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11-Sep-2020 01:37
With Reliance Jio, smartphone and the 4G internet have become more readily available boosting up the number of smartphone users in the country to an estimated 300 million.India has come a long way from the days when online dating was more or less limited to sending friend requests to people with good DPs.With over 27% of committed relationships starting via the internet, online dating is no longer a taboo.It is estimated that there are over 20 million matches on dating apps and websites worldwide, that comes down to approximately 40 million users.In fact, 4 out of 5 people prefer mobile dating to online sites.61% of users are more likely to “hook-up” on a dating app rather than a website.Websites are not as easy to use and revenue generating as apps.Then, of course, looking for soulmates moved from scrolling down newspaper classifieds to searching on matrimonial websites.This being the online equivalent of meeting with ladke/ladki waale.
The success of Tinder has encouraged several entrepreneurs to develop some amazing applications in the online dating segment.This means that there are at least a billion swipes.• The average daily time spent on dating apps has increased to 90 minutes.• India is the biggest market in Asia for online dating as most of its population is young.• The number of swipes in India alone is 14 million going up from 7.5 million in 2015.• Truly Madly has seen a 100% month-on-month growth rate.With a demand as high as this, there is a lot of scope for entrepreneurs and startups to take a dive into this market and make it.It’s a hot market and Facebook all set to add a dating feature in-built in the app is prove enough to suggest the enormity of the market.
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Nevertheless, here are some facts: Image Source• The Market Size — Revenues in the online dating segment amounted to 83 mn in 2018.• User Penetration is at 5.7% and is expected to increase to 6.3%• There are 50 million users on Tinder alone with an average of 12 million matches every day.
Variety of apps have come up entering niche markets like LGBT dating services, serious dating, and even dislike-based dating apps.
