Tinder

The online dating market is booming, and is expected to grow to $9.9 billion by 2026, thanks to leading apps like Tinder, Bumble, eHarmony, Hinge and other popular platforms.

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. 

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.”  

Tinder’s popular original interactive series Swipe night will debut In India this month, almost a year after its initial U.S. debut.

India’s Tinder subscribers were supposed to see Swipe Night earlier this year in the spring, but the coronavirus pandemic delayed the premiere until now according to Gadgets 360. The premise of the series centers around the apocalypse, and Tinder didn’t think it was the right time for the subject. India is still dealing with 90,000 new cases of the virus each day, more than any other nation, and is one of the hot zones for virus spread, along with the U.S.

OkCupid Voter 2020 Badge

Image: OkCupid

Several popular dating apps including OkCupid, Tinder and Bumble are encouraging their users to vote through in-app promotions, according to The Hill.

As election season in the U.S. gets underway, many grassroots organizations are asking volunteers to make sure all eligible people, especially first-time voters, register to vote. Many non-profit groups are hoping to capture the attention of young people and get them excited about voting, and one of the strategies is to engage dating app users.

Popular feminist dating app Bumble is preparing for an initial public offering early next year, and is reportedly talking with banks about the plan.

The timing is still tenuous, but it was reported by Bloomberg News that the company’s valuation could be between $6 billion to $8 billion dollars. Bloomberg also noted that private equity firm Blackstone Group bought a majority stake in Bumble last year, when it was known as MagicLab. Blackstone valued the company then at $3 billion.

MacigLab was recently rebranded as Bumble by its new CEO and Bumble founder Whitney Wolfe Herd, who took over after Andrey Andreev resigned. Herd has made some changes including significant rebranding and folding in gay dating app Chappy to its signature Bumble dating app. Popular dating app Badoo, also founded by Andreev, is part of the Bumble suite of apps.