People are Falling out of Love with Dating Apps

Tinder, Bumble, and other dating apps post weak financial results as online dating loses steam.
March 10, 2024
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Swiping on a girl's Tinder profile

In April 2023, a survey of 500 adults aged 18-54 determined that nearly four out of five adults (78.4%) experienced some emotional fatigue or burnout from dating apps, per Singles Report.

According to Justin McLeod, the CEO of the dating app Hinge, the two main reasons are too much or insufficient activity.

A new study analyzed data from 240,000 users of a major dating app in Asia over three months. The study concluded that the dating app’s algorithm substantially boosted profiles with a high so-called “attractiveness score.” These findings were supported by a Pew Research study, which concluded that 54% of women said they felt overwhelmed by the number of messages they received on dating apps—in contrast, 64% of men felt insecure by the lack of messages they received.

The frustration from dating apps has more people turning to other methods to find love:

  • Eventbrite saw a 75% increase in speed dating gatherings from 2021 to 2022
  • People are spending up to $50,000 annually on professional matchmaking services
  • Some are falling back on social experiments like the Pear Ring, dating resumes, and blind dates.

The top two U.S. dating apps, Tinder and Bumble, generated $1.92Bn and $1.05Bn in revenue in FY2023, respectively. However, it is becoming increasingly clear that dating app platforms will need to pivot their business models to combat declining revenue from users reluctant to pay for premium add-ons, declining user growth from online dating fatigue, and changes to preferences around relationship goals. Tinder reported a 6% YoY decline in paying customers for Q3 2023. In Feb. 2024, Bumble cut 350 jobs after posting weak results for Q4 2023, showing a $32MM net loss on $273.6MM in revenue.

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