INTHEBLACK February 2022 - Magazine - Page 61
GLOBAL DATING APP
MARKET SHARE
GLOBAL
DATING
APP
REVENUE
2015
US$185
MILLION
2016
US$200
MILLION
2017
Source: BusinessofApps
This includes video and live-streaming
safety, female user safety, scaling safety and
more AI moderation. However, half of the
respondents admit they could be doing more
to protect their users from scammers and
catfishing, and more than 63 per cent believe
the risk of scams and fraud in online dating
is on the rise.
Lim says that, while online dating is
convenient, it presents its “own challenges,
like no verification, fake profiles, scammers
and people with dubious intentions”.
“Knowing this, we’ll be focusing on our
strength and using technology to make that
process more efficient,” she says.
“Technology has definitely grown
exponentially and, in our industry, the
mobile market is also a huge thing right
now. At the end of the day, whether I like it
or not, there will be new trends. I don’t see it
as competition, but as opportunities for us to
evolve and keep innovating.
“We’re also not just looking at the short
term, because we aim to be a long-term
business,” adds Lim. “There will always be
new singles in the market.”
DATING ON THE
BLOCKCHAIN
T R U S T I S A V I TA L I N G R E D I E N T O F A N Y L O N G -T E R M
R E L AT I O N S H I P. E N T E R V I O L A . A I , T H E W O R L D ’ S
F I R S T B L O C KC H A I N - P O W E R E D D AT I N G A N D
R E L AT I O N S H I P A I T O O L .
Part of the Lunch Actually group of dating products,
Viola.AI aims to engender trust and transparency in
the dating industry. Its key feature is a verification
process, known as REL-Registry, which is built on the
blockchain and verifies user identity through visual
recognition and social media checks. It also ascertains
a user’s relationship status.
REL-Registry is complemented by the AI Love
Adviser, which recommends relevant content, advice
and services to meet user needs. Users can use the
system’s own cryptocurrency to pay for membership
services.
“Ultimately, our commitment is to create the most
effective dating platforms for singles, and we realise
that there is no one-size-fits-all approach,” says Lim.
“That’s why, over the years, we have created different
products like online dating platforms, dating apps and
Viola.AI to help more singles.”
US$220
MILLION
2018
US$235
MILLION
2019
US$250
MILLION
2020
US$270
MILLION
Source: BusinessofApps
intheblack.com December 2021 61