Dating site PlentyOfFish set to top $100 million revenue mark PlentyOfFish CEO Markus Frind Vancouver-based online dating platform PlentyofFish has passed a significant milestone signing up its 100. The annual dating revenue of the Match Group in 2018 was 1.7 billion U.S. Overall, dating apps are among the more successful social media apps in terms of revenue generation. Bumble has 12.3 million monthly active users. Bumble has 1.35 million paid users, counting subscriptions and in-app transactions. Bumble generated $360.5 million in revenue in 2020. Bumble brings in average annual revenue of $27.75 per paying user. Bumble has a 19% market share among US dating apps. Bumble has more than 700 employees. Feb 14, 2021 Revenue in the Online Dating segment is projected to reach US$3,241m in 2021 ( source ). In global comparison, most revenue will be generated in the United States (US$674m in 2021) ( source ). The major players dominating the online dating market are Match Group, Inc., Spark Networks SE, ProSiebenSat.1 Group (eHarmony) and Bumble ( source ).

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When Markus Frind says the idea of finding love on a desktop computer is “quickly vanishing,” he’s not referring to a decline in online dating services.

Rather, the founder and CEO of PlentyOfFish (POF) is talking about the massive shift of its user-base to mobile devices.

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The Vancouver-headquartered online dating company announced Tuesday (March 17) it now has 100 million users worldwide and its annual run rate is at $100 million for 2015 — the first time it’s disclosed financial figures publicly.

Revenue has doubled since 2012, according to Frind, and 80-85% of users are using mobile devices instead of desktop computers to search for a significant other.

“Just the fact that most of our users shifted to mobile means our primary revenue source also shifted,” he said, adding POF previously counted on a mixture of ads and, since 2008, premium subscriptions to generate revenue.

But because the only way the company monetizes on mobile devices is through subscription services, the majority of revenue coming in is from premium memberships, Frind said.

Benefits for upgraded membership include detecting when another user views a profile or when a personal message has been checked.

POF began focusing on mobile devices two years ago and the advantages of premium membership have been enticing enough to users that revenue has risen steadily since then.

Frind, who said the private company has been profitable since its founding in 2003, told Business in Vancouver he didn’t release revenue figures to generate interest in an initial public offering.

“Since I’m the sole shareholder, there isn’t too much benefit going public,” he said.

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“I wanted to showcase that there are successful bootstrapped companies in Canada that can achieve this level of growth, because you really don’t see too many other companies out there, you know, with these kinds of revenues, especially online-only.”

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POF has about 75 employees and also owns the speed dating and singles events company, FastLife.

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Plenty of revenue
Apparently, 100 million is the magic number for Vancouver-based PlentyOfFish (POF), whose popular dating app and website have reached 100 million users worldwide, POF announced Tuesday. What's more, the private company revealed revenue numbers for the first time ever: its run rate for 2015 (the revenue the company can expect to bring in if business continues as it has so far this year) is expected to hit, get this, $100 million as well—a dollar per year per user. Of course, most of those users don't pay a dime. In fact, much of POF's income now comes from premium accounts—a minority of users who pay for additional features—as opposed to advertising, where the 75-person tech company used to garner the lion's share of its revenue. Ads, however, don't work well on the smaller screens of smartphones, which is how the vast majority of online daters now connect. (For more on POF's transition into the mobile age, check out our story from last year.)

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