Month: October 2023
Gamification: a Potential Boost for Tinder’s Revenue
REUTERS – Tinder is introducing a $500-a-month subscription tier called "Tinder Select". Although Tinder experienced a 7% revenue growth last year, it lags behind competitor Bumble. Despite Tinder's reputation as a hookup platform, Match isn't maximizing its revenue potential. By adopting a gamified approach similar to apps like Candy Crush Saga and Roblox, Tinder could increase its revenue. For instance, if Tinder charged a penny per swipe from its massive user base, it could surpass Match's anticipated annual revenue.
Tinder Pilots ID and Photo Verification in Australia and New Zealand
Dating App Fruitz Is Launching in the UK
DAILY STAR – Dating app Fruitz, designed specifically for Gen Z (ages 18-25), has launched in the UK. The platform encourages users to utilize fruit emojis to signify their relationship intentions, promoting open conversations. Acquired by Bumble in 2022, Fruitz aligns with Bumble's mission of fostering healthy relationships. The app matches users based on their relationship status: one-night stand (peach), friends with benefits (watermelon), casual dating (grape), or looking for love (cherry). The app was initially launched in Paris in 2017 by Julian Kabab (CEO), Fabrice Bascoulergue (CTO) and Arnaud Ruols (CFO).
FTC Urged to Investigate Grindr’s Data Practices
MEDIA POST – The advocacy group Electronic Privacy Information Center is urging the Federal Trade Commission to investigate the privacy practices of Grindr – including whether the app enabled advertisers to obtain sensitive data without users' consent. The watchdog's complaint is largely based on allegations in a wrongful termination lawsuit filed in June by Grindr's former chief privacy officer, Ronald De Jesus. He alleged that Grindr continued to store sensitive data – including private messages, naked photos and information about HIV status – after users deleted their accounts. He also alleged Grindr allowed third parties to collect data about users when they viewed ads – even if those ads weren't clicked on.
The Best IDEA Summit Yet – Evercore ISI and Courtland Brooks IDEA Summit (NYC – Sep 28th)
In the morning, investment bankers gave us an overview of the current investment environment and then we had 5 CEOs do individual presentations. After a half hour lunch, we heard from Gen Z's about their thoughts and advice on dating apps. Then we moved to a fascinating Q&A with the President and CFO of Match, Gary Swidler. The final two panels of the day were on the topics of future growth catalysts, and the International competitive landscape and challenges. These panels featured CEOs from ParshipMeet Group, Marc Schachtel and the CEO of happn, Karima ben Abdelmalek, along with the CFO of Grindr, Vanna Krantz.
See event website for speakers, agenda, and for the first time, a few dating CEO attendees. The feedback was that it was the best IDEA Summit yet.
Thanks to our event partner Evercore ISI for making this an exemplary and rich experience. Thanks to our speakers for their wisdom, and our signature sponsor ParshipMeet Group for making this event possible. Thanks also to sponsors RealMe, and Matchmaker.com, and Courtland Brooks.
Evercore ISI and Courtland Brooks IDEA Summit – NYC – Sep 28th
We had 30 dating industry leaders plus 30 investors (mainly hedge funds and private equity) in the room throughout the day, and for compliance reasons we were not able to take pictures of them, or the room, or Evercore ISI team members. We were however able to take some pictures of dating industry presenters who were presenting individually, along with our post event dinner which comprised about half of our dating contingent. See event website for full speakers and attendees list (without investors listed).
Tinder Partners With Mean Girls Actor Jonathan Bennett to Help Users Avoid Online Fraudsters
MATCH GROUP – Tinder is collaborating with "Mean Girls" actor Jonathan Bennett and Advocating Against Romance Scammers to raise awareness about online financial scams. October 3rd has been designated World Romance Scam Prevention Day. The campaign warns users about the dangers of online scams, particularly the growing trend of crypto scams. Tinder and Hinge are emphasizing the importance of users not sending money or taking investment advice from unfamiliar individuals. The initiative is part of Match Group's ongoing commitment to user safety across its platforms.
Study: Couples Who Meet Online Are Less Happy in Marriages
Queer Social App Lex Gets a New CEO and $5.6M to Grow
TECH CRUNCH – Lex, an app inspired by vintage lesbian personals, has secured $5.6M in seed funding. The app's co-founder, Jennifer Lewis, has been promoted from COO to CEO, while the founding CEO, Kel Rakowski, becomes the chief creative officer. Michelle Parsons, previously from Hinge, has been appointed as the chief product officer. The app is popular among the LGBTQIA+ community in major cities like New York and LA, offering a platform for various social interactions beyond just dating. Recently, the app underwent a redesign emphasizing community over just hookups. The new funds will be used for expansion. Their monetization strategy will differ significantly from major platforms like Facebook or TikTok, emphasizing in-person meet-ups over prolonged app usage.
by Harri Weber
See full article at Tech Crunch
This post also appears on InternetDatingInvestments.com