Trendspotting: Young Adults Find Friends On Dating Apps

NewsWire: 7/17/21

• Young people are increasingly using dating apps to find platonic friends. While some apps have friend-finder options, most are just being repurposed by users who see them as the easiest way to meet people. (The Wall Street Journal)
• NH: If you have just entered a new relationship, don’t delete your dating apps just yet. According to a OnePulse survey, 35% of those ages 16-24 have used a dating app to find a platonic friend. 
• This type of usage grew dramatically over the past year and a half. The OnePulse survey found that 27% of respondents cited pandemic loneliness as the driver for this activity. Bumble reported that their BFF feature, which specifically matches people with platonic friends, soared during Q1 2021. Usage of this feature grew by +44% among women and an astounding +88% among men. 
• This emerging trend is yet more good news for Match Group (MTCH) and Bumble (BMBL). It’s expanding their clientele to include more than just singles. And as we have reported in the past, there is a wave of loneliness across America. (See “Where Have All Our Friends Gone?” and “All the Lonely People.”) I wouldn't be surprised if we started seeing other "friendly" spinoffs of dating apps.

Did You Know?

• Hold On to Your Video Games. If someone says, “record-breaking auction prices,” chances are you picture something like vintage cars or Renaissance paintings, not video games. Think again: An unopened copy of Nintendo’s Super Mario 64, which was released in 1996, has sold at auction for $1.56 million. That’s the highest auction price ever for a single video game. Just two days before, an unopened copy of Nintendo’s The Legend of Zelda sold for $870,000. These sky-high prices have astounded collectors, since these games aren’t that old. As a comparison, the first comic book that sold for $1 million was 72 years old at the time of sale. The market for vintage video games has grown rapidly as more early-wave Millennials and late-wave Gen Xers can afford to splurge on the esports of their childhood.