THE MOTLEY FOOL – Apr 2 – According to The Wall Street Journal, the largest U.S. dating apps saw a 12.6% increase in monthly active users in the Q4 of 2020. The online dating market is expected to grow 9% annually, reaching $4.2B by 2024, according to Statista. Despite that growth, user penetration will reach only 5.7% over that time. That leaves plenty of room for Match Group to add new subscribers. Despite pandemic-related headwinds in 2020, Match Group still turned in a respectable financial performance. Total revenue was up 17%, powered by 12% growth in its subscriber base. The company plans to fully launch Tinder Platinum in the near term. Based on CEO Shar Dubey's comments during the most recent earnings call, the company believes this new product will drive an increase in the average revenue per user, which should make Match Group more profitable.
by Trevor Jennewine
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