The dating app industry is expected to grow to over $11 billion by 2028, thanks to the increased use of smartphones and people turning to them for connection during the pandemic.

A new report by Grand View Research found that the industry is doing better than ever and will only continue to grow at a rate of 5.6% compound annual growth rate (CAGR) through 2028. The increasing global reach of smartphones and internet access has helped to propel the industry forward, as well as pandemic lockdowns and the increased interest in virtual dating.

The study also found that the 18- to 25-year-old market is expected to register the second largest CAGR of 5.8 percent over the same period. Dating apps have their eyes on Gen Z daters who are looking for something more engaging than the typical routine of swiping through profiles on an app, as they have grown up with smartphones and virtual experiences. Many of the new offerings that apps like Tinder are unveiling include interactive content. Tinder and Bumble have both recently announced that they will be offering experiences in the metaverse where daters can create avatars and meet in virtual spaces to date.

Match’s latest Singles In America study found that a majority of daters are looking for maturity and stability in a relationship, a result of people feeling lonely and isolated from the pandemic and longing for deeper connection.

According to the study, only 11 percent of singles want to date casually, while 62 percent say they seek more meaningful, committed relationships. And 65 percent are eager to find a relationship within the next year, particularly younger singles – 81 percent of Gen Z daters and 76 percent of Millennials.

Match also found that 83 percent of singles said they want a partner who is emotionally mature, and 76 percent said they want a partner who is looking to get married. This is up from 58 percent just two years ago, and interestingly, younger adults and men are most interested in marriage.

Shares for Bumble Inc, which owns the popular dating apps Bumble and Badoo, fell more than twenty percent after the company’s third quarter earnings call in November. 

The dating app went public earlier this year, with shares taking off out of the gate. In recent weeks however, investors have cooled on the stock, and Bumble has pointed to pandemic lockdowns in strong markets like Japan which have cut into the company’s overall revenue. The latest dip after the earnings call was the stock’s lowest point yet. 

According to Forbes, for the first time since its IPO, Bumble posted a decline in overall user growth, with total paying users dropping to 2.87 million through September, down from 2.93 million in the second quarter.

Match Group’s dating app Match will offer a hand-picked matchmaking service to app users for $4.99 per week, according to a report from the Wall Street Journal.

The company hired and trained 50 dating coaches who will be selecting two matches per week for participating users. However, the Journal notes that the matchmakers will be choosing matches from the same dating pool that the algorithm already provides, and will filter choices based on members’ answers to four basic questions, such as what a person would change about their dating life and what kind of person they gravitate towards.

The new service is being touted as a human matchmaking offering, aiming to disrupt the traditional matchmaking industry where experts charge thousands of dollars to hand pick potential matches for their clients and to better prepare them for dating. Match is offering a bit of human curation for far less money (but without all the handholding), which could have an impact.

Dating apps like Tinder, Plenty of Fish and others under the Match Group umbrella are pushing users to call their Senators to pass the Violence Against Women Act. The Act lapsed in 2019 and has not been reauthorized since.

While the bill has already passed the House with a Democratic majority plus 29 Republicans joining to pass it, so far it has languished in the Senate. Match Group decided to take matters into their own hands and push for passage of the bill to protect users of their apps, especially as the company continues to put more safety measures in place to protect users against harassment and violence.

According to The Hill, the bill would provide funding to state and local governments to address domestic abuse, sexual assault, dating violence and stalking which has become even more of a problem with the increased use of dating apps. It would also narrow a loophole to prevent partners and boyfriends convicted of domestic violence or abuse from buying or owning guns. (Currently only spouses and former spouses are prevented from buying a gun if convicted.) A number of Republicans have opposed the bill because they see it as an infringement on gun rights. 

Jaime Freedman - VP of Content Creation

Image: Tinder

Dating app Tinder is focusing its attention on content creation, including virtual experiences, and has named a former NBC-Universal executive to head up its efforts.

According to an exclusive published in Variety, Jaime Freedman will take over as Vice President of Content Creation, following the company’s successful launch of Swipe Night, an in-app series that allows users to view and interact as they watch. Season two just premiered in early November, and Tinder will air new episodes each Sunday. 

Tinder’s goal with expanding its content offerings is to create more virtual experiences. All new content will be added to its Explore section, where currently users can watch the limited series, participate in virtual speed dating rounds, or search and message other users by interest. Tinder has also been testing Single Town, an avatar-based virtual experience where users can meet up at “bars” or other virtual settings and interact in real time over the app. The company intends to add this experience to its Explore section, too.