IQ Webquest, Inc. (OTC: IQWB)
IQ Webquest, Inc. (OTC: IQWB) strives to become the leader in the multibillion dollar social networking industry through a diverse portfolio of websites currently under development. The company will attract substantial revenue primarily through advertising and memberships. The sites will take advantage of economies of scale and other synergies including cross promotion, membership reciprocities, and niche expansion.
IQ Webquest offers a dating service for single men and women, ages 18 and up. IQ Webquest is a safe place for singles to talk with one another, find common values, and arrange to meet each other face to face. Each member has the ability to view all member profiles and provide information to their profile at their own discretion. To enhance the experience, members can choose to upload pictures and audio/video streams of themselves. Once members find someone of interest, he/she can introduce himself/herself through electronic correspondence.
IQ Webquest’s lynchpin is their signature company TheUltimateDatingSite.com where singles can meet and get to know each other online in an entertaining and safe environment. TheUltimateDatingSite.com also has several extremely unique features that set it apart from the standard and dull online dating websites. IQ Webquest intends on completing additional acquisitions as part of its growth strategy in this explosive growth industry.
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Online Dating Market Trends
Today’s world population is estimated at 6.4 billion people. Of that there is an estimated 973 million people using the Internet worldwide (15.1%). Since the turn of the millennium Internet usage has increased 169.5% to date. Manuel Castells, Professor of Sociology at the University of California, Berkerly estimates that by 2010, 30% of the world will be accessing the Internet creating an ever increasing and interested client base.
Online dating brings more revenue than any other category of legitimate paid Web content – even more than digital music or business and investing advice services. Subscription revenues for online dating sites hit $450 million in 2003, up from $228 million in 2002, and online dating is expected to grow 60% by 2008. (Jupiter Research) As it stands today there are hundreds of sites in existence and their continued success is proof that the demand for this service is greater then ever.
Key Factors in Rising Use of Internet Dating
The growth of the Internet has far exceeded the growth of any other communication medium in the 20th century. In just under four years the Internet has reached penetration rates that took the television 13 years to reach and the radio over 30 years. How is this relevant to online dating? The answer is simple, as more and more people access the Internet it is becoming more acceptable to use this medium as a way of meeting people. When “internet dating” first came on the scene it was viewed as a “lonely hearts club” but now with as much as 15%-20% of the worlds population is using the internet so it is no longer viewed as a medium for desperate people. According to Ipsos-Reid, an international market and social research company, some 44% of Americans believe that individuals have a better chance of meeting a partner online than in a singles bar.
According to one leading online dating service there have been thousands of matches that have resulted in hundreds of marriages, and thousands of relationships. A study of online dating site members has found that when couples built up a significant relationship by e-mailing or chatting online before they met, 94 per cent went on to see each other again. Studies show that online dating can work for many people, as it is affordable, accessible from home, has a high degree of anonymity and a minimum time commitment.
Demographics of Online Dating
Online dating customers include everyone from retirees seeking companionship in their later years to 20-somethings either looking for love or just other people to hang out with. The 20-30, 31-40 and 41-50 age brackets each represent approximately 30 percent of the company’s member base. The remaining 10 percent are in the age bracket 50+ with an anticipated rise in the near future. According to Nielsen/Net Ratings, the number of online dating site users 55 or older rose 19.4 percent in the last year alone.
Men access online dating sites more then women. The percentage breakdown is 60 percent are male and 40 percent are female.
History and Growth of Online Dating
The most popular online dating web site is Match.com, which is a public company that started up in April 1995. In its 10-year history, more than 60,000 new people register on Match.com every day, and it has grown to more than 15 million members with profiles posted, active users and about one million paying subscribers from more than 246 countries. Besides this, LavaLife.com. eharmony.com, and AdultFriedFinder.com are all private companies, which are run from Canada and the U.S.A, and have been providing online dating services since 1997. There are numerous online dating web sites on the Internet but these are the most successful ones…
IQ Webquest’s main competitor is the industry leader and market leader, match.com. Since this market is so vast in terms of demand with such a plethora of applications, IQ Webquest views these companies not only as competition, but also as further potential partners in gaining more exposure for the online dating industry and potential partners in future product development.
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