Buoyed by Lovestruck acquisition, DateTix puts its arms around the world
By Chong Jinn Xiung August 16, 2016
- With acquisition, DateTix expects to grow its active user base by 259%
- Gets access to UK and US markets, eyeing China and rest of Europe
MANY people are connected online today but they are struggling to make real-life connections. The many online dating sites and apps do not take an active role in facilitating meaningful offline meetings, argues DateTix Group Ltd founder Michael Ye (pic above).
“Many singles spend of their online dating efforts swiping through profiles and engaging in chat sessions, but may never end up meeting anyone,” he says.
“Despite advancements in technology, I believe there is no replacement for meeting someone in person, especially when it comes to dating,” he adds, speaking to Digital News Asia (DNA) via email recently.
Hong Kong-based DateTix has an online dating app that focuses on face-to-face interactions rather than facilitating online chatting.
It recently made big strides towards becoming ‘the world’s largest dating marketplace’ with its US$2-million acquisition of Lovestruck Ltd, another Hong Kong-based online dating startup.
The acquisition came after DateTix successfully raised A$3 million (US$2.3 million) with its public listing on the Australian Securities Exchange (ASX). DateTix acquired Lovestruck with a combination of cash and shares.
“DateTix is the ideal match for Lovestruck as both companies appeal to different audiences,” Lovestruck cofounder and chief executive officer Brett Harding said in an official statement.
“This acquisition would allow us to leverage on DateTix’s localised expertise and we can provide our 10 years’ of experience in the dating industry,” he added.
DateTix has already expanded into markets like Australia and Singapore. With the Lovestruck acquisition, it expects to grow its active user base by 259%, it said in its statement, as well as gain access to the UK and US markets.
Onwards and outwards
According to DateTix, as of June, in Singapore itself there were 3,700 active users monthly on DateTix and 6,400 on Lovestruck, a combined user base of 10,100. Across all markets, Lovestruck has approximately 33,000 active users monthly and DateTix has about 17,000, for a grand total of 50,000.
[The above para has been amended to correct some figures and to add more information]
“Looking ahead, we expect continued strong growth in our current user bases in both existing and new markets, along with accelerated revenue growth as we expand in market share and penetrate new target cities,” says Ye.
Lovestruck and DateTix will still remain an independent brands as they cater to different markets, with the former being more focused on older users looking for serious relationships while DateTix is popular among a younger audience that prefers casual dates.
DateTix believes this approach would allow it to capture a larger slice of the overall dating services market and build a larger pool of singles.
It is also aggressively expanding its reach into the China market with plans to launch a localised Chinese version of Lovestruck, starting with the ‘tier one’ cities of Shenzhen, Shanghai, Beijing and Guangzhou.
It also plans to launch in Europe via Lovestruck’s United Kingdom footprint.
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