American singles bored with the bar scene are increasingly going online to find love.

According to a report from the Pew Research Center, the number of American adults that have used online dating increased to 15% in the summer of 2015 from 13% in 2013. That seemingly small 2 percentage point increase represents a full 5 million new customers. As expected, the gains were skewed toward younger people — usage among 18-24 year olds tripled.

#-ad_banner-#But as it turns out, older Americans are getting in on the action too. The number of 55-64 year olds that have used online dating apps doubled to 12% from 6% in 2013.

Both statistics paint a promising outlook for the industry. The surge in popularity has the online dating industry on pace to generate $2.4 billion in sales in 2016. Looking forward, I am expecting industry sales to grow around 5% annually for the next two years.

That 5% growth projection might not jump off the page. However, if a big chunk of that growth is captured by one global leader, it becomes significant.

The online dating industry has become much more competitive in the last two years, creating nearly impassable barriers to entry. Much like in other industries, bigger is better in online dating. That’s why I expect the online dating’s 800-pound gorilla to capture a big chunk of the industry’s revenue growth. That would translate into record revenue and earnings.

And there’s been a better time to invest than right now.

The company, Match Group (Nasdaq: MTCH), is the undisputed leader in the global online dating industry.

 Match was a pioneer in the online dating industry, getting started back in 1997. Today, the company owns a portfolio of the industry’s most popular and fastest growing brands, including Match.com, PlentyOfFish, OkCupid and the red-hot mobile app Tinder. In total, Match owns 45 companies operating in 20 offices around the world.

Match Group went public 12 months ago in November of 2015. Shares have been strong in 2016, including a surge of more than 55% in the last six months.

This month, Match went on sale.

Match reported third-quarter results on November 1. Overall, it was a great quarter. Revenue was up 18% from the same period last year and hit a new all-time high. Take a look below.

Per-share earnings of $0.20 beat expectations by a solid 25%.

Match also announced explosive growth for Tinder. Paying users passed 1.5 million, up almost 50% from the second quarter.

This performance demonstrates how Match is capturing an outsized portion of industry growth through its vast network of global online dating brands.

Despite the solid quarter, Match Group fell short of overly optimistic revenue expectations. Shares fell 20% on the news. However, the company is on pace to grow earnings 39% in the fourth quarter and another 28% in 2017.

At the same time, shares are trading at a 15% discount to the 52-week high. Even more important, the company’s P/E ratio of 22 is a 15% discount from its recent high above 26.

For long-term investors, this is an opportunity to invest while this global leader is essentially on sale.

Risks To Consider: Expectations are running high for Match. If the company falls short of those expectations, shares can fall sharply. That’s what just happened when Match missed lofty third-quarter revenue expectations and shares fell 20% in one day. Although I consider that miss an anomaly, it highlights the short-term volatility of stocks with high expectations. 

Action To Take: Match Group is an industry leader in a growth industry. Its scale and wide global reach are helping it capture an outsized percent of industry growth. Capitalize on short-term weakness. Buy shares anywhere below the all-time high of $19.74 and focus on long-term growth.

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