Month: August 2024

Investors Are Getting Back Together With Match Group, Sending Shares up 14%

Posted on August 2, 2024

Match GroupFAST COMPANY – Match Group has attracted activist investors seeking changes to revitalize Tinder and the dating app industry. The company reported better-than-expected Q2 results, boosting shares by 14%. Tinder's paying users stabilized at 9.6 million, slightly above estimates, signaling recovery. CFO Gary Swidler emphasized 2024 as a year of progress, focusing on stabilization and improvement. Despite positive trends, Match shares remain 17% lower than last year. The company is laying off 6% of its workforce and shutting down live streaming services to focus on generative AI tools. Activist investors urge strategic changes, with some suggesting potential sales if improvements falter.

by Jessica Bursztynsky
See full article at Fast Company

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Second Quarter 2024 Financial Highlights

Posted on August 2, 2024

Match Group logoPRESS RELEASE – In Q2 '24, Match Group reported a 4% revenue increase to $864M, or 8% when adjusted for foreign exchange, totaling $892M. Operating income decreased by 5% to $205M. Tinder saw a modest 1% growth in direct revenue to $480M, while its user base declined by 8%. In contrast, Hinge experienced a 48% revenue increase to $134M, driven by a 24% rise in payers. Both apps implement features like AI-driven photo selection and "Your Turn Limits" to address user challenges, such as dating fatigue, and improve the overall dating experience by emphasizing safety and meaningful connections.

See full report here

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Bumble and Hinge Allowed Stalkers to Pinpoint Users’ Locations Down to 2m, Researchers Say

Posted on August 2, 2024

BumbleTECH CRUNCH – A group of researchers from the Belgian university KU Leuven said they found vulnerabilities in the design of some dating apps, including Bumble and Hinge, that allowed malicious users or stalkers to pinpoint the location of their victims down to 2 meters. All the apps that had these issues and that the researchers reached out to have now changed how distance filters work. A Bumble spokesperson said that the company was "made aware of these findings in early 2023 and swiftly resolved the issues outlined."

by Lorenzo Franceschi-Bicchierai
See full article at Tech Crunch

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Hinge’s Plan to Tackle ‘Dating Burnout’

Posted on August 1, 2024

Hinge Your Turn LimitsNEWSWEEK – Hinge is addressing dating app burnout with a new feature, "Your Turn Limits," designed to reduce ghosting and enhance meaningful interactions. This feature limits users to eight unanswered messages, encouraging them to focus on quality conversations. Hinge's founder, Justin McLeod, stated that the feature aims to alleviate user fatigue by prioritizing intentionality in dating experiences. The initiative follows Hinge's research, which found that quick replies increase the likelihood of a date by 72%. Launched in select markets in May, Hinge is gathering feedback on "Your Turn Limits" to assess its effectiveness in improving user engagement.

by Maria Morava
See full article at Newsweek

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Date Like Goblins Is a New Gaming-Focused Dating Platform

Posted on August 1, 2024

Date Like GoblinsTECH CRUNCH – Date Like Goblins is a new dating platform designed for gamers, especially those who are neurodivergent or introverted. The platform, set to launch this fall, offers a casual dating experience by allowing users to connect through voice chat while playing video games. Users can find matches based on interests and schedule virtual gaming dates, primarily through Discord. Date Like Goblins also offers "Goblin Mode," which doesn't require photos. The platform emphasizes user safety with planned features like ID verification and moderation systems. A Kickstarter campaign offers early access and discounted memberships before the full launch in Nov. Date Like Goblins was founded by Lise Keeney, an avid World of Warcraft player and former publicist for Hinge.

by Lauren Forristal
See full article at Tech Crunch