A new report by MarketData has estimated the total worth of all dating services in the US at $2.5bn.
The report, titled “The U.S. Dating Services Market” consists of status reports, outlooks and commentary on the nation’s online and offline dating markets, to provide a rare analysis of the current state of the industry.
To generate its valuations, the study considers the business of a number of dating markets, such as matchmakers, dating sites and apps, as well as speeding dating and singles events.
Interestingly, the independent researchers forecast that the industry’s revenue will grow 5.1% every year to $3.2 billion by 2020.
In correspondence with App Annie’s recent retrospective report, the report predicts that more services will incorporate the freemium model into their business plans for 2016, in an effort to capitalise on the revenue possibilities it creates.
It also notes that “mobile applications, Asia, Brazil, and niche sites” will be the key drivers of future growth within the US dating space, estimating a 7% annual growth to $2.38bn by 2020.
Research Director, John LaRosa said: “Matchmaking and online dating has become big business, with dating services estimated to be worth $2.5 billion in 2015 and forecast to grow 5.1% per year to $3.2 billion by 2020.
“The industry consists of much more than just dating websites, although these get the bulk of the media attention and account for 70% of the industry’s revenues.
“America’s 124 million singles are using mobile apps more often, but traditional services like matchmakers and dating coaches are doing well also.”
Read more about the report here.