MATCH GROUP – Total Revenue declined 2% YOY to $786M. Operating income was $107M, a 54% decrease YOY. Payers declined 1% to 16.1M. Tinder direct revenue was flat over the prior year quarter with 3% payers growth to 10.8M. All other brands collectively had a direct revenue decline of 5% YOY driven by an 8% payers decline. Hinge revenue grew 30%YOY.
Month: February 2023
Match Group Forecasts Q1 Revenue Below Expectations
REUTERS – While a tough economy and a stronger dollar had also crimped its business, poor product execution at Tinder was the "significant" culprit, Match said. Dating app Hinge's business was also hit by product delays, among other headwinds. Shares of Match Group fell ~11% in trading after the bell. Match reaffirmed its 2023 revenue growth forecast of 5% to 10%. It expects revenue growth to reach double digits by the fourth quarter on increasing momentum in the second half. The company forecasts Q1 revenue between $790M and $800M, lower than analysts' estimates of $817.3M. Revenue fell 2% to $786M in Q4, also missing expectations of $787.3M. Total payers fell 1% to 16.1M.
by Vansh Agarwal & Shreyaa Narayanan
See full article at Reuters
Luxy, Dating Site for Millionaires, Sued Over Biometric Privacy
BLOOMBERG LAW – Luxy, a dating site for "high-value people," collected the biometric information of members without their consent in violation of the Illinois Biometric Information Privacy Act, a new proposed federal class action said. Luxy collected and used the facial scans of site members without obtaining their written consent as required by the BIPA, and without disclosing its data retention and destruction policies. Luxy requires prospective members to submit their facial scans for identity verification, according to the complaint.
Q&A With Nick Purewal, CEO & Co-Founder of Same-Day Dating App – ToDate
TECHROUND.CO.UK – ToDate is a same-day dating app that allows people to go on dates with others who have mutual interests and are free at the same time.
Q: What inspired you to create the company?
A: I felt that the existing apps in the market had people spending too much time on their phones and attract too many time wasters.
Q: What makes ToDate different?
A: We're all about streamlining dating processes. Our matches disappear at the end of the day to prevent the process being dragged out – it is all about getting out there and meeting people on dates you want to go on.
Q: What safeguards do you have in place to protect users?
A: Each user is fully ID verified.ToDate also uses facial recognition software to eliminate catfishing.
Q: What lessons have you learned during your journey?
A: To be patient and that things aren't going to turn out how you planned from the start, for better and for worse.
Q: What advice would you offer other entrepreneurs?
A: Not to take things too personally. Not everyone is going to like your product or service and people are going to criticise you along the way for trying to start something from scratch.
Q: Where do you see the company in the next five years?
A: Hopefully, ToDate can be a global force in 5 years time, setting the standard for same-day dating and safety.