The quest for love in the digital age has hit a bump as dating apps resort to costlier subscription tiers and special features to bolster their revenues amidst a saturated market and decelerating growth.
What Happened: Dating apps have metamorphosed the romantic landscape into a gigantic industry over the last ten years, with users spending over $5 billion globally on these platforms in 2023 alone, according to the Financial Times.
Match Group (NASDAQ:MTCH), a $9.9 billion behemoth that owns 45 dating brands such as Tinder and Hinge, increased its subscription costs and unveiled new service levels across its leading platforms in 2023 to reinforce its revenue and stock price.