Edward Butler, a senior analyst for independent business information analysis firm IBISWorld, said Australia's $1.09 billion sex industry lost $67.6 million during the past financial year while the market for strippers and exotic dancers grew, the Sydney Morning Herald reported Friday.
Butler said the drop in revenue could be attributed to the growing popularity of online dating sites that make it easier for people seeking casual sex to find one another.
"The rapid growth in online services means it has never been easier for like-minded individuals to organize casual liaisons for little or no cost," Butler said.
Chris Seage, spokesman for the Adult Business Association of New South Wales, agreed that Web sites are likely negatively impacting the sex industry.
"It's a lot cheaper to hook on a matchmaker site, pay a much smaller fee and engage in casual sex that way. It's an emerging issue for the industry," he said.
Notable deaths of 2014 [PHOTOS]