Dating Sites Are Benefiting From The Recession
The Economist, Monday, March 30, 2009 10:45 AM
The recession is giving the online world its first glimpse of the kind of companies that actually benefit from an economic downturn. Job-focused social networks, discount retailers, online pawnbrokers, and interestingly, online dating sites, are proving to be popular destinations in tough times. The Economist explores the reasons why dating sites in particular are seeing a recessionary uptick.
Greg Waldorf, CEO of eHarmony, thinks it's because people seek companionship in hard times. "People who have been single for years are suddenly focused on finding someone," he says. "Going through difficult times with someone special is better than doing it alone." Indeed, in a recent survey conducted by eHarmony, 25% of women said stress about the economy made them more likely to seek a long-term relationship. The company also noticed that the number of visits to its site was higher than average on days when the Dow fell by more than 100 points.
Similarly, OkCupid, a more casual, youthful daring site, has seen an uptick in membership since the financial crisis. It's also seen an even bigger jump in the length of time users spend on its site. Back in September, users sent 6,000 instant messages to each other, now that number has grown to more than 18,000. Sam Yagan, OkCupid's CEO, says people are looking for "cheap entertainment" these days. With a boyfriend or girlfriend, "you can just play Scrabble instead of going out for the evening," Yagan says.
Read the whole story at The Economist »
Greg Waldorf, CEO of eHarmony, thinks it's because people seek companionship in hard times. "People who have been single for years are suddenly focused on finding someone," he says. "Going through difficult times with someone special is better than doing it alone." Indeed, in a recent survey conducted by eHarmony, 25% of women said stress about the economy made them more likely to seek a long-term relationship. The company also noticed that the number of visits to its site was higher than average on days when the Dow fell by more than 100 points.
Similarly, OkCupid, a more casual, youthful daring site, has seen an uptick in membership since the financial crisis. It's also seen an even bigger jump in the length of time users spend on its site. Back in September, users sent 6,000 instant messages to each other, now that number has grown to more than 18,000. Sam Yagan, OkCupid's CEO, says people are looking for "cheap entertainment" these days. With a boyfriend or girlfriend, "you can just play Scrabble instead of going out for the evening," Yagan says.
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