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Others, however, predict that revenue is expected to grow 25% by 2020. According to the Pew Research Center, between 20, online dating usage has tripled among those between the ages of 18 and 24.
Beyond its existing users, dating services benefit from tailwinds such as an untapped market, increasing millennial spending power, young people delaying life milestones such as marriage and home purchasing, as well as working longer hours.
From 2013 to 2015, the share of 55- to 64-year olds has doubled from 6% to 12%.
According to Nielsen data, one in 10 American adults spends more than an hour a day on a dating app.
Users might not realize that Match Group actually comprises 45 brands, including big names such as Match.com, Ok Cupid, and Tinder, and it IPOed in 2015.
However, when it comes to user engagement, Grindr (12 hours 26 minutes/month), Tinder (2 hours 39 minutes/month), Ok Cupid, and Bumble are at the top.
And, while Tinder is the most popular among 18-29-year-olds, is most popular for the 30-44 demographic.
Dating apps are essentially another form of social media, where a product’s value often hinges on how many people are on it and using it.
New sites may have difficulty garnering more users, and, according to Ok Cupid’s chief product officer Jimena Almendares, “If you visit a product and there aren’t that many people to see, the likelihood of you coming back is going to decrease rapidly.