BLOOMBERG – Grindr is set to save $17M in interest expenses after refinancing an expensive private loan. The LGBTQ+ dating app obtained a $300M term loan and a $50M credit facility at lower rates than their previous loan, which had an 8% margin over the benchmark. This move comes after high interest expenses due to rising benchmark rates. The refinancing, supported by major banks like JPMorgan and Bank of America, reflects a significant shift in financial backing for the LGBTQ+ community.
Month: November 2023
Tinder COO Faye Iosotaluno on Authentic Dating and User Empowerment
HBS ALUMNI – Faye Iosotaluno, COO of Tinder and a former chief strategy officer at Match Group, emphasizes the app's role in offering various relationship possibilities, from long-term connections to exploring new options. With 40% of users seeking long-term relationships and 70% preferring monogamy, Tinder aims to be a platform for meaningful relationships. Iosotaluno highlights the importance of trust, safety, and empowerment in the user experience, with over 70% of Tinder's leadership being female. For success on the app, Iosotaluno suggests a "3 x 5 x 12" formula: three interests, five photos of oneself, and a bio with at least 12 words. She stresses authenticity and being upfront about one's intentions and qualities. She describes Tinder as a platform of "endless possibilities," encouraging users to be themselves.
Study Reveals Popularity Bias in Online Dating App Algorithms
MIRAGE NEWS – A study by Carnegie Mellon University and the University of Washington reveals that online dating app algorithms favor more popular, attractive users, impacting the chances of less popular users being recommended. The research, analyzing data from ~240K users of a major Asian dating platform, showed that a user's likelihood of being recommended increases with their average attractiveness score. Researchers propose increased transparency in how these algorithms function and call for more research into balancing user satisfaction, revenue objectives, and ethical considerations in algorithm design.
Bumble For Friends Wins Google Play Best of 2023 User’s Choice Award for Fun
LINKEDIN – Bumble For Friends has been recognized with the prestigious Google Play Best of 2023 User's Choice award for the Best for Fun category, a significant achievement celebrated in the US, Canada, Australia, and Great Britain. This award highlights the exceptional efforts and creativity of the Bumble For Friends team.
Chapter 2: a Dating App by and for Widows and Widowers
READERS DIGEST – Nicky Wake, inspired by her own experiences as a widow and the challenges of online dating, founded Chapter 2, a dating app specifically for widows and widowers. The app focuses on creating a community and a safe space for those who have lost their partners. It provides various features, including forums, blog posts, and monthly meet-ups, to support users not just in dating but also in coping with widowhood. Chapter 2's user base is diverse, with an average age of 45+, and the oldest member being 96. The app also offers a sister site, Widow's Fire, catering to those seeking less committed, more casual relationships. The app is free to join, with premium features available for a fee, and it has successfully facilitated relationships, emphasizing moving forward rather than moving on after loss.
Match and Bumble Suspend Ads on Instagram Amid Concerns Over Algorithm Serving Inappropriate Content
WALL STREET JOURNAL – The Wall Street Journal's testing revealed Instagram's algorithm served inappropriate content, including sexualized videos of children and adults, to users following young influencers. Ads from major brands, including dating apps Bumble and Match Group, appeared alongside this content. Bumble and Match responded by suspending their ads across Meta's platforms, with Match cancelling its Meta advertising due to dissatisfaction with Meta's response to the issue. The tests raised concerns about child safety and the misuse of algorithms, prompting Meta to state it was investigating and would pay for brand-safety audits. The situation highlighted the need for stricter content regulation on social media platforms.
by Jeff Horwitz & Katherine Blunt
See full article at Wall Street Journal
Jigsaw Dating Partners With Yoti to Ensure Trustworthy Profiles
Fitness Dating Brand, FITFCK, Expand Into Influencer Management
BIGTIMEDAILY – FITFCK, a fitness dating brand, has launched "FITFCK MGMT", a management company aimed at providing a comprehensive lifestyle management service to content creators and brands. This initiative follows their £5M A Round investment raise and brand rebranding in March 2022. The first content creator signed is Santino Valentino, a fitness influencer with over 70K followers. The company emphasizes personalized care and lifestyle improvement for its clients.
Muzz Singles Events Coming to US & Canada in December
LINKEDIN – Muzz, a UK-based dating app for Muslims, is set to host singles speed dating events in the United States and Canada next month, coinciding with major events like RIS in Toronto and MAS-ICNA in Chicago. Each event is expected to attract over 300 singles, maintaining a gender-balanced atmosphere.
Key dates are:
- Toronto: December 23rd Washington D.C.: December 26th
- Chicago: December 30th
Romance Scam Victims Launch Support Website, Seek Greater Police Action
THE GUARDIAN – Cecilie Fjellhøy and Anna Rowe, victims of romance fraud, have established LoveSaid, a platform to support others similarly affected. Fjellhøy, conned out of $250K by a man posing as a high-level diamond trader, and featured in Netflix's "The Tinder Swindler," is taking action after experiencing a lack of serious response from law enforcement. Rowe, deceived and sexually exploited by a man she believed loved her, faced initial police dismissiveness and became a self-made investigator, uncovering multiple similar cases. Data from Lloyds Bank shows a 30% increase in romance scams last year, affecting more men and particularly targeting individuals aged 65 to 74. The City of London police reported ~8K fraud cases resulting in losses exceeding £92M in the last financial year.