SINGAPORE (Feb 13): The smell of roses are in the air as Valentine’s Day is just a day away. And for those who are celebrating this day of love with a significant other, it is very apparent that prices of gifts, such as flowers, chocolates and more, have increased significantly.
However, for those who are still searching for “the one” in this modern age, dating apps are the de facto match making tool. And to increase chances of finding love, people tend to spend on these dating apps.
Since 2012, 1.7 billion dating apps have been downloaded worldwide across iOS and Google Play, according to mobile analytics company, App Annie.
Last year, consumers spent some $2.2 billion in dating apps — double the amount spent in dating apps two years prior. Among the dating apps globally, Tinder dominated the playing field and it was also the second highest non-gaming app for consumer spend over the last decade, primarily driven by in app purchases.
Last year, Singaporeans in search of love, turned to Tinder and Coffee Meets Bagel - the two most popular dating apps which ranked third and 9th respectively on the top 10 apps for consumer spend.
A similar trend was also seen in the 2018 report when Tinder ranked third and Coffee Meets Bagel ranked 10th, indicating that the two are Singapore’s most trusted go-to apps for finding their significant other.
Another dating app to watch out for in Singapore is Bumble. Founded by Whitney Wolfe Herd, the co-founder of Tinder, Bumble is often described as an app “by women, for women.” With most apps skewing towards men, the focus of Bumble is on how the app is designed to prevent the harassment women face when they try to date online.
Earlier in January this year, Bumble partnered with Singapore Tourism Board (STB) to launch Bumble Bizz - its networking and mentoring app which offers women to meet like-minded career professionals by swiping right.
Across Southeast Asia and the wider APAC region including Australia and India, Tinder came up top five in the list of apps for consumer spend. And over the past two years, Tinder has set up offices in South Korea, Japan and Indonesia with an eye on Singapore.
Even tech giants such as Facebook has joined the dating bandwagon, as it introduced a dating feature in its app in September 2019.
Cindy Deng, managing director of App Annie says, “Together, downloads and spend indicate that dating apps provide an in-demand service that consumers are willing to pay for to unlock deeper value. Dating apps have unlocked the keys to monetisation through subscription over the last few years. They are an example of an industry that has largely displaced previous modes to become the de facto dating tool.”
“With the global success of dating apps, it shows that the search for relationships is a worldwide phenomenon. App developers can find tremendous success beyond their home countries if they understand their consumers and can tap into their preferences in each market to build a deeper engagement,” adds Deng, who believes that the dating business is about to become more exciting in the years to come and there will be opportunities for growth and monetisation in this space.
