March 21, 2024
Love is in the air this spring, and in 2024, that means people are swiping up a storm on both sides of the border.
Dating apps have grown rapidly over the last 10 years in the US and Canada, with nearly three in 10 US adults saying that they have used a dating site or app. A Forbes survey found that 40% of users say the apps have made dating easier for them.
But surveys have also shown that finding love is getting more difficult overall. According to Pew Research Center, 47% of Americans say dating is harder than it was a decade ago.
They’re not alone – the whole industry is suffering from heartache. Once a Wall Street darling, online dating’s rapid growth has hit a wall. Companies like Match Group and Bumble – which make up nearly the entire industry by market share — have lost more than $40 billion in market value since 2021.
The industry relies heavily on subscription models, but dating apps are struggling to convince younger users to pay. As more millennials say “I do,” they no longer do dating app subscriptions. Meanwhile, Gen-Z is more reluctant to pay – preferring to shoot their shots on social media platforms like Snapchat and Instagram instead, or opting to use free dating apps.
What do you think? Are dating apps helping or hurting your love life? Let us know here.
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