Dating apps aren’t growing as fast as they were expected to, according to analysts.
Even though more smartphone users are continuing to go on the apps — overall growth has slowed, research firm eMarketer found.
“Our latest forecast shows a slowdown in the growth of these apps from over 20 percent a couple of years ago to single digits starting in 2018,” eMarketer analyst Nazmul Islam said in a video Tuesday.
He went on to say the firm estimates there are more than 25 million smartphone dating app users in the U.S. in 2019, which is expected to increase to more than 28 million in 2022.
“In our previous forecast, from August 2018, we were expecting dating app users to surge over 36 million by the end of the period,” Islam said.
The slowdown could be a result of already-existing users switching between apps, as opposed to new users trying the apps for the first time, Yahoo reported.
“It’s possible dating apps are a victim of their own success,” Islam added in the video. “The more that people use them, the more likely they are to form long-lasting relationships, in which case they no longer need the apps.”
However, dating apps have still seen financial growth in the last year, according to a report Sensor Tower Store Intelligence published in February.
|MATCH GROUP INC.
The report found from February 2018 through February 2019, consumer spending on the top 10 mobile dating apps increased by 53 percent from the previous year.
Among the top 10 mobile apps were Tinder, Match and Plenty of Fish, which are all owned by parent company Match Group, Inc.
One of those apps, Bumble, announced last month it will pay someone to travel the world and go on dates if they are the lucky recipient of its Global Connector Bee position.
Bumble, which launched in 2014, is a social media network that requires women to make the first move when messaging a match. The company launched Bumble Bizz in 2017, which helps users network with other professionals.
Fox Business’ Kathleen Joyce contributed to this report.