Singles in Singapore looking for deeper connections have been busy matchmaking on Ever, the latest dating app launched by Love Group (ASX: LVE). Specialists in matchmaking and the dating scene in SouthEast Asia, Love Group’s newest app aims to delve into the deeper dimensions of compatibility with plans to also launch the app in Hong Kong soon.
Expansion plans for the Ever app were confirmed in Love Group’s quarterly report for the 3 months ended 31 March 2024, with the Company reporting quarterly customer cash receipts totaling $1.1 million and net operating cash flow reaching $198k.
Ever distinguishes itself from conventional dating apps by prioritising compatibility over superficial attraction. Backed by extensive research in social psychology and human connection, Ever employs a proprietary matching tool called EverSync, which assesses 26 constructs encompassing personality, attachment styles, love preferences, and more. By presenting users with thoughtfully curated questions, Ever empowers users to discover like-minded matches rather than the superficial traits of more common dating apps.
Michael Ye, Founder and CEO of Love Group, expressed enthusiasm about the launch of Ever and its potential to disrupt the online dating industry.
“In the third quarter of fiscal year 2024, our customer cash receipts grew by 18% year-on-year to $1,168k, driven by continued growth in our Singapore business,” said Ye.
“The introduction of Ever represents a significant milestone for Love Group, providing us with a highly scalable online dating revenue stream.”
The decision to launch Ever in Singapore, followed by an upcoming expansion into Hong Kong, underscores Love Group’s commitment to catering to the diverse needs of Asian markets. This is the next evolution of Love Group, whose bread and butter business had long been traditional matchmaking services where they facilitated physical meetups before the innovation of dating apps.
Dating services have gained immense popularity in Southeast Asia, fueled by urbanisation, changing social dynamics, and the proliferation of smartphones. In cities like Singapore and Hong Kong, where fast-paced lifestyles and limited social circles can hinder traditional dating avenues, online platforms offer a convenient and efficient means of meeting potential partners.
Moreover, cultural factors such as a growing acceptance of online dating, increasing digital literacy among the population, and a desire for companionship and romantic fulfilment contribute to the rising demand for dating apps in the region. Love Group’s entry into Singapore and its forthcoming expansion into Hong Kong position the company to capitalise on these trends and establish itself as a frontrunner in the Southeast Asian dating market.
Rising adoption of Ever has been welcomed by Love Group which has faced headwinds for several years due to social restrictions brought upon by the pandemic with their operation primarily centred in Hong Kong, Singapore and Bangkok.
As of 31 March 2024, Love Group had $2.4 million of cash on hand with YTD (9 months) net operating cash flows totalling $290k.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, bloodstock enthusiast and former Analyst.
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