Industry

Dating apps are incredibly popular, but as they saturate the U.S. market, the significant growth of the last few years is not expected to continue through 2019. Research analysts at eMarketer found that while the number of people use dating apps in the country has grown to a whopping 25 million, the market demand is starting to slow down.

According to Business Insider, apps like Tinder, Bumble and OkCupid, (all owned by Match Group), ^[1] have contributed to the growing interest in dating apps, launching new features every few months to attract new (and young) users.

Andrey Andreev, who owns popular dating apps Badoo, Bumble, Lumen and Chappy, has created a new holding company called Magic Lab.

Magic Lab seems to be positioning itself to compete directly with Match Group by offering a similar setup: a suite of diverse apps aimed at different dating markets. However, Magic Labs stated how it plans to distinguish itself in its company mission, taking aim at dating app culture overall: “The brands will focus on marketing to solve societal issues such as misogyny, stereotypes, self-doubt and ageism.”

Tinder plans to launch a new, scaled-down version of the app called Tinder Lite.

According to Tech Crunch, the new app is catering to markets where bandwidth, data usage and storage space have all been challenging, which means customers to pay a premium for access to mobile data. Some of the regions Tinder is targeting include India and Southeast Asia, where parent company Match Group has appointed three new executives and dedicated more resources to growing its brands.

Tinder Lite was initially mentioned in an investor call according to Tech Crunch. However, Match Group CEO Mandy Ginsberg shared few details about the launch or the app. There was no specific date mentioned, and no details about what features would be removed, but likely the trademark swiping and matching would remain as key elements of the Tinder Lite experience.

The Meet Group, a portfolio of mobile social entertainment apps including MeetMe, LOVOO, Skout, Tagged and Growlr, released financial results for its first quarter ended March 31, 2019. The company reported revenue of $49.5 million, an increase of $11.9 million (or 32 percent) from $37.6 million in the first quarter of 2018.

Other highlights from The Meet Group’s Q1 2019 financial report include:

• GAAP net income of $1.3 million, or $0.02 per diluted share, compared to a GAAP net loss of $4.2 million, or a loss of $0.06 per diluted share, in the prior year quarter.
• Adjusted EBITDA of $8.1 million, compared to Adjusted EBITDA of $5.2 million in the prior year quarter.
• Non-GAAP net income of $7.0 million, or $0.09 per diluted share, compared to $4.1 million, or $0.05 per diluted share, in the prior year quarter.

Early in May, Apple and Google removed three dating apps from their stores after the FTC declared them a danger to children. By Friday May 10th, the updated apps were available again in Google Play, but not in the Apple Store.

According to The Hill, the FTC issued a consumer advisory for dating apps, and named three apps specifically - Meet24, FastMeet, and Meet4U – because they put children at risk of exposure to potential predators. Children under 13 years of age were able to sign up for these apps and communicate with other users, including adults, a violation of a law that requires parental consent before collecting information on underage people.

LGBTQ singles can face a challenging dating landscape. Bars aren't always the best place to meet, and though dating apps are an option, many cater to a hookup-oriented market and most focus solely on lesbian women or gay men. Qutie, a up-and-coming app from LGBT Media Inc., hopes to change that - with a helping hand from the iconic entertainment company Atari.

“We created LGBTQutie after being frustrated with the limited options for LGBTQ people looking for relationships, friendships and meaningful connections,” says Qutie’s campaign on StartEngine, an equity crowdfunding platform. “Our app is inclusive of the full spectrum of LGBTQ sexual orientations and gender identities. LGBTQutie is more than just another dating app. We are community-focused and provide users with content that is relevant to them including LGBTQ specific news, blogs and events.”