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For nearly two decades, smartphones have played a huge role in romance, love and dating. Dozens of apps have been created to make it easier to meet a partner. However, dating app companies seem to be in trouble. The world's two largest companies have lost more than $40 billion in market value since 2021. Workers for these companies are losing their jobs. The reason for this is that fewer young people are paying to use the apps. The app companies rely on subscriptions to make a profit. However, many teenagers and people in their twenties no longer want to subscribe to use dating apps. Instead, they are choosing to use free platforms like Snapchat and TikTok to find romance.
In 2017, NBC News predicted that by 2040, the percentage of couples meeting online would be 70 per cent. Today in the United States, 30 per cent of adults, and over half of adults under 30, use dating apps. About a third of dating app users say they pay for them. However, times are changing. Younger people around the world have less money to spend on things like apps. The New York Times interviewed young people about dating apps. One 18-year-old student said she preferred to meet people in person or through direct messages on social media. She said dating apps were for "casual use, like a game". She added that none of her friends paid for them. She thought that paying for an app was a no-no.
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