FORBES – A Forbes Health survey found that 79% of Gen Z users report burnout from dating apps, largely due to the overwhelming pool of potential matches, repetitive conversations, and disappointment in connections. Tinder and Bumble are frequently used, with a significant number of users seeking long-term relationships. The survey also highlighted that common issues like ghosting and catfishing contribute to this fatigue. Despite this, dating apps can boost self-esteem and offer opportunities to meet diverse individuals, suggesting that moderation and authenticity can improve the online dating experience.
Month: May 2024
Grindr Q1 Financial Results
GRINDR – In Q1, Grindr saw a 35% revenue increase to $75M, an operating income of $19M, a net loss of $9M, and a 17% rise in paying users, driven by the success of the XTRA Weekly subscription. Grindr CEO George Arison sits down with Caroline Hyde from Bloomberg to discuss the Q1 results and the controversy surrounding data privacy on the dating platform.
Whitney Wolfe Herd Says Bumble Could Embrace AI
CNBC – Bumble founder Whitney Wolfe Herd suggests the app may soon integrate AI, envisioning features like an AI dating concierge to assist users and potentially date on their behalf, aiming to create a healthier and more efficient dating experience amidst widespread online dating fatigue. In the United States, 1 in 3 men ages 18 to 34 use ChatGPT for relationship advice, according to a recent survey on AI platform Pollfish. Just 14% of women in the same age range reported doing the same.
Dutch Growth Program Selects 9 Tech Startups, Including Dating App Breeze
TECHLEAP – Techleap for Scaleups has selected nine promising Dutch startups for the 13th cohort of its Rise programme, which aids companies in overcoming challenges like capital acquisition and international expansion through peer-to-peer learning and expert-led sessions. The chosen companies include Breeze, a dating app designed to quickly and safely transition online matches to offline dates. Other participants range from AI-driven recruitment platforms to quantum computing and sustainable water solutions.
Bumble Says It’s Looking to M&A to Drive Growth
by Sarah Perez
See full article at Tech Crunch
Mark Brooks: This is definitely a good time to acquire companies in the dating space. It's a buyer's market right now. Match Group seems less acquisitive since the cost of capital has gone up. #3 player ParshipMeet Group used to be very acquisitive, but have been quiet recently. Social Discovery Group hasn't made a move on anything in a while. So it's a good time for Bumble to level up by bringing in innovative disruptive technologies. Consider the buying-interest signal sent.
Dating.com Unveils Virtual Reality Feature
PR NEWSWIRE – Dating.com, part of Social Discovery Group, is introducing a new VR feature. With this launch, users can now engage in 360° VR video chats with other members, promising a more lifelike communication experience. To access the tool, users are required to have a compatible VR headset. Prior to this feature update, singles were given the option to use video chats within apps. Last year, 3,222,993 video dates were facilitated for users across platforms, which is 1.3M more than in 2022.
Bumble Q1 2024 Results: Revenue up 10%, Net Earnings ~$34M
BUSINESSWIRE – Bumble Q1 total revenue is up 10% YOY to $268M. Bumble app revenue increased 11% to $216M and the app's paying users increased 18% to 2.7M. Badoo app and other revenue increased 6.9% YOY to $52M. Total paying users across all apps increased to 4M, compared to 3.5M in Q1 2023. Net earnings were $33.9M, or 12.6% of revenue, compared to net loss of $2.3M in Q1 2023.
Match Group Q1 Results: Revenue up 9%, Tinder Payers Down 9%, Hinge Revenue up 50%
MATCH GROUP – In the Q1, Match Group revenue grew 9% YOY to $860M. Tinder direct revenue increased 9% YOY to $481M. However Tinder payers declined 9% YOY to just under 10M, due to the continuing effects of last year's price optimizations and MAU declines. Tinder payers were down ~255K on a sequential basis. Subscription revenue grew 17% YOY while à la carte revenue, which comprises ~20% of Tinder's direct Revenue, fell 13% YOY primarily due to MAU declines and lower purchase volumes per user. Hinge direct revenue grew 50% YOY to $124M, driven by a 31% increase in payers to 1.4M. Hinge continued to resonate with users in English-speaking and Western European markets, with total downloads across all markets growing 20% YOY in Q1. Match Group Asia businesses' revenue declined 6% YOY to $71M. Direct revenue growth at Azar was more than offset by continued declines at Pairs and Hakuna. Q1 Operating Income was $185M, down 7% YOY.
Dating App So Syncd Is Shutting Down
LINKEDIN – So Syncd, a dating app known for matching users based on Myers-Briggs personality types, is closing down to refocus its business on content creation around dating, personality development, and personal growth. Launched in Jan 2020 by sisters Jess and Lou Alderson, the app facilitated ~6K relationships before the founders decided to shift towards expanding their media company. The company raised ~€827K in seed funding to expand in the US.
Bumble’s Rebrand: ‘We’ve Changed So You Don’t Have to’
MEDIAWEEK – Bumble has rebranded its dating app to better serve women, introducing the "Opening Moves" feature, allowing women to set questions for matches to answer. According to Bumble's research, 75% of women value an app's look and feel, and 65% say design impacts usability. Lucille McCart, Bumble's APAC communications director, spearheaded the rebrand to address community feedback and provide women with greater control over their dating experiences. The campaign, reflecting the rebrand named "We've changed so you don't have to," emphasizes Bumble's commitment to empowering women.
