The $2 Billion Online Dating Industry Continues to Expand

August 9, 2019 | High Risk Merchant Account | Jessyka Lee

Some online dating sites target specific religious and cultural groups, while others are developed to match couples with specific interests. Popular mass audience sites like eHarmony, Match.com, and other niche websites succeed by focusing on singles pursuing something and someone special.


Modern Online Dating Market

The online dating industry has been growing at a rate 3.5% yearly since 2008. These days, it counts for $2.1 billion in gross sales. Analyses show the market will continue to expand over the years to come. Obviously, the online dating marketplace seems quite attractive to investors.

According to a report by business research firm IBISWorld, almost 3,900 businesses are operating online dating sites. Approximately 100 companies per year are anticipated to start their online dating service over the upcoming 4 decades.

In order to survive the fierce competition, the online dating businesses need to try new marketing strategies and focus on those that aim at niche markets to boast greater rates of membership development.

Online dating companies are categorized as high risk, which means that when it comes to payment processing, they’ll need to apply for an online dating merchant account. Merchants running an adult or online dating site should turn only to exceptionally reliable processors in the field. Respectable companies such as PayKings can provide exceptional payment processing solutions to high risk companies. If you are in need of a safe and protected online dating merchant account, PayKings has you covered.


How Did the Online Dating Business Develop?

The number of people getting online all the time is increasing with quick advances. Modern online dating apps greatly contribute to the growth in the number of online daters. Based on IBISWorld, over 80% of the population will be using a smartphone in 2018.

More than one-third of all 19,000 couples married between 2005-2012 met on an online dating site, based on findings from the National Academy of Sciences study, and according to research conducted by market research company Nielsen, in December 2015, over 1 in 10 American adults used online dating websites. On average, they spent more than 1 hour per day using them.

According to the Census Bureau, in 1970, 28% of American adults were unmarried. Today, the percentage has increased by 47%. The number of married folks visiting online dating websites were not included, however.

Baby Boomers ranging from 50 to 64 years old add to the competition in the industry to an extraordinary extent and this is the main reason that their Internet use is growing. Also, they were found to be single more now than in the past.

The findings of the National Academy of Sciences study revealed that couples who met online and got married were slightly less likely to get divorced than through any other dating method.

August 9, 2019 | High Risk Merchant Account | Jessyka Lee

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