Month: January 2024

Bargain Acquisition: Hedge Fund MGG Investment Group Takes Over Spark Networks for 164K Eur

Posted on January 9, 2024

Spark NetworksWIRTSCHAFTS WOCHE – The MGG Investment Group has acquired Spark Networks, a German online dating provider, for just over 164K euros, becoming its sole shareholder. This acquisition, sanctioned by the Charlottenburg District Court in Berlin, led to a total loss for the current investors of Spark Networks. Spark Networks, offering niche online dating services such as Edarling, Elitesingles, and JDate, has faced financial difficulties in recent years, with losses exceeding $150M since 2020, partly due to cyber-attacks and fraudulent profile registrations. The company's stock, once priced at 14.80EUR on NASDAQ, was delisted at 13c in September 2023 due to impending insolvency. Facing impending insolvency, a legal submission to the Charlottenburg District Court proposed using the StaRUG law for corporate stabilization and restructuring. This law, introduced in 2021, allows companies to avert bankruptcy through restructuring, even if it adversely affects some creditors or shareholders.

by Florian Weyand
See full article at Wirtschafts Woche

See the top news on Spark Networks

This post also appears on InternetDatingInvestments.com

The Number of Americans Meeting Their Spouses Online Has Surged 20% Over the Last Decade

Posted on January 9, 2024

Dating Apps Used by AmericansDAILY MAIL – Recent data shows the number of people using dating apps or websites hit 30% in 2022, an increase from 11% in 2013. In 2013, just 3% of people using dating apps entered into a long-term relationship or marriage with someone they had met on the app or a dating site. In 2022, the number of online daters who met their serious partner online jumped to 20%. In total, 10% of Americans have met their significant other online, reaching 24% for LGBTQ adults. The apps are used the most among younger people, with 53% of people 18 to 29 years old reporting turning to their phones or computers to find love.

by Alexa Lardieri
See full article at Daily Mail

Kathy VandenBerghe Turned Her Sobriety Journey Into a Dating Business

Posted on January 9, 2024

Sober Dating FORBES – Kathy VandenBerghe, after overcoming her own struggles with alcohol, founded "Sober Dating … One Date at a Time," a dating app for individuals committed to sobriety. The app fills a niche in the online dating market, catering to a growing trend towards mindfulness and reduced alcohol consumption, particularly among Gen Z. With ~3M downloads and ~1M active users globally, Sober Dating exemplifies how personal challenges can inspire successful entrepreneurial ventures aligned with societal shifts.

by Jane Hanson
See full article at Forbes

See the top news on Sober Dating

Matrimony.com Launches Safe Matrimony Campaign to Combat Online Frauds

Posted on January 9, 2024

Matrimony.comLINKEDIN – Matrimony.com has launched a series of information videos as part of its Safe Matrimony awareness campaign, a decade-long initiative aimed at educating users about staying safe while searching for life partners online. Recognizing the risks of fraud in online matchmaking, the company has collaborated with renowned actor Vidya Balan to raise awareness about common scams like fake customs fees, emergency cash requirements, cash on delivery, and sextortion.

See full article at LinkedIn

See the top news on Matrimony.com

Wealthy Gen Z and Millennials Pay up to $30K for The League, a LinkedIn-Based Dating App

Posted on January 9, 2024

The League logoFORTUNE – The League, a dating app founded by Amanda Bradford in 2014, aims to serve ambitious millennials and Gen Z users with an exclusive, high-cost membership model. Bradford describes the app as a platform for the "overly ambitious," offering memberships starting at $100 per week. Following its acquisition by Match Group for $29.9 million in 2022, The League has introduced features like speed dating and personalized dating advice. Bradford's vision for the app is to fill the gaps in information on dating profiles, saying, "You put in your LinkedIn profile as a means of admission," focusing on career and educational background. The VIP membership, costing up to $30,000 annually, targets career-driven individuals seeking like-minded partners, with Bradford emphasizing, "I built The League for myself, to essentially find my life partner." The League distinguishes itself in the dating app market by leveraging technology and strategic matchmaking to cater to a specific, motivated clientele.

by Rachel Ventresca
See full article at Fortune

See the top news on The League

Dating Apps Test Just How Much Users Will Pay for Love

Posted on January 9, 2024

Tinder selectFINANCIAL TIMES – In an increasingly crowded market and battling a slowdown in growth, apps like Tinder are looking at more expensive tiers of service and added perks in order to increase revenue, putting to the test just how much people will pay to find a partner. In Sep, Tinder introduced a controversial $499 a month Select subscription, available to just 1% of the app's users. It promised "unrivalled access to the absolute best of Tinder" for its most "sought-after profiles". Hinge introduced subscription tiers Hinge Plus and Hinge X, with varying prices and features like enhanced profile exposure and unlimited likes. Hinge reported a significant boost in its annual revenue per payer and a 44% increase in total revenue to $107M in Q3. Bumble is also under pressure after CEO Whitney Wolfe Herd announced in Nov she was leaving. Its shares are currently down 80% over the past five years.

by Euan Healy
See full article at Financial Times

See the top news on Tinder
See the top news on Bumble
See the top news on Hinge

Shaadi.com: 26 Years of Love and Success

Posted on January 5, 2024

Shaadi logo 2023BUSINESS OUTREACH – Shaadi.com, established in 1996 by Anupam Mittal, has grown to be a leading online matchmaking service globally, boasting over 5M marriage success stories. The platform, initially met with skepticism, now attracts 1.5M active users monthly, emphasizing a rigorous screening process and a secure environment. It operates on a subscription-based revenue model and continues to innovate with features like Shaadi Live. Eligible singles can engage in virtual meetings with up to 10 potential matches during hour-long Shaadi Live events occurring every 10 days.

by Nishat Manzar
See full article at Business Outreach

See the top news on Shaadi

Shaadi.com Founder Anupam Mittal Weighs in on Play Store Billing Row

Posted on January 4, 2024

Google playLIVEMINT – Anupam Mittal, founder of Shaadi.com and a member of a task force against Google's Play Store billing system, criticizes Google's 30% fee for using its payment system as detrimental to businesses, especially given the additional advertising costs on the app store. He calls for reforms in light of Google's dominant market behavior and recent legal setbacks, advocating for lower fees and alternative payment systems. Mittal warns against the long-term effects of Google's policies on local businesses and suggests that alternatives could quickly replace Google if necessary. He also contrasts Google's practices with Apple's, noting the latter's smaller market share and ecosystem-specific policies.

by Anwesha Mitra
See full article at Livemint

See the top news on Shaadi

FITFCK: From Breakup to £3M Business

Posted on January 4, 2024

FITFCK logoTHE SUN – Jamie Wykes-Hobday founded FITFCK, a £3M niche dating app for fitness enthusiasts, after a personal breakup due to his gym obsession. The app, overcoming initial COVID-19 setbacks, offers features like fitness level matching, gym-related icebreakers, and community events, fostering a network around fitness and relationships. With plans for expansion, FITFCK targets a specific community by integrating dating and fitness lifestyles.

by Kate Kulniece
See full article at The Sun

See the top news on FITFCK