As technology continues to engulf every aspect of our life and promote social interaction, the world has changed rapidly. A person in London can now make friends with a person based in Australia, such as the power of technology. Social networking sites and dating apps leverage technology and help individuals make significant changes in their lifestyle. One such sector that is about to boom in recent years is the social network sites based on location. The industry is booming every passing day and has attracted major investors across the globe.
The LBSNS (location-based social networking service) industry represents a new class of networking, where couples can meet and can spend some quality time with individuals in and around the city. Popular dating apps like Tinder work in the same context and help individuals in finding a perfect partner for their date. Cheaper data connections and extensive use of social networking platforms have helped the industry work grow at phenomenal rates. However, despite the advantages, the industry lacks in very crucial points. Safety being the primary concern has affected the growth prospects of the industry negatively.
Users well receive the LBSNS (location based social networking service) all across the globe. Unlike traditional platforms, the industry uses location to discover users nearby. This has worked in favor of both companies as well as individuals. Verified profiles make the matter easier, and hence, an increasing number of companies have been adopting the same. However, unverified and fake profiles make the matter worse and limit the growth opportunities for the segment. The industry is expanding rapidly across major regions and may see consolidations due to the presence of multiple competitors across the globe.
Competitor Analysis :- Foursquare, Loopt, GyPSii, CitysensePlazes, Brightkite, Gowalla, Yelp, Bedo
The global LBSNS (location-based social networking service) can be segmented into major regions with each segment representing a unique quality. Every segment has its own share of advantages and disadvantages and hence is divided accordingly. Some of the major factors that industry can be segmented into are application and type of product. Based on the application, the industry is segmented into a mobile client, SMS, and Web client. On the other hand, based on the type, the industry can be segmented into indoor as well as outdoor activities. Each segment is trivial and thus allows individuals to look through different lenses.
The industry finds its application in all major nations across the globe. However, lack of any global leader and presence of multiple players has led to rapid adoption and fierce competition among the players. The global LBSNS (location-based social networking service) finds its application in leading countries like China and India. The presence of “tech-savvy” individuals, coupled with high penetration rates of smartphones has helped the industry proliferate in the region. On the other hand, major nations like the United States and parts of Europe have shown some great signs of growth in recent past years. The industry is growing rapidly across major regions and hence has attracted major investors all across the globe.
In a recent event, the social media giant, Facebook, launched its dating app. However, the industry seems to be skeptic about its privacy issues. The venture would challenge existing players like Hinge and Bumble, who have already abandoned some of its features based on privacy concerns.