth in users since the same time last year, far below its previous growth trajectory. Tinder has fared worse, seeing its downloads fall between 11 and 12 percent in the second quarter of 2024.
Bumble and Tinder have invested significantly in rebranding efforts to turn things around, but it’s not apparent yet that the efforts have worked. Bumble just revamped its women-first platform, offering a new feature that allows women choose whether or not they want to make the first move. The company also rolled out a disastrous ad campaign celebrating women’s sexual freedom, at a time when rights are being stripped across the U.S. Due to public outcry, Bumble had to take down the ads and issue a public apology.
Tinder has offered a number of new AI-based safety features as well as help crafting messages and profiles, but new users and downloads remain flat.
Tinder also just launched a global ad campaign for its tagline “it starts with a swipe,” that takes the traditional rom com meet-cute and turns it on its head, seeing how messages sent between two people over the app would play out in real life. The ad is based on real-life Tinder messages, and the company hopes to attract more Gen Z users with a creative take on dating today.