Yahoo Finance Tinder is the most popular dating app for single millennials
Millennials are using Tinder more than any other dating app, according to a new survey of young consumers from Piper Jaffray.
Of the 294 respondents who indicated that they were single, 27% of single millennials said they use Tinder (vs. 22% of single non-millennials), which is more than double that of Bumble at 12% of millennials (vs. 3% of non-millennials).
“Tinder clearly continues to outpace other platforms and, from a broader standpoint, it is clear that Millennials continue to use dating platforms at a higher rate than non-millennials,” the Piper Jaffray analysts wrote.
The service has seen a massive influx of singles flocking to the dating app and with a willingness to pay. Earlier this month, Tinder’s parent company, Match Group (MTCH), reported that the app’s revenue grew more than 150% during the first quarter compared to a year ago. The app also added 368,000 subscribers in the first quarter, bringing the total to 1.4 million over the last three quarters. Subscribers were up 87% year-over-year in the first quarter.
Tinder also saw higher-than-expected renewal rates for its Gold subscription, which offers features such as unlimited likes, the ability to rewind the last swipe and seeing who “likes” you, among other perks. The app has also benefitted from users purchasing its à la carte features. As a result, the average revenue per user was up 37% year-over-year.
The company has been a bright spot for Match Group, causing the company to recently raise its full-year guidance by $100 million because of the app exceeding expectations.
Match’s management has also recently downplayed the threat posed by Facebook (FB) moving into the dating app world. Mark Zuckerberg’s announcement at F8 initially sent Match’s stock lower.
“Research also says the vast majority of singles would not want to use Facebook for dating primarily due to concerns of data and personal privacy, but more importantly they don’t want to be contacted by strangers on a social network meant for connecting with friends and family,” CEO Mandy Ginsberg said on the earnings call earlier this month.
According to the Piper Jaffray survey, millennials are less likely to say that privacy concerns influence which platforms they use.
“The absolute level of privacy concern, however, is significant — 50% of Millennials indicate that privacy concerns do influence which platforms they use,” Piper Jaffray analysts wrote. “While it is likely that respondents exaggerate the importance of privacy in surveys, we see this as affirmation that Facebook’s investments in ‘safety and security,’ are well placed.”
The Piper Jaffray survey was conducted in April. The firm collected responses from 750 young adults. In the millennial category, those ages 21 to 35, there were 260 responses, with 80% employed with an average household income of $52,000. Approximately 65% of the responses were women.
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.
