Dating Costs Rise
Match Group (MTCH), the owner of popular dating apps Tinder and Hinge, just reported a 2% increase in paid subscribers across all of its platforms for the third quarter. In particular, Tinder’s paid users increased by 7%.
For reference, Tinder has three different tiers of paid plans: Plus, Gold, and Platinum. A 12-month plan charges a monthly price of $4.50, $7.50, and $9.00, respectively. Match’s strong numbers come as Americans are getting squeezed by the highest inflation rate in 40 years. Despite decreased spending power, more people are willing to pay for dating apps now in comparison to last year.
Can’t Buy Me Love?
While a paid subscription to a dating app might sound as discretionary as spending comes, dating experts say that it can substantially improve your chances of finding a relationship. This is mainly because paid subscriptions typically reduce the dating pool, leaving users less overwhelmed. Paid tiers are also less likely to be spammed by bots.
Going further, experts say people who pay for a dating app are more likely to commit — to meeting matches, following up, and trying harder for a relationship. It’s a little bit like how you might never watch Netflix (NFLX) while borrowing someone else’s login info. But, as soon as you’re paying for the streaming service yourself, you’re more inclined to watch new shows to get your money’s worth.
In this sense, if you’re in the market for love, putting a little bit of money on the table can be a powerful motivator.
Investing in a Relationship
Another way to think about it is this: most people have no problem investing in a relationship, once they’re in one. They will pay for dates, gifts, lunches, and more. So, why not use that same mentality for finding a relationship?
It’s worth noting that each dating app has its own set of perks when it comes to paid subscriptions. If you’re considering paying for a dating app, you might want to test out a few free trials before committing to one.
Of course, this isn’t to say that paying for Tinder Platinum will get you a one-way ticket to love. The old saying “money can’t buy love” still rings true. But when it comes to making the decision to commit, having an investment on the line might go a long way.
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