MATCH GROUP – The Q1 '23 results showed a 1% YOY decrease in total revenue at $787M due to a 3% decline in payers, partially offset by a 2% increase in revenue per payer (RPP). On a foreign exchange neutral (FXN) basis, the total revenue was up 3% YOY at $822M. Tinder's direct revenue was flat YOY at $441M, while Hinge's direct revenue grew 27% YOY. Match Group Asia's direct revenue declined 13% YOY. Evergreen & Emerging (Match.com, Meetic, OurTime & Pairs, BLK, and Chispa) direct revenue was down 8% YOY. Q1 operating income was $198M, down 5% YOY, while Q1 adjusted operating income was $263M, down 4% YOY. Tinder's new weekly subscription packages and pricing optimizations are expected to increase revenue as 2023 progresses. Tinder is also focusing on improving women's user experience by providing relevancy, realness, and respect. They are testing Just for You, curated profiles, and adding interactive profile elements to provide a richer and more engaging user experience. Hinge is seeing exceptional momentum in Europe, with plans to launch more targeted marketing efforts in Italy, Spain, and the Netherlands in Q2.
Month: May 2023
Tinder to Pull out of Russia, Citing Human Rights Concerns
EURONEWS – Match says it will withdraw from the Russian market altogether by 30 June in an effort to uphold its stated commitment to respecting human rights. Match has previously come under pressure to store Russian users' data and messages in Russia in compliance with intelligence service requirements, raising concerns that LGBTQ users in particular could see their data shared with a notoriously hostile government. Like several other western social media giants, the company has refused. Last summer, it was fined 2M roubles (€22,868) by a Moscow district court in a case brought against several platforms including WhatsApp, Snapchat, Spotify and Hotels.com. Match's withdrawal from Russia has been relatively slow compared to some other players in the online dating marketplace. Bumble announced it was blocking app downloads in both Russia and Belarus in March 2022.
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Match’s FTC Investigation Over OkCupid Photo Sharing for Facial Recognition Tech Continues
COURTHOUSE NEWS – A federal court in Washington denied Match Group's request to seal the case brought against it by the FTC regarding its deal to provide OkCupid's images to a start-up developing facial recognition technology. The New York Times published an article in July 2019 about the use of images of people's faces to build facial recognition technology, citing Clarifai's access to OkCupid's photos as an example. This prompted the FTC to initiate a non-public investigation into whether Match engaged in unfair competition by sharing consumer information, including photos, of OkCupid users.
New Yorkers Lost $33M in Romance Scams Last Year
NBC NEW YORK – New York had 823 people fall victim to romance scams in 2022, losing a total of $33.5M, according to a study by Social Catfish. Despite this, it was only the fourth-worst state in the US for romance scams, with California losing the most at $158M. The study also found that Americans lost a record $1.3B to romance scams last year, with a 138% increase YOY. The study identified three romance scams to watch out for: celebrity romance scams, cryptocurrency romance scams, and military romance scams.
JWed Moves to Subscription-only Service
JNS – JWed, the online Jewish "dating for marriage" service, has recently transitioned to a fee-only service. This change has been coupled with upgraded features to both the website and app, as well as the new Dating Agent and an expansive customer care team. Launched ~22 years ago, the service was rebranded as JWed.com 11 years ago, catering to all marriage-minded halachically Jewish singles. To date, the service has seen 3,700-plus known marriages.
AI Relationship Coaching App Amorai Raises Pre-Seed Funding, Tinder’s Ex-CEO at the Helm
FINSMES – Amorai, an AI relationship coaching app designed for young adults aged 18-30, has raised an undisclosed amount in pre-seed funding. Led by former Tinder CEO Renate Nyborg, the app offers personalized coaching exercises tailored for Gen Z. Amorai is based on large language model technology and features a subscription business model, ensuring privacy and security. With the new funds, the company aims to expand its operations and reach. The app will launch exclusively on iOS, utilizing Apple's native health features and privacy standards.
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Google Tests New Play Store Ad Slot
TECH CRUNCH – Google is testing a new advertising slot on the Play Store. The new ad slot, similar to one Apple introduced two years ago, appears when Android users access the Play Store's search menu. While the slot previously contained personalized app suggestions, it now includes labeled ads. The tests have been observed in several global markets, indicating a broader testing phase. Google's move could boost its revenue from Play Store ads, especially considering recent concessions on Play Store commissions due to regulatory pressures. Although Google has not disclosed the size of its Play Store Ads business, it's expected to be substantial, given the platform's estimated revenue of $48B in 2021.
Muzz Loses Appeal Against Match Group
BBC.COM – The Court of Appeal upheld a June 2022 ruling that the average consumer would have thought Muzmatch – now Muzz – was part of Match Group, which also owns Tinder. Muzz has criticised the ruling, calling the legal action "deeply worrying for other start-ups in the dating sector". Muzz launched in the UK in 2015 as Muzmatch, a dating app specifically for Muslims. Match Group has attempted to purchase the business on four separate occasions, including making an offer of £28M ($35M), which was turned down.
Tinder Statistics
ENTERPRISEAPPSTODAY – Tinder, the globally popular dating app, records 1.6B swipes worldwide each day. In the U.S., it's projected to reach 25.7M users by 2023. Interestingly, 56% of users are actively engaged daily, with 58% checking the app several times an hour. Match rates vary, with women achieving a 10% success rate compared to men's 0.6%. Despite the high activity, serious relationships are sought by 80% of users. Remarkably, 27% of couples who met on Tinder got married in 2022. These statistics illustrate the significant role of Tinder in modern dating culture.
by Barry Elad
See full article at EnterpriseAppsToday