POF (Plenty of Fish)

Recipient
Plenty of Fish

The recipient of the Editor's Top Pick - Free award for 2021 is Plenty of Fish. POF has won this award 4 times since 2016 and this year makes it the fifth time in a row. The free dating service category is extremely competitive and POF has managed to stay on top over the last decade and a half thanks to their continued improvements along with the success their members find when they use the service. A statistic that points to this services popularity is, in the last 5 years the POF dating apps have been downloaded over 73 million times (for iOS and Android). The reason that POF members enjoy a 30% success rate in only 4 short weeks or less, is because over 17 million conversations are exchanged every day. Singles who join POF are on their to find dates, and since it is free to use, everyone participates making your chances of finding love that much better.

Match Group has had a stellar year, with its most recent earnings surpassing last quarter’s by 3.8 percent. Analysts however pointed out that the stock has underperformed based on year over year analysis, despite the company’s increased revenues.

Match Group reported third quarter earnings of 45 cents per share, which was a decline of 13 percent from third quarter 2019. However, Match Group’s revenue paints a different picture of the company’s success, with third quarter reports of $639.8 million, an increase of 18% year over year according to Yahoo! Finance. This was driven by an increase in the average subscriber base this year, likely with more people flocking to dating apps overall as the pandemic raged on.

The average subscriber base increased 12 percent to 10.8 million according to Yahoo!, and average revenues per user (ARPU) were up 4% year over year. Still, analysts are considering how much the pandemic is affecting revenue growth in 2020, and if it will continue as we go into the new year.

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. 

Dating app Hinge has partnered with popular meditation app Headspace to help daters calm their nerves before going on a date. Plenty of Fish also announced their partnership with Shine, a popular self-care app designed by women of color, to help users take care of themselves during this stressful time. Both dating services are owned by Match Group.

The Hinge and Headspace partnership will offer pre-date meditations that Hinge users can access directly at hinge.co/headspace at no cost. Each meditation lasts about six to seven minutes and is intended to address a range of potential pre-date emotions, from “self-doubt” to “negative self-talk” according to Mashable.

The page to access the meditation also includes a link to Headspace’s website, where the company lists resources for help with mental illness through a variety of hotlines, accessible for users around the world. There is also a helpful “how to meditate” guide if you are new to the practice.

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.”