In light of the ongoing restrictions due to the COVID-19 pandemic, dating apps have witnessed a boon in younger users.
And it appears that the pandemic has accelerated this trend markedly. Developers have been quick to react to this trend by adding features such as live video streaming to their apps.
As singles are finding alternatives to engage, top chatting apps such as Tagged and MeetMe saw their revenues shoot up in Q2 2020. Yubo maintained growth beyond the second quarter spike. It was the only app to continue to grow.
Bumble’s market share nearly doubled from 10% in 2017 to 19% in 2020 in the US. The company is preparing for an IPO.
In terms of installs, it’s the second strongest dating app behind Tinder and ahead of Hinge.
Tinder revenues declined to 40% market share in 2020, down from 48% in 2019. Meanwhile, Hinge made notable gains to 6%, up from 2% in 2019.