Online dating is one of the fastest growing industries in the world. According to a recent Pew Research Center study (2015) of 2,000 American adults, about 15% admit to using online dating sites and/or mobile dating apps. Millions of singles flock to dating websites every single year to find love, and young adults are at the forefront. Use of online dating for ages 18- to 24-year-olds has tripled between 2013 and 2015. These numbers have got some investors falling in love with the online dating market.
This drastic increase in online dating usage is attributed to popular mobile dating apps like Tinder. 22% of young adults say they use Tinder because of its simplicity and quick mechanisms to connect and chat with potential romantic partners. Swiping left or right makes sifting through romantic prospects fast and efficient.
But young adults aren’t the only ones taking advantage of online dating websites. The 2015 Pew study also revealed that individuals between the ages of 55- to 64-year-olds are also finding love online. It is estimated that 12% of senior adults are now actively online dating.
Online dating in the U.S. brings in about $2 billion in revenue every year, and has grown by 5% every year between 2010 and 2015. This has led to a proliferation of dating website pop ups and the consolidation of established dating sites. Recently, IAC/InterActiveCorp (IACI) spun off its online dating assets to Match Group (NASDAQ:MTCH) IPO. Match, now owns dating sites and apps like Tinder, OkCupid, and Match.com. Currently, the company has a market cap of $2.3 billion.
The United States is not the only country seeing a surge in online dating. The online dating industry in China, for example, is estimated to generate over $1.6 billion by the end of this year. This has grabbed the attention of international investors. Last year, Vertex Venture Holdings and Sequoia Capital spent $20.5 million on a dating app called Qingchifan. German firm, Bertelsmann, also invested $5 million in dating app Tantan in China.
Now is the time for entrepreneurs to invest in the adult dating industry online. Projections indicate that online dating websites and apps will overtake any other form of dating in the future. If you want to start your own online dating merchant account, contact EMB to manage your adult dating merchant account. We have a 99% approval rating, with no application fee, and fast approvals. Let us help expand your profits with premium payment processing services.