Stocks that help you find love
Dating app owners Match and Bumble braced for a fall in users as the cost-of-living crisis hit. Instead, what happened surprised these companies. Why are people are still willing to pay for love even amid tough economic times?
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Tinder Select
Dating apps like Tinder and Bumble are becoming more popular, even though living costs are going up. To meet this demand, Tinder is introducing a new service called Tinder Select. It's a high-end offering that comes with a monthly fee of about $500. With this service, users can get special access and potentially date people who may not be an exact match for them.
The timing is smart because it fits with the festive season, when many people are looking for new relationships.
Bumble, Badoo and Foots
Bumble and its sister apps, Badoo and Foots, have also seen a rise in paying users. In the second quarter, they reached 3.6 million, compared to three million the previous year. This matches the predicted growth of the online dating market, which is expected to have 438 million users by 2027.
Despite the high cost of living, the United States remains the biggest market for online dating. The success and growth of dating apps during times when the economy is struggling shows that people are willing to invest in finding true love, even when their expenses are going up. This presents opportunities for stocks like Bumble and Max, as the premium dating market keeps expanding.
Ultimately, the increasing number of people looking for love online and being open to paying for it indicates a profitable and growing market in the future.
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