Nigeria, accounting for 15.29% of Africa’s population, is projected to contribute only 8% to the continent’s dating service revenue.
Analyzing data from Statista market insights, Nairametrics found that while the African dating service revenue is expected to reach $240 million in 2023, Nigeria’s revenue is projected at $21 million.
The African dating service market revenue is anticipated to achieve significant growth, projected to reach $341 million by 2027, with a compound annual growth rate (CAGR) of 9.21% from 2023 to 2027.
In contrast, Nigeria’s growth rate is much lower, with a CAGR of 1.23%, resulting in a projected market volume of only $22 million by 2027.
Nigeria’s population of over 223 million stands in stark contrast to its 8% revenue contribution to the dating service market. The African continent, with a population of 1.46 billion, further emphasizes the underperformance of Nigeria’s dating revenue.
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Egypt, with a population of 112.7 million, is projected to have the highest dating service market revenue share in 2023, reaching approximately $43 million.
This revenue is expected to grow with a CAGR of 3.96%, reaching $51 million by 2027. South Africa, boasting an estimated population of 60 million, is projected to yield $23 million in dating revenue(2023).
The dating service market encompasses matchmaking, casual dating, and online dating services.
Notable brands like Tinder and Badoo dominate the African market, securing top positions based on market share.
On a global scale, the United States is expected to generate the most revenue in the dating service market, projected to reach $2.48 billion in 2023. The average revenue per user (ARPU) is anticipated to be $6.40 in the same year.
Nigeria’s Youth Population and Online Dating Trend
Nigeria’s burgeoning youth population, accounting for approximately 60% of the total, showed a high interest in dating applications earlier in the years.
Nairametrics previously reported that Google search trends revealed that Nigerians exhibited more interest in dating apps than any other nationality.
This trend has persisted since 2004, with Nigeria consistently ranking first in global searches for “online dating applications.”
Nigeria holds the top position in global searches for love in 2023, followed by Ghana, the Philippines, Jamaica, and Kenya.
As Valentine’s Day approaches, searches related to the holiday, such as “origin of Valentine” and “Valentine’s gift ideas,” surged significantly on Google in February 2023.