Dating apps like Tinder, Grindr, Match, and Bumble have significant plans on the horizon. They’re preparing to introduce premium tiers, and some of these subscriptions could cost users as much as $500 per month. Several dating apps have hit a limit in terms of their user base for paid subscriptions. To overcome this challenge and sustain revenue growth, they’re increasing subscription fees.
According to a report by Bloomberg, one successful strategy is offering weekly subscriptions. This approach has encouraged more users to try the paid tiers.
Match Group Inc. provides a prime example of the success of this strategy. Since launching weekly subscriptions in April, there has been a remarkable 73% increase in UK-based Gen Z women opting for paid Tinder plans. Hinge also saw a similar boost.
However,one of the challenges of the weekly subscriptions is the instability. Users may cancel it, after trying it briefly and then cancel, making the revenue stream less predictable.
Many companies are considering introducing even more expensive premium tiers. Match Group is on the verge of unveiling a subscription tier that could cost users a hefty $500 per month in the coming months.
But that’s not the only thing Match is introducing, they are exploring the possibility of a $500-a-month version slated for release in the fall. Bumble Inc., which already offers a weekly subscription, plans to test a premium tier later this year and launch a more affordable option for Gen Z users. Grindr Inc. is also seeing positive results from its new weekly subscription and exploring options for lower-cost plans and a premium tier.
Dating apps premium tier objectives
These premium offerings are designed for individuals seeking a more personalized and curated matchmaking experience. Bumble CEO Whitney Wolfe Herd noted that users are willing to pay a premium for a service that helps them find meaningful connections.
However, Bumble and Grindr are not only eyeing pricier premium tiers. These dating apps premium also plans to introduce new tiers with lower pricing options compared to their existing subscriptions.
2023-09-04 15:04:40