Some online dating sites target certain religious and ethnic groups. Others are developed to match couples with specific interests. Popular mass audience websites include eHarmony, Match.com, etc. Niche sites succeed by focusing on singles being in quest of something specific.
Modern Online Dating Market
The online dating industry has been expanding at 3.5% annually since 2008. Today, it counts for $2.1 billion. Analyses show the market is going to further expand over the years to come. Naturally, the online dating market seems quite attractive to investors.
According to a report (fall 2015) by business research firm IBISWorld, nearly 3.900 companies are running online dating sites. About 100 companies per year are expected to start their online dating business within the upcoming 4 years.
Jeremy Edwards, analyst at IBISWorld, notes that in order to survive the fierce competition, the mentioned businesses will need to try new marketing strategies. Those that aim at niche markets boast higher rates of membership growth.
Online dating businesses are categorized as high risk. Merchants running an adult or online dating site should turn only to highly reliable processors in the field. Reputable companies like EMB offer exceptional payment processing services to high-risk businesses. If you’re in need of a safe and secure online dating merchant account, consider turning to EMB.
How Did the Online Dating Business Develop?
The number of people getting online all the time is growing with rapid advances. Modern online dating apps greatly contribute to the grow of the number of online daters. According to IBISWorld, over 80% of the population will be using a smartphone by 2018.
More than 1/3 of 19.000 couples married between 2005-2012 met on an online dating site. This is according to the Proceedings of the National Academy of Sciences study.
Based on research conducted by market research company Nielsen, in December 2015, over 1 in 10 American adults used dating sites. On average, they spent there more than 1 hour per day.
According to the Census Bureau, in 1970, 28% of American adults were single. Today, they count for 47%. The unknown number of married people visiting the mentioned sites isn’t included.
Baby Boomers ranging from 50 to 64 years old add to the competition in the industry to a great extent. This is according to IBISWorld. The reason is that their Internet use is expanding. Also, they are found to be single more than in the past.
Interestingly, the Proceedings of the National Academy of Sciences study showed that couples who met online and got married were slightly less likely to get divorced than others.