As the single largest player in the online dating industry, Match Group controls a massive 25% of the market. The Dallas-based company owns and operates the largest global portfolio of online dating services, including Tinder, Match.com, Meetic, OkCupid, Hinge, PlentyOfFish, and OurTime, which helped it gross an impressive revenue over the past years.
According to data presented by OnlyAccounts.io, Match Group has grossed a whopping $13.1bn from its online dating apps in the past five years.
Match Group’s Annual Revenue Surged by 85% in Five Years
The dating service industry has seen impressive growth over the past few years, mainly due to the rise of dating apps and websites, and Match Group has had a significant role in that. After a few major mergers in recent years, the US dating app giant now has a 25% share in the global dating services market, almost double that of its competitor eHarmony as the next largest player.
Such a significant market share comes as no surprise considering that 16% of all online dating service users prefer Tinder, Match Group`s and the global number-one dating app. The surging number of people using Tinder and all other Match Group apps has helped the company to grow its annual revenue by a massive 85% in the past five years.
According to Statista and the official company data, Match Group grossed around $1.73bn in 2018. Over the next twelve months, this figure jumped to $2bn and continued rising. After reaching almost $2.4bn in 2020, the company’s revenue skyrocketed in 2021, when millions turned to dating apps amid the Covid-19 lockdown. That year alone, Match Group grossed $2.89bn, 24% more than the year before. Statistics show 2022 witnessed a much smaller growth of 7% and annual revenue rising to $3.19.
Although quarterly revenue of the US dating app giant slipped by 2% quarter-after-quarter to $787.1 million in Q1 2023, this still represents a huge increase from $407.4 million reported in the same quarter five years ago. Statistics also show more than half of total revenue in Q1 2023 came from the Americas, the Match Group’s largest market. Europe followed with a 26% revenue share.
More than 220 million People Started Using Dating Services in Five Years
Match Group’s surging revenues reflect the entire dating industry’s growth, which skyrocketed in popularity in past years, especially among younger generations.
According to Statista Digital Market Outlook, more than 220 million people started using dating services in the past five years, pushing the total user count to 573.9 million in 2023. Statista expects another 25 million people to try their luck with dating apps and websites in 2024, with the total number of users reaching almost 600 million. Statista forecasts this massive user base to spend around $8.1bn on dating apps next year, nearly $300 million more than in 2023. By 2027, the global dating industry is expected to hit more than 672 million users worldwide.
The full story and statistics can be found here: https://onlyaccounts.io/blog/match-group-grossed-a-whopping-13-1b-from-its-dating-apps-in-the-past-five-years/