China

The global dating market continues to grow at a faster rate than ever before, with projections of total market value to more than double in the next five years.

A new study by Research and Markets detailing the growth of the online dating market globally had an optimistic outlook despite recent disappointing quarters from top dating platforms Bumble and Match Group. The value of the online dating market in 2021 was valued at $12.37 billion and is expected to grow to $28.36 billion by 2027. The online dating market is expected to grow at a CAGR (compound annual growth rate) of 14.84 percent over the period from 2022 to 2027.

Part of the reason for this growth is the popularity of dating apps, especially in countries with younger, growing populations like India and China. In addition, the proportion of single people has been rising worldwide, according to the study.

Executives at Baihe Jiayuan Network Group, an online dating subsidiary of conglomerate Fosun International, a pharmaceutical giant in China, were arrested on charges of embezzlement.

According to the South China Morning Post, the executives were found missing which led to reports of their “disappearance,” sparking rumors across social media platforms. Fosun’s anti-graft department had discovered evidence during routine online checks of the company that the executives had abused their positions to commit the crime. The department alerted Fosun which reported the executives to Chinese authorities.

The report of the missing executives initially surfaced on Weibo, with a post sharing that the company’s top executives, including its CEO, chief operating officer, and chief financial officer, along with a number of vice presidents, had disappeared according to South China Morning Post. Local news picked up the story, so Baihe Jiayuan released a statement saying the executives were in custody and cooperating with authorities.

Metaverse dating apps have become popular among singles in China, and now one of the most popular - Soul - intends to go public in the Hong Kong market. It is backed by tech giant Tencent, with Bank of America Merrill Lynch and CICC serving as co-sponsors.

Soul lets users create and use avatars (often resembling Japanese anime) to interact over the app, and rivals TikTok for time spent engaging on the app – an average of about 40 minutes per user, according to South China Morning Post. It currently has over 32 million users.

Downloads and engagement have grown in part due to recurring lockdowns across the country from Covid-19 outbreaks. Between 2019 and 2021, Soul’s monthly active users went from 11.5 million to 31.6 million, according to parent company Soulgate.

Shares of dating company Bumble Inc rose 11 percent after news of the company’s earnings were released, with revenue beating analyst expectations.

According to Reuters, the number of total paying users across Bumble properties increased by 7.2 percent to 3 million during the first quarter of this year, increasing revenue to $211.2 million, surpassing analyst expectations of $208.30 million. Bumble apps include its signature apps, Badoo, and French dating app Fruitz among others.

Research firm Apptopia also found that Bumble downloads in the U.S. increased 20.6 percent during the first quarter, and monthly average users rose 13.7 percent compared to the same quarter last year.

Alex Hofman, a tech investor and former president of Musical.ly (which later became TikTok), has launched a new dating app called Spark.

Spark employs some traditional dating app features with a twist, and with some extra safety precautions. According to Tech Crunch, when a user logs in, they are presented with a grid of potential matches who are on the app at the same time. If the user sees someone they are interested in, they can like the photo – and if there is a mutual like, they can start chatting, but they only have 24 hours to respond or the match goes away.

Tech Crunch pointed out that while there is no swiping like in traditional dating apps, it has a mixture of similar features. Grindr for example, presents users with a grid of multiple people, but they don’t have to match before being able to message each other which leads to a lot of unwanted communication. Bumble puts a 24-hour time limit on matches to encourage them to communicate more quickly.

A young dater joined dating app Hinge and was swindled out of $390,000 in a fraud scheme involving cryptocurrency.

According to USA Today, 24 year-old Nicole Hutchinson of Tennessee signed up for the popular dating app looking to meet someone in California, where she had planned to move. She had almost $300,000 from the sale of her late mother’s house and was looking to build a life somewhere new.

She matched with a man named “Hao” according to reports, and after he told her he was born in the same town as where she was adopted, she felt a connection and continued texting him over WhatsApp. He told her he was knowledgeable about the cryptocurrency market and wanted to “teach her” how to invest.