Online dating revenue increases by 57%

There has been a 57 per cent increase in online dating revenue in the past 12 months, newly-released research has found.

Carried out by Vindicia and reported by thenextweb.com, the statistic highlights the potential for growth in the market.

Singletons – who may have been particularly active recently as they sought a date for Valentine's Day – are happy to use this medium in order to find that special someone.

Sanjay Sarathy, chief marketing officer of Vindicia, pointed to the growth of social media as one of the main reasons for the hike.

"Innovations in technology are expediting growth in the dating business, whether this is via location-based mobile apps, or by tapping into large and growing communities such as Facebook," he added.

Mr Sarathy continued by saying that there is "boundless" potential for the market to grow.

Earlier this month, American Express revealed consumers will spend $196 (£125) on Valentine's Day.

Posted by Trevor Smith