HILY – The Gen Z and Authenticity Study by dating app Hily reveals that ~90% of men and 94% of women believe dating is enjoyable only when people are honest. However, just 59% of Gen Z men and 60% of Gen Z women choose to be completely honest on their dating profiles. Over 41% of women worry they aren't attractive enough, while 34% of men share this concern. Fear of judgment affects 40% of women and 27% of men. Additionally, 36% of women fear rejection, compared to 26% of men. Despite the desire for authenticity, many users feel pressured to present an idealized version of themselves on dating apps.
Month: September 2024
House Swipes Right on Online Dating Safety Bill
LAW360 – On Monday, the House passed a bipartisan bill via voice vote requiring dating apps to notify users when they're communicating with known fraudsters. The Online Dating Safety Act of 2023 mandates that dating services must alert users if they've exchanged messages with someone banned for fraudulent activity. Notifications will include:
- The username or profile ID of the banned user.
- A warning that the individual may have used a false identity or attempted fraud.
- A reminder not to send money or financial info to other users.
- A link to tips for avoiding online fraud.
- Contact info for customer support.
The Federal Trade Commission (FTC) will enforce these new protections.
Tokyo Launches AI-Powered Dating App to Encourage Marriage Among Residents
SORANEWS24 – Tokyo has launched its official AI-powered dating app, Tokyo Enmusubi, aimed at helping residents find long-term partners. To use the app, residents must pay a registration fee of 11K yen ($74), submit verification documents, and undergo a virtual interview. The app targets serious users and matches people based on compatibility tests. It also provides consultations with staff to assist users throughout the dating process. The app is designed to encourage marriage among Tokyo's residents, addressing the 69.3% who haven't yet taken steps toward finding a partner.
happn Expands CrushPoints Feature, Connecting Singles Through Shared Favorite Locations
THE TIMES OF BENGAL – happn, a dating app with ~41M users in India, has expanded its CrushPoints feature to allow users to add favorite places like restaurants and parks to their profiles. This helps singles connect based on shared locations. In partnership with Foursquare, happn integrates a vast array of global locations. happn plans to integrate advertising based on user interests and aims to double its B2B revenues by 2025.
New Indian Dating App Juleo Raises $2.5M With Focus on Privacy and AI
YOUR STORY – Juleo, a Delhi-based dating app founded in 2023, focuses on AI-driven matchmaking and strict ID verification to ensure safe, real-life connections. The app recently secured $2.5M in angel funding from notable tech entrepreneurs. Juleo prioritizes privacy, especially for women, with profiles set to private by default. It has ~50K downloads and offers premium membership services. Currently available for heterosexual matches, Juleo plans to introduce LGBTQA+ options soon.
Hinge CEO Says He Bribed Students With KitKats
FORTUNE – Justin McLeod, founder of Hinge, started the dating app while at Harvard Business School. Initially struggling to attract users, he bribed students with KitKats and managed to attract only a few dozen sign-ups daily. To fund the app, McLeod collected checks of $5K to $10K from anyone willing to invest. He even deferred a job offer from McKinsey with a six-figure salary to focus on Hinge, eventually turning it into a success. By 2015, Hinge raised $26M before being acquired by Match Group. Today, McLeod remains Hinge's CEO, with the app earning $396M in 2023. He advises Gen Z entrepreneurs to balance idealism with practicality, encouraging them to take action rather than overthink their career paths.
Over 50s Is the Most Lucrative Age Group for Speed Dating
Hinge Introduces ‘Your Turn Limits’ to Boost Responsiveness and Quality Matches
HINGE – Hinge has launched "Your Turn Limits," a feature aimed at increasing responsiveness by requiring users with many unanswered messages to respond or end conversations before connecting with new matches. In testing, it boosted responsiveness by 20%, with 48% of users focusing more on quality over quantity of matches.
Activists Push for Change at Match Group Following Post-Pandemic Slowdown and Valuation Drop
FINANCIAL TIMES – Starboard Value revealed in July that it had built a 6.6% position in Match Group. Elliott Investment Management, according to S&P Global Market Intelligence, amassed a stake of 4.5% earlier this year and got Match to add two new board members and sign an information-sharing pact. Anson Funds Management, a smaller fund, also has a stake. Activists have good reasons to push for change. Dating apps enjoyed a surge in popularity during Covid-19 but have struggled with a post-pandemic slowdown in growth. At its 2021 peak, Match was worth ~$50B. Its value now stands at just $9.3B. Bumble, which went public in 2021, is down 90 % since its IPO. Match still remains highly cash-generative, with $829M in free cash flow last year. Starboard thinks there is an upside if Match can turn around Tinder, cut costs and ramp up buybacks. The activist sees potential in Hinge. However, it also urged Match to consider selling itself if it cannot revitalize the business.
See full article at Financial Times
See the top news on Match Group See the top news on Tinder
See the top news on Hinge See the top news on Bumble
Tinder Launches ‘Take Action Center’ to Mobilize Young Voters for 2024 Elections
TINDER PRESS ROOM – Tinder has launched a 'Take Action Center' powered by Vote.org to help single voters, particularly those under 36 using dating apps, engage in the November 2024 elections. A survey shows that 70% of these "Tinder Singles" plan to vote, making them a significant voting bloc. The 'Take Action Center' provides registration info, polling locations, and voting resources directly through the app. Tinder has also teamed up with Vote.org to host a voter outreach event at the Eras Tour in Indianapolis. This initiative continues Tinder's efforts to boost voter turnout and support reproductive rights.
