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Month: May 2018

Facebook: “eHarmony’s Chief Scientist Doesn’t Work On Our Dating Product”

Posted on May 6, 2018

Facebook Dr Steve CarterTECH CRUNCH – May 4 – Dr Steve Carter, a data scientist who helped design and build the psychometric and relationship models that became the basis of eHarmony is working at Facebook. But Facebook has confirmed to us that Carter is not working on the new dating service, and the company declined to say what he is doing. He joined Facebook in Aug '17. Carter's profile on LinkedIn describes him as a data science manager, "helping Facebook get even better at making meaningful and beneficial connections between people and communities."

by Ingrid Lunden
See full article at Tech Crunch

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Summarized by the IDEA team

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Matrimony.com Registers 88% Growth In Net Profit

Posted on May 6, 2018

Matrimonycom logo redTHE HINDU BUSINESSLINE – May 4 – Matrimony.com, an online provider of matrimony-related services, reported 88% growth in consolidated net profit at ₹17 crore ($2.5M) for Q4 ended March 31, 2018, compared with ₹9 ($1.3M) for the corresponding quarter last year. Revenue increased by 12% to ₹84 crore ($12.6M). For the fiscal ended March 31, 2018, net profit increased by 72% to ₹74 crore ($11M). In the Q4, the company acquired secondshaadi.com, an exclusive portal for divorcees.

See full article at The Hindu BusinessLine

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Summarized by the IDEA team

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Tinder CEO On Facebook’s Dating Service: “Facebook Is In A Very Competitive Space”

Posted on May 6, 2018

Tinder Elie SeidmanYAHOO NEWS – May 4 – Some pundits say Facebook is positioned to do well in dating, in part because of its massive user base of 2.2B MAU. Indeed, since Facebook announced on Tuesday it was getting into the dating space, Tinder's parent company Match Group has seen its stock drop ~21% to $36 per share. However, despite that, Tinder CEO Elie Seidman says he's not particularly concerned, because Facebook CEO Mark Zuckerberg made it clear that Facebook's dating service is aimed at singles seeking long-term, "meaningful" relationships and not just hook-ups, or "casual dating" – an area Tinder users also flock to the app for.

by JP Mangalindan
See full article at Yahoo News

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Summarized by the IDEA team

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IDEA White Paper: 39 Internet Dating CEOs Weigh-in On Facebook Dating

Posted on May 3, 2018

IDEA WHITE PAPER - FACEBOOK'S DATINGOPW – May 3 – I surveyed CEOs of Internet dating companies to gage what they think about Facebook entering the dating industry. This white paper lists how Facebook describes what is happening, and industry executive responses to the prospect of Facebook dating.

   *** Download the white paper here ***

 

Here's some key quotes.

Silvano Senn – Internet Dating Client Partner – Global Sales at Facebook
"People already use Facebook to meet new people, and we want to make that experience better."

Mandy Ginsberg – CEO of Match Group
"We're flattered that Facebook is coming into our space – and sees the global opportunity that we do – as Tinder continues to skyrocket."

Gourav Rakshit – CEO of Shaadi
"They've entered other industries in the past – some have worked out, others not so well. They will undoubtedly encounter challenges unique to matchmaking which they've never dealt with before, however their social graph could prove to be a game changer."

Geoff Cook – Co-Founder & CEO of The Meet Group
"Facebook doesn't strike us as an obvious forum for dating. Beyond the well-documented privacy issues, we believe people don't want to share that part of themselves on Facebook."

Andrey Bronetskiy – CEO of Mamba
"If they will do all well (and for them it is not too difficult to do), I think it can be -50% of market in terms of money. When Instagram does something similar then the market will lose the second 50%."

Didier Rappaport – Founder & CEO of Happn
"We are surprised by the timing Facebook has chosen to announce its new ambition to enter the dating space given the controversy that has recently surrounded the company, and the fact that what is related to dating and interpersonal relationship is strictly intimate and private."

Sachin Bhatia – Co-founder & CEO of Truly Madly
"FB might help popularize online dating further but will drive people away soon to apps like ours once their members realize that their matches are either fake or not relevant."

Murugavel Janakiraman – Founder & CEO of Matrimony.com
"The cultural nuances of how people choose their life partner in India is very unique and we don't expect either dating sites or Facebook offering dating services having any impact in the Indian market."

Hiroshi Tsumoto – CEO of Diverse (Japan)
"Matchmaking services are regulated in Japan. To register, a driver's license or ID issued by an official agency confirming that a user is 18 or over is required. It is hard to imagine this check being done through Facebook."

Grant Langston – CEO of eHarmony
"We know that it takes commitment, science, psychology and an emphasis on building human connections to succeed."

In summary, dating industry executives are generally surprised but upbeat about Facebook entering the Internet dating industry. Generally, they think the overall market will grow as a result of Facebook shining a light on Internet dating, and that Facebook will not steal the lions-share of the market. Niches will remain. Matchmakers will do fine. This won't be Facebook's forte. The context of dating is distinct from social networking and a separate dating silo is what most people will desire, despite the unique and vast reach of Facebook. Privacy is paramount in the dating context.

See all posts on Facebook Dating

Post by Mark Brooks, CEO IDEA

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The Meet Group Q1 ’18 Financial Results

Posted on May 3, 2018

Themetgroup logoBUSINESSWIRE – May 3 – Q1 total revenue was 37.6M, up 88% YOY. Mobile revenue was $30.7M, up 63% YOY. GAAP net loss was $4.2M. "Video revenue grew ~120% from Dec '17 to Mar '18, which we attribute to momentum on our MeetMe app, the launch of livestreaming monetization on Skout, and our focus on strengthening our livestreaming community and the quality of our livestreams. Our annualized video revenue run rate now exceeds $29M based on April's results, up 53% from February's run rate," said Geoff Cook, CEO of The Meet Group. The Average revenue per paying video user grow to $76 in March.

See full article at The Meet Group website

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Summarized by the IDEA team

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Romance Scam Victims Say Facebook Dating Is A Train Wreck In The Making

Posted on May 3, 2018

Facebook scammersHUFFINGTON POST – May 2 – Not everybody is thrilled by Tuesday's announcement that Facebook is planning to run its own dating platform on the site. Facebook has done a poor job of policing its platform and keeping it free from scammers, said multiple victims. "It's a train wreck waiting to happen," said the moderator of Romance Scammers Exposed, a Facebook group that helps victims identify stolen photos used by romance scammers in West Africa, where many online scammers are based. "It's going to be party time in West Africa," said Ruth Grover, who runs ScamHaters, a site that posts warnings about online profiles that appear to be scammers. Facebook said nothing about security and identity verification.

by Ann Brenoff
See full article at Huffington Post

See all posts on Facebook Dating

Summarized by the IDEA team

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iDate Mobile Dating & A.I. Conference Is Taking Place On June 12-13 In Los Angeles

Posted on May 3, 2018

Idate mobile 2018WEBWIRE – May 2 – Artificial intelligence and machine learning are the focus at the 2018 Los Angeles iDate Mobile Dating Conference. The event takes place on June 12-13, 2018 at the Sportsmen's Lodge Events Center in Studio City, CA. Registrations are now open.

See full article at Webwire

Summarized by the IDEA team

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Badoo Adds Live Video Chat

Posted on May 3, 2018

Badoo live chatTECH CRUNCH – May 2 – Live video in a dating app context raises some immediate risk flags, including around inappropriate behavior which could put off users. "I pressed 'play' last night and after about 45 clicks on 'Next' encountered 5 straight up penis shots," said TechCrunch's former co-editor Alexia Tsotsis when she tested video chat app Chatroulette back in 2010. Clearly Badoo will be hoping to achieve a much better ratio of quality conversation. The video chat will only be switched on once both parties have matched and exchanged at least one message each. The company also says live video can help enhance dating app safety – saying the feature can be a way for users to suss out a stranger to see whether seem trustworthy before risking meeting in person, and also help to weed out fake profiles and catfishing.

by Natasha Lomas
See full article at Tech Crunch

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Summarized by the IDEA team

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A Contradiction In Contexts :: Why Dating Is Deadly For Facebook

Posted on May 2, 2018

FriendstermOPW – May 2 – Yesterday I sent out a request to IDEA members to comment about the news that Facebook is getting into Internet dating. Before I go through the responses and permanently bias my opinion, I thought I'd reflect on some key points first.

Facebook has captured the market for social networking. They just own it at this stage. But dating is different. Here's why. **Context matters**

CONTEXT MATTERS – Recently I studied under Professor Paul Dolan at London School of Economics for their MSc Behavioral Science. The one thing we heard from Paul over and over again, to the point that it became amusing, was that 'context matters.' Meaning, the way behavior works is extremely context sensitive. The rules may apply in one context, but than a perfectly good experiment and observation may fail in another context.

Facebook = place to stay in touch with friends = non-private
Dating App = place to meet new love interests = private

When people go on a social network they are there to communicate with people they already know. The dating context is the antithesis. When people go to their favorite dating app, they're seeking a private place to find someone new to meet. These contexts are at odds with each other. I don't see how Facebook will be able to overcome this in the minds of users.

I had a stint at Friendster in 2003, which was a precursor to Facebook (see thumbnail). The CEO Jonathan Abrams thought dating was cheesy. After his girlfriend dumped him, he decided to create a service that would do a better job than dating sites, and presumably, not be cheesy. He wanted to link people up online, but his model and site floundered in the end, and MySpace and then Facebook took market dominating positions. Key to them taking their dominant positions was that their context was more clear (and their sites actually worked). MySpace ended up losing to Facebook because their context was less clear, and people were allowed to create fakester accounts and link with non-friends on Myspace. It was the wild west, and a popularity contest. Facebook came in and encouraged people to think about who they were linking with. Consequently, the network was built on real friendships, and the context was and is beautifully clear.

Social networking was born with dating in mind. But noone's ever successfully pulled the trigger to really combine dating and social networking, because they are two entirely separate use-cases and contexts. I got recruited into FriendFinder in 2003 when the CEO insisted on turning half of FriendFinder into a social network. It didn't work. Social networking was deadly to dating.

Now, it seems, Facebook is going to experiment with dating, and I think this is dangerous for maintaining their clear social networking context. Dating is deadly to social networking.

MEETUP SINGLES EVENTS VOID – Where Facebook definitely wins out, is events. There's a significant void in the market for dating events since Meetup banned singles events and groups in 2016. That will certainly help them win favor and attention from singles. But to what ends? They will just erode their social networking context.

MATCH WINS, SO FAR – Match Group is the clear winner in the Internet dating game, at this stage. They've routed the industry with the combined force of Tinder, POF and Match. Match Group have the most to lose with the introduction of free dating on Facebook. But, I think the real losers will be all the small startups that will have an even harder time raising money and getting to critical mass. eHarmony, meanwhile, should be just fine.

EHARMONY IS LESS HARMED – Steve Carter was at eHarmony from its beginning, from 1999-2017. He was their Chief Scientist, the man behind their algorithm, basically. But he left eHarmony in July 2017 to join Facebook. For the last 10 months he's been at Facebook to help them "get even better at making meaningful and beneficial connections between people." See https://www.linkedin.com/in/docscarter/.

This is probably fine by eHarmony. They have a distinct offering in the dating market. It's the service that requires more of their users, and in theory, delivers more. eHarmony is positioned as a matchmaker, in a sea of dating apps. They're more thoughtful, take a bit more time, and take a bit more money from users who are more committed. I think Facebook dating directly competes with Match Group offerings, but eHarmony has a more resilient brand against Facebook's lite dating app. Perhaps its time for Match Group to take another look at eHarmony. After all, it's ok to look. (hint: before Facebook does!)

PERFECT MODEL, PROBABLY NOT REALIZABLE FOR FACEBOOK – I think the perfect theoretical model for the perfect Internet dating service is, one app with all the singles on the planet on it, with really great introductions algorithms, based on observed behavior. People often lie about what they want, and who they are, but by observing behavior, and preferences in-the-moment they can form a more accurate picture of true character. Having a window into user behavior is key for dating. Facebook has this window, but can't use it. It would be just too creepy for a lot of people. Facebook is just not the company that would be trusted to do this. Facebook might well do an end-run around Tinder, but I don't think they'll be able to deliver on the perfect theoretical Internet dating model because they will not be trusted to get enough access to observable behavior. (2nd hint: but eHarmony might!)

So in short, I don't think Facebook can deliver on dating, and by entwining the dating context into their social networking context, they risk confusing and alienating users. Tinder will suffer, and eHarmony won't. We'll all need to innovate faster and be more creative about marketing. Humdrum just won't work any more.

Feel free to blast any of these ideas with your constructive feedback. 🙂 What's your thoughts?

See all posts on Facebook Dating

Post by Mark Brooks, CEO IDEA

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Facebook To Launch Opt-In Dating Feature

Posted on May 2, 2018

Facebook-dating1WALL STREET JOURNAL – May 2 – Facebook plans to launch a dating feature, in an unexpected push into a new business even as it battles questions about how it handles users' data and privacy. Facebook's dating feature will be targeted at ~200M users who identify as single. The feature will require users to opt in. Zuckerberg didn't say whether the service would be free but Facebook doesn't offer any paid products currently. "We're surprised at the timing given the amount of personal and sensitive data that comes with this territory," Match Group CEO Mandy Ginsberg said. Facebook's new dating feature will be for fostering "real, long-term relationships – not just hookups," Zuckerberg said. Those using the dating service could browse coming events, such as concerts, and see if others using the feature plan to attend. The messaging system for the dating profiles will be independent of FB's Messenger. Users' dating profiles will be distinct from their FB profiles and what people do within the dating feature won't be shared with friends or through the news feed. Part of the challenge for startups building online-dating apps is attracting enough users, said Mark Brooks, an analyst and consultant in the dating industry. FB's vast number of users could make it daunting for future dating startups to convince investors to fund their ideas. "I think it could be game over for the dating industry as we know it," Mr. Brooks said.

by Deepa Seetharaman & Georgia Wells
See full article at Wall Street Journal

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Summarized by the IDEA team

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