Well being single didn’t turn out to be entirely bad, yes you may have celebrated the Valentine’s Day alone but you also boosted the economy.
Wondering how, here it is:
India is the second largest revenue market for dating apps after the United States with $323 million and 31 million users as of 2020. Within this large number, 67% of the users are men who are spending most of their time to appear more attractive in their dating profile pictures in order get swiped right. Now this has lifted the men’s grooming products for example male skin creams, hair and beard care products are flying off the shelves. Not only this but the biggest opportunities are in partnerships with restaurants, entertainment venues, clothing and cosmetic stores.
Recently when the Bumble’s IPO was released it quoted $8 Billion making the founder Whitney Wolfe the first ever female to take a company public. Moreover dating sites have earned $3 Billion, the ways they mint money are:
subscription
in-app purchases
advertisements
affiliated marketing
passing gifts
run AdSense advertisements
using the services of BuySellAds
promotion of the sponsored posts
As of the current situation, dating apps are suppose to surpass $8.4 Billion in revenue by 2024 globally. Increasing escalation of smartphones and hike in internet penetration are the crucial factors propelling the market. Additionally, significant increase in the number of singles globally, especially in North America, Europe and Asia-Pacific is suppose to stimulate the growth of online dating apps market during the forecast period.
The dating industry’s market isn’t niche anymore, yes earlier it was segmented based on age, gender, subscription, company and region. However if we just pick up one factor out of these, lets say age it is further segregated into 18-25 years, 26-34 years, 35-50 years and above 50 years. Out of which the age group 18-25 is projected to dominate the market since this is the ideal age when people start looking for a partner. Wow people do love dating and these apps have very accurately grabbed that opportunity to turn love into business. Who knew that a Stanford class project in 1959 using an IBM 650 would change the way we go on dates.
However this isn’t all dating apps have not only matched people but also changed the way we find jobs. The app Shapr works on the similar philosophy of that of a dating app. Its algorithm finds your profiles based on your goals, interests, and the industry you are interested in and then matches your profile with the appropriate company’s HR.
So singlehood has “single” handedly not only helped companies earn during this grave pandemic, helped the economy swell and raise employment but also influenced other sectors to follow its interface as it cuts down on the complications.
Not all heroes wear capes.
This is so informative!