Analysis shows that the popularity of dating apps is cooling as users of Tinder, the world's number one dating app, are declining in Korea. Other dating apps are also experiencing user attrition. Dating apps gained popularity among young people who had limited face-to-face interactions during the COVID-19 pandemic as a means to meet new connections. However, those in their 20s and 30s are increasingly seeking alternatives such as gatherings, hobby activities, and communities due to fatigue from fake or false accounts and low match rates.
According to WiseApp and Retail on the 8th, Tinder's monthly active users (MAU) in Korea decreased to 269,000 as of May, down from 281,200 a year ago. Last month, the monthly user count dropped further to 259,000, a decrease of about 10,000. During the COVID period in May 2021, Tinder had 200,000 users, which continued to climb to nearly 300,000 monthly over the year.
The situation is the same for the second and third largest dating apps in Korea. The number of users for Wippy increased to about 150,000 to 160,000 between 2022 and 2023, but it was reported to have halved last month to around 73,000. Users of the third-ranked dating app, GLAM, also fell from 124,000 to 112,000 over the past year.
The decline in dating app users in Korea is part of a global trend of users leaving dating apps. In the U.S. and Europe, for instance, those in their 20s and 30s are also leaving, leading to poor performance for dating app operators and a continuous decline in stock prices. According to the market research firm Sensor Tower, the number of monthly users for dating apps worldwide decreased by 10% last year.
Match Group, which operates dating apps like Tinder and Hinge, recently laid off 13% of its workforce. The paid members of dating apps under Match Group decreased by 5% in the first quarter of this year, marking a decline for the 10th consecutive quarter. As a result, revenue in the first quarter of this year was recorded at $831.2 million (approximately 1.13 trillion won), down by 3% compared to the same period last year. Among them, the decline in paid members for Tinder was significant at 6%, causing revenue to drop by more than 7%. Spencer Razkoff, CEO of Match Group, noted that "this layoff is expected to result in more than $100 million in annual cost savings."
Bumble, the dating app with the most users globally after Tinder, recently announced that it would lay off 30% of its total workforce. Bumble stated that this restructuring would allow it to "save an annual expense of $40 million (approximately 54 billion won)." Since its IPO in 2021, Bumble's stock has plummeted by 90%.
The main reason cited for the slowdown in dating app growth is declining quality. Young people in their 20s and 30s are deleting or withdrawing from apps due to low match rates compared to the number of users and mismatches in the male-to-female ratio. With an increase in fake or false accounts, it has become increasingly difficult to find suitable matches. Recently, Tinder has faced controversy after introducing a feature that allows paid members to set a "preferred height range" for potential matches.
The revived demand for in-person meetings, which had been suppressed during the COVID period, is also noted as a major reason for user attrition. In Korea, the young population is increasingly participating in various gatherings such as running crews, clubs, and dating events that mimic popular dating reality shows. CNBC reported that "there is a growing movement, mainly among Generation Z (born 1997-2012), to find love through in-person meetings such as speed dating and gatherings."
According to a survey conducted by Forbes last year with 1,000 dating app users, 8 out of 10 users reported experiencing "dating app burnout" due to repetitive use of the app.
Dating apps are enhancing matchmaking with AI-based personalized recommendation features and introducing a "double date" function that allows users to meet dating partners with friends to retain departing users, but it remains uncertain whether they can reverse the trend of user attrition.