REUTERS – Sep 8 – Match Group said the U.S. Department of Justice has closed its investigation relating to a lawsuit filed by the Federal Trade Commission on the dating apps owner's business practices. The FTC last September sued Match, alleging that it knowingly sent automated advertisements via Match.com with expressions of interest from accounts which it knew were likely fake to draw in potential subscribers.
Month: September 2020
BLK App Connects Black Singles
CHICAGO DEFENDER – Sep 5 – In its third year, BLK's online dating app has quickly become the largest online dating app for Black singles. With ~3.5M downloads to date, BLK app provides a space exclusively for Black singles to connect. In March, when COVID hit, the app saw an 18% increase in daily user activity, a 39% increase in overall swiping, and a 61% increase in messages that were being exchanged, all within the first two weeks.
IDEA Announces New Conference Format
OPW – Sep 6 – After the success of IDEA SUMMIT at Harvard Club New York in March, and two prior summits in Berlin and Chennai, the Internet Dating Excellence Association announces an all new event format – the LTR online conference.
See LTR.us
LTR stands for Love, Technology, Relationships and is inspired by TED. LTR is an online conference that is two and half hours long, with a half hour of networking on virtual tables of 4 to 6 attendees, followed by 90 minutes of top flight thought-leader presentations, followed by another short networking session. The first LTR.us conference and speakers will be announced on Wednesday.
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Bumble’s Buzz Won’t Sting Match
WALL STREET JOURNAL – Sep 3 – Bumble IPO would disrupt the virtual monopoly that Match Group has long enjoyed in the public dating scene. But whether Bumble can turn investors' heads likely has less to do with what it could print in a public offering filing and more to do with the pace at which it manages to grow over time. The company has held its metrics close to the vest, but is widely seen as a solid competitor to both Tinder and Hinge. Match saw an increase in usage among younger users and females during the lockdown. That would bode well for Bumble since younger female users are a key demographic. Messages sent on Bumble increased 20% in the U.S. the week ended May 1 versus the week ended March 13, while Match said the average number of daily messages sent across its platforms was 27% higher during the month of April versus the last week of February.
eHarmony VP of Marketing: Covid Forms a Surprise Boost
BUSINESS MATTERS – Sep 3 – Discussing the impact of covid on the industry of love and meaningful relationships is a normal day for Romain Bertrand, eHarmony's VP Marketing UK.
Q: What's been the effect of covid on love and business for you?
A: We've seen a number of different phases between March to now. Initially we saw a decline. In March, dating was definitely not top of people's list. Then April came around and we saw a big increase in in demand but also at a higher intensity. We've then had to adapt very quickly. Users can simply use video calling within our app. The average call in the UK is 40 minutes.
Dating Apps Saw a 398% Jump in Daily Active Users in India in Q2
EXCHANGE4MEDIA – Sep 3 – India has seen a 398% jump in daily active users on dating apps, according to the Global Mobile Consumer Trends Report 2020. India also saw a 413% jump in downloads by new users.
Tinder’s “Swipe Night” to Launch Globally This Month
TECH CRUNCH – Sep 3 – "Swipe Night" interactive video series will be available in Asia and other international markets starting on September 12, giving users another way to connect as they continue to stay at home because of the COVID-19 pandemic. Swipe Night first launched in October in the U.S. It presents viewers with a "choose-your-own-adventure" narrative, but each of its episodes is only seven-minutes-long and users' choices are added to their profile, giving them another way to figure out if someone is a good match.
The Meet Group Acquired and Looking at 2022 IPO as ParshipMeet!
BUSINESSWIRE – Sep 4 – The Meet Group announced the completion of its acquisition by the parent company of eharmony. ParshipMeet Group was created to manage The Meet Group and Parship Group. It now operates MeetMe, LOVOO, Tagged, Skout, GROWLr, eharmony, Parship and ElitePartner.
The Meet Group focuses on community while bringing social entertainment to dating, monetizing through livestreaming video. Parship Group brands are market leaders in the matchmaking space; focused on serious relationships and monetizing through subscriptions.
The all-cash transaction represents an enterprise value of ~$500m.
"We are thrilled to combine with a globally leading matchmaking company," said Geoff Cook, CEO of The Meet Group. "We believe this deal will help define the future of dating. We will continue to focus on… building the best dating features in the world, …investing in livestreaming…, and discovering opportunities to expand and grow – organically and through strategic relationships, including our video-platform-as-a-service offering". 195k+ dating games are played each day across The Meet Group's apps, up 104% since March.
"The Meet Group's livestreaming video platform is unique and well positioned for a post-pandemic world where video becomes a critical part of finding and screening first dates," said Tim Schiffers, CEO of ParshipMeet Group. "By combining The Meet Group's assets with Parship Group's strengths, we've created a global dating leader and one of the most diversified portfolios of dating brands in the world. …We see significant potential to further the growth of The Meet Group's video platform-as-a-service products, as well opportunities for knowledge-sharing and cross-selling."
ParshipMeet Group is jointly owned by ProSiebenSat.1, a leading free-to-air TV broadcaster and video entertainment company in the German-speaking markets, and General Atlantic, a leading global growth equity firm providing capital and strategic support for growth companies.
See full article at Businesswire
Additionally, from ProSiebenSat1:
ParshipMeet Group has revenues of EUR 451 million and adjusted EBITDA of EUR 95 million as of H1 2020, for the last 12 months. Double-digit annual growth rates expected
The combined company operates as ParshipMeet Group, a newly-minted unicorn and a leading global player in the online dating market. ProSiebenSat.1 owns 53% and General Atlantic 43% in ParshipMeet Group. The remainder is held by management.
Rainer Beaujean, Chairman & CFO, ProSiebenSat.1 said, "This investment case is also another strong proof of concept of our ability to use the strengths of our Entertainment business to support the growth and development of consumer-facing digital platform and commerce businesses."
Joern Nikolay, MD, General Atlantic said, "We believe in the ability of ParshipMeet Group…to bring transformative digital innovation to the global online dating sector…and harness the power of technology."
Tim Schiffers, CEO, ParshipMeet Group said, "Online dating, and interactive live video in particular, is a global megatrend that will continue to transform all of our lives in the future. …Our brands span the whole spectrum of the online dating market: meeting, dating and falling in love. …We are perfectly positioned for sustained long-term growth."
ProSiebenSat.1 and General Atlantic are evaluating an IPO for ParshipMeet Group in 2022.
See full article at ProsiebenSat.1 website
See the top news on The Meet Group
See the top news on Parship Group
Momo Announces Q2 Results: Revenue Down 7%
PR NEWSWIRE – Sep 3 – Net revenues decreased by 6.8% year over year to RMB3,868.3M ($547.5M). Net income decreased to RMB456.4M ($64.6M) from RMB731.8M in the Q2 of 2019. Monthly Active Users on Momo app were 111.5M in June 2020, compared to 113.5M in June 2019. Total paying users of our live video service and value-added service, including 3.9M paying users of Tantan, were 12.8M.