Lawsuits, Privacy Concerns: Gen-Z Falls Out of Love with Dating Apps | Vantage with Palki Sharma

if you were to draw a timeline of modern dating it would be divided into two eras the pre-wipe and the post swipe in all likelihood you know why dating apps took off in the early 2010s they Unleashed a completely new way to easily access love and became a ubiquitous part of dating today there are thousands of dating apps and people are spoiled for choice Believe It or Not There are Niche apps for dog lovers cat lovers salad fans even clowns it's kind of like having a personalized Cupid but are these digital Cupids now falling from from Glory more than a decade on the novelty of swiping seems to have worn off now the love sick are getting sick of it Bumble and match group make up nearly the entire industry market share you may not have heard of match group but this is the company that own Tinder since 2021 the two have lost more than $40 billion in market value Bumble share has share price rather has Dro dropped 70% since 2021 match group has fallen 83% last year they announced layoffs this year Bumble followed suit and these are the industry Behemoth so you can imagine how the others are fairing they're all in the same boat like the hello group this is a Chinese company that owns the popular dating site tantan since 2021 its share price has dropped 64% so dating apps are bleeding money and why is that because users are increasingly ghosting them let's again look at the world's most popular dating app Tinder 46% of online datas have used Tinder globally but now many are wondering if Tinder is dead because its downloads are falling dramatically according to the most recent data annual downloads are down more than a third from the apps PE in 24 and this is not good news for Tinder but it is a great marker of the overall trend for instance in 2023 the US saw 36 million dating app downloads it sounds like a big number but it's down 2% from 2022 and 16% down from 2020 now let's look at India between 2022 and 2023 several dating apps saw a drop in users and each of these five apps saw a fall of 20 to 50 5% and these apps are huge in India but they too are finding it difficult to keep up so what's behind the shift why is the world falling out of love with dating apps there are three main reasons for starters the lack of adaptation these apps presented the world with something new love through a smartphone with something as simple as a swipe that was a decade ago there has been no major Innovation since so people are losing interest especially the young dating apps are failing to attract genz users or those born between the late 1990s and early 2010s according to surveys more than 90% of them them feel frustrated with these apps also dating apps are an ocean of spam Bots fake accounts even AI generated images plus there are privacy risks apps may be more keen to know about your personal information than potential love interests according to a recent report 20 of the world's most popular apps do not have proper privacy controls they may share or sell your personal information for advertising and Beyond the boredom and dangers dating apps promise to find love which is as elusive as it is complex so the lack of matches on apps can trigger insecurities while too many matches can be overwhelming either way there is no winning it seems so what should be a fun experience is now causing burnout and like with any toxic relation ship there is resentment in this case towards the apps this year a class action lawsuit was filed in the US it accused the match group of being predatory and keeping users hooked which is why many users are breaking up with their apps going back to the old school ways of finding love and much like tormented exes the apps are planning a glow up some are trying to use artificial intelligence claiming to match couples based on brain activity or facial expressions even only time will tell if Digital Love Will Find A Way or if dating apps will remain love long

Channel: Firstpost

Views: 71,298

Keywords: firstpost, vantage, palki sharma, vantage palki sharma, first post, firstpost palki sharma, dating apps, bumble, tinder, match group, dating app download, dating app downloads, ghosting dating apps, dating apps ghosted, dating apps download fall, bumble tinder dating apps, dating apps market value, dating apps market, dating apps bumble market, dating apps market share, bumble market value, tinder market value, match group market value, match group tinder market value, gen z

Id: Cnvk9znTYyc

Length: 4min 55sec (295 seconds)

Published: Mon Apr 29 2024