As the scientists, doctors and governments toil away to control the spread of the virus, the dating website, Match Group Inc., has a different and cheerful story to tell. It seems that singles are making a beeline to the dating website to find partners and go on dates despite the worldwide pandemic. According to the forecast by Match, the earning of dating apps, without the consideration of interests, depreciation, amortization, and taxes, amounts to around $225 million. Financial analysts expect that the revenue might be around $215.8 million according to Bloomberg’s statistics.
There has been an increase in the paid usage of dating apps from early May, according to the assessment of Gary Swidler, the Chief Financial Officer, and Shar Dubey, the Chief Executive Officer of Match Group Inc. It has increased from that of the pre-COVID situation for young users as well as for women, even though usage among men had dropped slightly post the declaration of lockdown, it has now increased again to match up to the pre-COVID level. As of today, the platforms of Match Group Inc is reportedly being used for a huge volume of messages that are being exchanged at almost 45 different dating apps. The daily swipes are higher than usual at Tinder, the dating platform whose third-quarter revenue is expected to be at least $600 million.
The COVID-19 crisis has had a dramatic impact on in-person dating, but that has not done away with the need for human connection. So, instead of calling it a day for romance and social life,daters have begun to make adjustments to adhere to the new normal. Casual hook-ups are no longer in fashion now, thanks to social distancing norms and individuals at Match Group Inc. are showing a preference for virtual courtship and e-dating instead, through messaging platforms. The dating apps are trying to adjust to change as well by the implementation of all-new video features, speed-dating games, and other forms of online entertainment to keep the couples engaged.
According to Bloomberg’s statistical reports, Match group’s sales Inc have risen by 12% to around $555.5 million, with Tinder outperforming to rake in the highest revenues.