Online Dating

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.

Dating app Bumble wants to extend its platform beyond dating and into social networking and virtual friendships through a new community feature – now dubbed “Hive.”

Hive is currently being tested, the company revealed in a recent earnings call with investors. While the company’s revenue projections have been lowered through the end of the year in part due to the app being pulled from Russia and the ongoing war in Ukraine, it is moving ahead on development projects.

Social networking has become an important part of Bumble’s growth strategy. Hive is in essence a revamping of its Bumble BFF friend-finding feature, and will offer things like group chat, polls and video calls to help people better connect over the app, according to Tech Crunch. The article pointed out that Hive focuses on helping people find “platonic connections through small communities.” In other words, Bumble is focusing on making the feature community-driven where people can drop in and out of conversations depending on their shared interests. 

Hinge announced a new feature called Not-so-Frequently Asked Questions to help its users discuss sensitive topics when they aren’t quite sure how to approach the subject.

The new feature is designed with LGBTQ+ daters in mind according to Gizmodo, and aims to help answer the questions many people have but that they are afraid to ask, like questions around substance abuse, gender identity, or even how to set up a date with your ex’s ex.

Some personal subjects have traditionally been off limits when you are first meeting someone or striking up a conversation over a dating app, but Hinge wants to change this. Important topics require discussion up front before delving into a new relationship – like questions about faith, substance abuse, sexual identity, and sexual exploration. Plus, discussing personal topics honestly helps people better connect, which is one of Hinge’s main promises.

Dating app company Bumble has lowered its revenue forecasts through the end of the year, signaling that the boost from pandemic dating might be over.

Bumble adjusted its annual revenue to be between $920 million and $930 million for the year, lower than previous forecasts and market estimates of $934-$944 million. The company’s stock fell 13 percent after the news according to Reuters.

This news follows that of competitor Match Group, which also fell short of expected earnings for Q2. In the wake of the downturn, Match Group announced the lowering of its projected revenue for Q3, with a company shake-up that included halting development for metaverse dating and virtual currency and a restructuring of its executive leadership. Match Group’s stock also took a hit, dropping 20 percent in value after the company released its letter to shareholders.

The Right Stuff, a dating app for conservatives that is backed by Peter Thiel, will launch in September of this year.

The announcement came from the company’s social media platforms, with a video promotion starring Ryann McEnany, sister of former Trump press secretary Kayleigh McEnany, touting the app’s features. "The Right Stuff is all about getting into the right dating pool with people who share the same values and beliefs as you," she says in the video. She also notes that the app is “invite only,” aiming to model itself after exclusive dating apps like The League.

Thiel invested $1.5 million in the app, which Axios said is being created by a company run by former Trump political aide John McEntee. Former Trump White House advisor Daniel Huff is a co-founder of the app.

New dating app Desti puts TikTok-style videos front and center, with a focus on local places to meet up IRL.

Desti is short for “destination,” and the app gives users a chance to match with others based on preferred date destinations. When scrolling through the app, users see videos of venues with the poster’s profile in the corner, according to Tech Crunch.

“We decided to bet on short-form video being the future,” Nick Dominguez, COO and lead designer/developer of Desti said in an interview with TechCrunch.