Matchmakers, online dating cash-in on quest for love

Global Business

It’s said that true love is priceless but sometimes making that initial connection can come at a cost.

Online dating has taken off in recent years, and according to research firm Marketdata Enterprises, the total dating services industry is worth $2.5 billion in the U.S. alone.

And with love coming in all shapes and sizes- there’s plenty of opportunity to cash in on the dating game.

CGTN’s William Denselow reports.

In a city of over 8 million people like New York – finding the right person for you can be a challenge.

Dating apps may be a useful tool but some choose to find a little extra, personalized help via matchmaking services.

That help doesn’t come cheap. Meredith Golden charges $2,000 a month to guide her clients through the world of internet dating. Over the past two years she said around 40 percent of them have ended up in relationships.

Some matchmakers will take a swipe at their online competition -saying it’s harder to find a match in the digital world. In just a few years, online dating has turned into a multi-billion dollar industry. And with some users spending several hours a day on these sites- analysts believe the industry could become even more lucrative.

With smartphones becoming increasingly ingrained in today’s society- those in the industry believe the public’s relationship with online dating won’t fizzle out anytime soon.

Q Zhao discusses the business in dating

Fore more on the booming business of dating, CGTN’s Rachelle Akuffo spoke to Q Zhao, founder of the popular dating site in the U.S. and Canada, called 2RedBeans.