Speed Dating Is Fast, But Is That Profitable?

New day, New Niche

Thanks to Rabbi Yaccov Deyo, man who seeded the concept of speed dating. Being a comfortable and fast dating mechanism, speed dating has been preferred by millions across the world. It gives the high flying and time starved people the required opportunity to meet and greet the prospective singles. Though speed dating was started way back in 1998, it has picked up fast in the last decade. According to marketresearch.com, dating industry has grown over $2.1 billion out of which online speed dating contributes to over 10%. This comes to a whopping 200 million dollar for a niche industry. It is quite significant for a niche dating to garner that much revenues making the industry leaders to look into this sector quite closely.

Is there a need for Speed?

Basically, speed dating has been preferred by many singles. This type of round robin dating allows singles to meet multiple personals at an amazing pace. It saves a lot of time, effort and money. Many singles who have been to speed date events and parties opine that speed dating will grow multifold to be the mainstream dating approach. With technology enabled speed dating sites, brings the curtains down for the fewer hassles that were present in speed dating industry.  iPhone and Android applications are growing in larger number favoring online dating and speed dating is also slowly catching up in online space. Speed dating also augurs well for the world that is looking for quick solutions to most of its problems. It gives the required bandwidth to the individuals who want to meet multiple prospective partners without the hassle of spending hours and days. Online speed dating is a milestone in speed dating enabling people to save their face along with time. This is a good sign for the dating industry which has been facing the slump like all other industries for the last couple of years.

Emerging winners

There are many established players such as speeddate.com who have been in the industry for long and making right moves. A few emerging winners such as e-llure.com who have made one stop shop for all kind of dating needs including speed dating will make the market interesting, says industry observers. Preferentially, businesses that offer multiple methods of dating have bigger opportunity and vision to capture the market than the exclusive niche ones. Though the niche businesses revolving around the speed dating do a brisk business, one stop shop like e-llure.com will be the site to look out for once the world outside USA catches the dating craze that was prevailing in the early years of the last decade. Numerically backing this by a WikiDot article, online dating websites like Match.com had grown phenomenally from $49.3 million in 2001 to $200 million in 2005, but this growth has been staggered for the last couple of years owing to multiple factors such as recession, market saturation, escalating subscription costs etc. This gives opportunity to newer players with unique and strategic value propositions to garner the market share both inside and outside USA.