The popular dating app Bumble says it’s laying off nearly a third of its employees. Since the company’s 2021 IPO, stock prices have fallen from $75 to around $6.51 per share.

Millennials like BU professor Kathryn Coduto remember when the apps were the shiny new thing in dating. Now, more than a decade later, “you're dating on your phone, but you're also probably working on your phone, you're ordering food and groceries, you know, you’re doing all kinds of things. And so I think that also reduces the novelty,” she said. 

Coduto said people are reluctant to pay for revenue-generating dating app subscriptions that give users perks like unlimited swipes, especially when “paying for that subscription does not guarantee you dating success.”  

Economic uncertainty felt by younger users may also be affecting subscriptions, according to sociologist Jess Carbino, who previously worked for Bumble.

“It could be contributing potentially to how individuals feel in terms of their desirability, particularly for men,” she said. 

Plus, dating isn’t cheap. 

Carbino added that the 18 to 24-year old demographic — who were key to dating apps a decade ago — isn’t as open to relationships these days. 

“There is a significant lack of engagement in romantic partnerships at younger ages,” she said. 

But, once this demographic matures, Carbino expects they will be using dating apps to find their match.