H1 2025 Online Dating Industry Financial Results: The Market is Signaling a Shift

The first half of 2025 has revealed an important shift in the online dating industry. As quarterly earnings reports rolled in, a clear trend emerged: apps built on casual swiping and legacy algorithms are losing ground, while relationship-focused platforms are growing rapidly.

Online Dating Industry Context

After years of rapid expansion, online dating industry has matured into a competitive market where the next wave of growth depends on how well platforms adapt to changing user preferences. The challenge is no longer attracting users, but retaining them and delivering meaningful outcomes. Recent shifts include:

• Swipe fatigue: Many users report burnout from swipe-based models that generate high volume but shallow connections.

• Trust erosion: Fake profiles, scams, and bots have reduced confidence in some mainstream platforms.

• Changing expectations: Millennials and Gen Z are placing greater value on authenticity, compatibility, and long-term outcomes rather than casual interactions.

  
  

These dynamics are increasingly visible in the financial performance of the industry’s largest public players.

Company Performance: H1 2025

Match Group (NASDAQ: MTCH)

Match Group is the world’s largest online dating company, with a portfolio that includes Tinder, Hinge, Match.com, OkCupid, and Plenty of Fish.

In Q1 2025, total revenue was $831M (–3% YoY), with Tinder down 7% YoY and legacy brands like Match.com and OkCupid down 12% YoY. The trend continued in Q2, where total revenue held flat at $864M, but Tinder declined 4% YoY and legacy brands fell another 8% YoY. By contrast, Hinge delivered $152M in Q1 (+23% YoY) and $168M in Q2 (+25% YoY), with payers growing ~19% YoY in Q1 and 18% in Q2, and revenue per payer rising to nearly $30.

Tinder, long the company’s flagship, is losing momentum as its casual-dating reputation and swipe-first design weigh on growth. Legacy brands continue to contract. Hinge, by contrast, has become the company’s primary growth driver — aligning with user demand for more intentional relationships and translating that into both user expansion and stronger monetization.

Bumble Inc. (NASDAQ: BMBL)

Bumble Inc. operates Bumble and Badoo, with a user base spanning North America, Europe, and Latin America. Known for its “women message first” model, Bumble gained early traction as a differentiated, female-empowered brand.

In the first half of 2025, however, performance has weakened. Q1 revenue was $247M (–7.7% YoY), followed by Q2 revenue of $248M (–7.6% YoY). Paying users declined 8.7% YoY in Q2, while Badoo and other legacy platforms fell 13% in Q1 and 7.5% in Q2. Average revenue per paying user improved only slightly, rising to $21.69 in Q2 from $21.37 the prior year—insufficient to offset the loss of users.

Bumble’s differentiation has lost momentum. The “women message first” model, once a disruptor, has not translated into sustained engagement, and user declines are weighing on growth. Recent leadership changes and cost reductions highlight a company in transition, working to reposition its platform in a highly competitive market.

What the Market is Indicating

1. Casual, swipe-driven models are under pressure. Tinder and Bumble’s revenue and user declines suggest the casual dating segment is facing saturation and waning appeal.

2. Relationship-oriented models are capturing growth. Hinge’s consistent double-digit revenue and payer growth highlight demand for deeper, more authentic connections.

3. Revenue quality is improving where alignment exists. Hinge’s rising revenue per payer underscores the monetization advantage of serving high-intent users.

Final Takeaway

The dating app industry is not in decline — it is in transition. Users are signaling, through both behavior and spending, that the next phase of growth will come from platforms that prioritize authenticity, trust, and long-term outcomes over scale alone. The message is clear: the growth curve is shifting from swipe-based platforms toward relationship-first models.

While current players marketed for serious relationships are showing traction, they still rely on the same underlying mechanics as the apps they aim to replace. Their growth highlights the demand but also underscores the gap: the market is still waiting for a truly relationship-first platform that delivers meaningful connections grounded in human values.