No more paying for romance?
For nearly twenty years, smartphones have played a huge role in dating, love and romance in general. Dozens of apps have been created to make it easier to meet a new partner. Dating app companies appear to be in trouble, though. The world’s two largest companies have lost more than $40 billion in market value since 2021. Their workers are losing their jobs. The reason behind? Fewer and fewer young people are paying to use dating apps. The app companies rely on subscriptions to make a profit. However, many teenagers and people in their twenties no longer want to pay for using dating apps. Instead, they are choosing free platforms like Snapchat and TikTok to find love.
A few years ago NBC News predicted that by 2040, 70 percent of couples would meet online. Today in the United States, 30 percent of adults, and over 50 percent of adults under the age of 30, use dating apps. About a third of the users say they pay for them. Times are changing, though. Younger people around the world have less and less excess money to spend on things like apps. When The New York Times interviewed young people, an 18-year-old student said she preferred to meet people in person or through direct messages on social media. She said that none of her friends paid for dating apps. She added that paying for an app was a no-no.
