BLOOMBERG LAW – Grindr employees will vote on unionization later this month. National Labor Relations Board (NLRB) Regional Director Mori Rubin ruled Tuesday that the group of ~100 employees can vote on whether they want to be represented by the Communications Workers of America.
Month: November 2023
How Metrics Can Lead Us to Make the Wrong Decisions – Christof Wittig, Hornet, CEO
LTR – Christof Wittig, a distinguished software entrepreneur, investor, and LGBTQ+ advocate, shared his insights. As the Founder and CEO of Hornet, one of the world's foremost queer social networks with ~30M users, he discussed the complexities of decision-making in the dating industry. Christof emphasized the importance of understanding network effects, particularly in online dating, where the value of a network grows with more relevant users.
He explained how taking an average approach to decision-making in different markets can lead to under-optimization. Christof used Hornet's example, where they customized strategies based on specific markets, focusing on factors like pricing and product features to maximize success. He stressed the need to differentiate between waves, tides, and climate change when analyzing data to distinguish between trends and temporary fluctuations.
The September LTR was kindly sponsored by ParshipMeet Group, RealMe, along with Courtland Brooks and Matchmaker.com
ProSiebenSat.1 Q3 Financial Results
PROSIEBENSAT1 – The Q3 2023 results presentation by ProSiebenSat.1 outlines various operational updates, financials, and outlooks for the company. Key highlights included:
- The Group's Q3 revenue decreased 3% YOY to EUR 888M.
- Adjusted net income declined by 41% in Q3 YOY. The decline in the Group's Q3 revenue is attributed to several factors such as challenging macroeconomic environment and decrease in advertising revenue.
- In Q3 2023, the Dating & Video segment experienced a decline in both revenues and adjusted EBITDA. The Dating revenue was Eur 62M, down 12% YOY. As of Mar 2022, subscription businesses of Parship and ElitePartner had been affected by fair consumer contract regulations in Germany, negatively impacting the dating revenues since Q3 2022, with major effect from Q2 2023 onwards.
Grindr Reports Q3 2023 Revenue Growth of 39%
PRESS RELEASE – Grindr reported a significant increase in its Q3 revenue for 2023, reaching $70.3M, a 39% growth from the previous year. Despite this revenue boost, the company experienced a marginal net loss of $0.4M. The company's operating income stood at $16.6M with an Adjusted EBITDA of $32.6M. Based on these strong financial results, Grindr has raised its forecast for FY 2023, expecting over 31% revenue growth and an Adjusted EBITDA Margin of ~41%.
Match Group’s “Are You Sure?” Feature to Expand to Millions of Users Across Match, Stir, OurTime & More
How DUO Is Using AI to Make the Dating Process More Accessible to Everyone
FORBES – DUO, a date-planning app, is using AI to make dating more accessible and less stressful. Their new feature, AI-Powered Dates, helps users schedule dates based on personal interests, enhancing the experience by offering personalized suggestions. This is particularly beneficial for people with disabilities, as it reduces the cognitive load and difficulty associated with planning dates. DUO co-founder Arie Luyendyk emphasizes their commitment to evolving the app's AI capabilities for better user experiences and easier date creation.
Dating App Hatched Brings Its Hidden Profile Concept
TECH CRUNCH – The dating app Hatched, which hides user profiles within egg icons that reveal through answering questions, has expanded to the East Coast and introduced new paid features. The app uses an in-app currency, "Yolks," for premium actions like "super hatch." Focused on fostering deeper connections through personality traits rather than physical appearance, Hatched provides questions designed by therapists to unlock profile information. The app limits users to six daily matches, with options to purchase more using Yolks.
Match Group Advocates for Ethical AI and Internet Safety at Senator Schumer’s AI Forum Series
LINKEDIN – Match Group, led by CEO Bernard Kim, contributed to Senator Schumer's landmark AI Forum Series, emphasizing the importance of collaboration between government and developers in harnessing AI technologies. Match Group advocates for responsible AI use and internet safety, supporting acts like EARN IT. Its AI Principles focus on authenticity, accountability, equity, explainability, integrity, privacy, and safety. The company's "Are You Sure?" feature aims to reduce online harassment by prompting users to reconsider harmful language. Match Group is committed to advocating for Section 230 reforms and supporting legislation to enhance online safety and privacy, viewing AI as a tool for societal advancement while stressing the need for comprehensive safety measures and responsible technology use.
Garbo Founder Kathryn Kosmides Calls for Systemic Online Safety Reforms Amid Silicon Valley’s Waning Interest
FORTUNE – Kathryn Kosmides, founder and CEO of Garbo, developed technology to reduce violence against women in online dating. Despite initial interest from Silicon Valley, companies quickly shifted focus once they received positive publicity and regulatory pressures eased. Kosmides observes a decline in the tech industry's commitment to trust and safety, with significant cutbacks in teams and budgets. She highlights three challenges exacerbating gender-based violence online: high costs and limited access to background checks, underreporting of offenses by victims, and tech platforms' failure to address repeat perpetrators effectively. Kosmides calls for government action, including a unified reporting system for gender-based violence, updating the Fair Credit Reporting Act, and regulating access fees to public records. She emphasizes the need for systemic change to ensure online safety and hold tech companies accountable.
Grindr Appoints Tolu Adeofe as New Director of Investor Relations
INVESTING – Tolu Adeofe has been appointed as the new Director of Investor Relations at Grindr, bringing experience from her roles at companies like Google and Lyft. Her arrival coincides with Grindr's first year as a publicly traded company, facing challenges like slowing revenue growth and current unprofitability. Adeofe's role will be crucial in enhancing investor relations and navigating these challenges.