Can Love Be the Future of Tech Startups?
“All You Need Is Love,” said The Beatles famously and inspired millions of fans. Cut back to 55 years later, tech companies such as Tinder, Bumble, and Hinge dominate the market with the same promise and inspiration with a simple swiping right or left movement.
But what comes after you find your significant other on Tinder? That’s where relationships tech companies come to your help where they create a potentially lucrative new market. In this article, we will explore why the relationship market is the future.
Couples Need Help
We don’t want to sound overdramatic, but studies suggest that more and more couples seek help to improve their relationships. Especially pandemics created challenging circumstances for couples. According to a recent study during the pandemic, 46% of couples stated that they started to find their partners irritating. This is not surprising when all things considered. Communication problems, navigating personal space, and many more issues are among the things couples find hard to solve during isolation times. And now that it’s finally over, couples are struggling to combat the aftermaths of those issues.
A fairly new market opportunity arises from benefiting from that—relationships tech. They provide exclusive and efficient solutions for couples to strengthen their relationships in the comfort of their home.
People are Already Paying To Mend Their Relationship
It’s safe to say there is already a fruitful market of solutions out there that people are accustomed to paying for. It seems like people are already paying to care for their relationship, looking at how popular relationship help books are. On the other hand, there are ever-growing couples therapy and counselling where millions of couples invest a good amount of money.
This means good news to the relationships tech sector since it won’t be an issue to urge people to pay for the freemium option since it’s relatively cheaper and more discrete compared to seeking help from therapists and such.
It’s a Global Market
No matter where you are in the world, most couples face similar problems. As most of us live in a society where relationships are a crucial part of our daily lives, naturally, it has a tremendous impact on our mental health as well. According to studies, the quality of our connection affects our happiness, physical health and mental health.
It bodes well for the future of the relationship tech market; after all, there are endless possibilities and cultures out there to explore. Ambitious tech companies can find opportunities in other countries and even go global. It alone makes the relationship and couples tech market highly promising and desiring.
The Shift is Already Happening
There is already a spotlight on the relationship and couple tech market since more and more apps are getting the recognition they deserve from investors and potential users. Lasting, a couples therapy app, is a primary example of how quickly can they grow. Since its launch in 2017, it gained overwhelming traction with users leading them to be acquired by Talkspace later in 2020. On the other hand, A London based relationship app called Paired, which aims to prompt daily conversation prompts and coaching, raised around €2.9M (£2.44M) in seed funding from investors like Taavet Hinrikus. Meanwhile, another app specialising in sex therapy called Lover has secured backing from Global Founders Capital.
The opportunities in this market are endless, and many investors are taking advantage of them. The interesting part is that there are many different roads to take since it’s a considerably new market. It means it’s moderately easier to stand out from the crowd, considering investors are already eager to be part of the relationship tech market.
Let’s face it, no relationship app may ever be as big as Tinder. However, relationships and connections are a natural part of our daily lives, making the relationship tech industry a never-drying well. Furthermore, with the rise of new apps and tech companies, the market will grow even bigger, creating a positive shift in the stigma around couples therapy.
The footsteps of the possible change that might happen can be heard in the Sextech industry, which has gained overwhelming popularity. If you want to learn more about it, check out our ultimate guide on the SexTech industry.