- The days of free dating apps may be over. While businesses are looking to increase revenue, singles are finding apps the only way to find love.
- About 35% of Americans who have used a dating site or app have paid for it at some point, according to a recent report from the Pew Research Center.
- “Gone are the days of venture capital subsidized swiping,” said Blaine Anderson, a dating coach in Austin, Texas, who said his clients spend hundreds of dollars a month on dating apps. .
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Channing Muller moved to Chicago from Chattanooga, Tennessee, in May. Her main goal in her new city was to find her partner.
Already a Bumble user, she eventually signed up for three more dating apps: The League, Hinge, and Match. Muller wanted to get the most out of the platform, so he signed up for the paid version.
At times, I was spending more than $100 a month on apps.
“When you’re serious about dating, you put your money where your mouth is,” said Muller, 38. Marketing consultant.
Channing Muller
Provided by: Channing Muller
The days of free dating apps may be over. While companies are looking to increase revenue, singles increasingly feel that apps are the only way to find love.
About 35% of Americans who have used a dating site or app have paid for it at some point, according to a recent report from the Pew Research Center. Morgan Stanley revealed earlier this year that the average user of paid dating apps spends about $19 a month.
However, some people spend more than that.
League VIP membership costs $999 per week or $2,499 per month. VIP membership allows users to match with prospects in multiple cities, see new singles first, and enjoy a concierge service that helps them “win the dating game.”
In September, Tinder introduced a $499 monthly subscription for some of its most active users, and Hinge recently introduced a $600 monthly membership.
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He paid for the first date, but he asked for a refund.
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“The days of swiping on venture capital grants are over,” said Blaine Anderson, a men’s dating coach in Austin, Texas, whose clients spend hundreds of dollars a month on dating apps. he said. ”[Companies] We want to monetize the services we provide to avid singles. ”
Anderson said the proliferation of paid options has made the free tier “almost unusable” for some customers.
Still, dating app companies have noted the demand for paid add-ons and say they are unlikely to go back.
“We have a group of users who want to use our premium features,” AJ Balance, Grindr’s chief product officer, told CNBC.
Officials at Match Group, Inc., the parent company of more than 45 dating apps and sites including Tinder, Hinge and The League, declined to comment.
Dating apps have seen slowing user growth in recent days, “leading to investor concerns that the honeymoon may be over for the U.S. online dating industry,” Morgan Stanley said in a recent report. Stated.
“I think there’s a general feeling of app fatigue,” said Kathryn Kodu, an assistant professor who studies internet behavior at Boston University.
Coduto’s research found that many people use up to four dating apps at once. Platforms may begin to converge.
“The apps are pulling from the same dating pool, so [users] “You’re meeting the same people, you’re matching with the same people, but you’re not finding new people. This leads to feelings of frustration and questions like, ‘What’s the point?'” Coduto said. he said.
In response, dating apps are trying to lure users with exclusive memberships and unique perks, Anderson said. “Premium features can really accelerate and improve the quality of your matches and dates.”
Dating app Coffee Meets Bagel allows users who pay $34.99 a month to send virtual bouquets, while Tinder lets certain subscribers swipe through people in different cities. Grindr users can view an unlimited number of profiles by paying $39.99 per month, while only 99 profiles are available to free users.
Of course, paying to find love is nothing new.
“People have been paying for personal ads, speed dating experiences, dating and relationship coaches, matchmakers, etc.,” Coduto said.
Ali Mogharabi, senior equity analyst at Morningstar Research Service, said that while the market for dating app subscribers has proven to be healthy, many single people feel they have no other options. He said there might be.
“Using apps to find dates and long-term relationships is becoming the norm,” Mogarabi says.
Anderson, an Austin-based dating coach, said clients often feel like they have to pay for an app’s premium service to have a chance of actually meeting someone.
“We want to cast a wider net, and the free version often doesn’t allow us to do that,” Anderson said.
Coduto added that the free version also has more annoying ads.
“You’re not just swiping people, you’re swiping a lot of ads,” she says.
Kari Blau, founder of Boutique Psychotherapy in New York, said she thinks dating app companies are taking advantage of people. She says some of her customers have been on the app for years and remain single.
She noticed that many of the features that were previously free are now paid.
“At what point do we monetize someone else’s misfortune? Where does it become unethical?” Blau said.
Nikita Sharbina, who runs a software company in Phoenix, has spent about $250 a month on three dating apps for the past two years: Hinge, Bumble, and Tinder.
“It’s a little expensive,” says Sharbina, 26. “I usually compromise. [on] Other types of expenses, such as groceries. ”
Match Group executives cited the fall resumption of student loan payments, credit card delinquencies and other economic factors as threats to its bottom line in its latest earnings call.
“Given that Tinder has a lot of younger consumers, [and] People who tend to have less discretionary income can feel the impact a little bit more,” Gary Swidler, Match president and chief financial officer, said on a conference call.
There is some evidence that paid dating apps are successful.
Coffee Meets Bagel says paid users get 60% more dates than non-subscribers. Pew Research has found that people who meet a partner on an app are more likely to pay for the service.
But money can only go so far when dealing with messy and mysterious fields like romance and love, Coduto said.
I usually compromise on other types of expenses, like groceries.
Nikita Shervin
Dating app registrant
“Ultimately, I think the reason so many people pay to use dating apps is because it gives them a sense of control over a process that can feel like there’s a lot of uncertainty,” she says. .
In many cases, improving your profile may do more than just pay to be seen by more people, Anderson added. “You have to have an exceptional profile as a man to potentially compete.”
Coduto agreed.
“Just because you pay for a dating app doesn’t mean they’ll write you a better bio or opening line,” she says. “Ultimately, you are the person behind the profile.”
Mueller said she decided to take a hiatus from dating apps in September. Although her membership provided her with access to more and more features and profiles, she began to feel that the price was too high.
“I’m sorry, but is there a missing son of Bill Gates?” Mueller said.