Category: Hinge

Gen Z Is Breaking up With Dating Apps, Ofcom Says

Posted on November 29, 2024

TinderTHE GUARDIAN – Ofcom reports a decline in the use of top UK dating apps like Tinder, Hinge, Bumble, and Grindr, with Gen Z increasingly favoring real-life connections. Tinder lost 600K users, and Hinge dropped by 131K since 2023. Analysts suggest the novelty of dating apps is fading for younger users, who now romanticize in-person interactions. Apps still appeal to younger adults, reaching 18% of 18-24-year-olds, but challenges like safety concerns and overwhelming choices persist. Match Group acknowledges the shift, aiming to create lower-pressure, more authentic experiences for Gen Z users.

by Dan Milmo
See full article at The Guardian

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New Dating Apps Betting on Matchmaking

Posted on November 28, 2024

Cheers logoBUSINESS INSIDER – Several new "matchmaking" dating apps have launched in the past year, addressing dating-app fatigue. Sitch is an AI matchmaking app launched in New York in November. Cheers is an app that lets friends play matchmaker in a social-media feed, launched in October. Facebook Dating even launched a matchmaking feature last month. Tinder's cofounder and former CEO, Sean Rad, said on a September episode of the 20VC podcast that he had always imagined the dating app moving beyond swiping and into matchmaking. In 2017, Hinge launched a stand-alone app called Matchmaker that lets friends swipe for each other. It appears to have since shut down. Tinder, also owned by Match Group, launched a similar feature in 2023.

Loop is a matchmaking app where everyone can set up their single friends. Only a third of the user base are singles; the rest are friends and family members or even professional or hobbyist matchmakers. Loop launched in 2023 and is currently free for all users.

Arrange should launch in December and will let users link their profiles with a "scout," a trusted friend or family member, who can talk with potential matches ahead of time and vet for compatibility.

Amori is a dating-advice app with characters users can chat with, is experimenting with matchmaking using a personal assistant (though it isn't live within the app yet).

by Sydney Bradley & Daniel Latu
See full article at Business Insider

Match Shares Tumble, Signaling an Opening for Dating Startups

Posted on November 11, 2024

Dating apps many on screenBUSINESS INSIDER – Match and Bumble stocks wavered. Tinder expects another drop in paying users in Q4. A 2024 Forbes Health survey reported 78% of Americans felt exhausted by dating apps. Match Group shares dropped 18% Thursday after Tinder paying users fell 4% to 9.9m in Q3. Hinge Q3 revenue grew 36%. Bumble saw 10% paying user growth to 2.9m. ARPU dropped 10%. Revenue was flat, dropping 0.7% to $274m.

Hinge now limits users' simultaneous match conversations to reduce unanswered messages to help "daters shift their mindset from quantity to quality of matches" and follow through with their matches. This is helping increase response rates on the app.

Earlier this year, Bumble acquired Geneva, a group chat app for niche communities for $17m. Bumble founder and chair Whitney Wolfe Herd said we "will not be a dating app in a few years" but rather for "human connection." CEO Lidiane Jones said the company will "enable the next generation of online-to-real-world connections."

by Dan Latu, Katie Balevic & Sydney Bradley
See full article at Business Insider

Mark Brooks: Dating companies need to persuade the public they have their best interests at heart. User sentiment is changing. We need to solve the continuity problem by broadening our perspective while increasing our sheer utility in dating. AI is the future.

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Match Group Q3 Financial Results

Posted on November 7, 2024

Match Group logo MATCH GROUP – In Q3 2024, Match Group's revenue grew by 2% YOY, reaching $895M. The period saw a 3% decline in total payers to 15.2M, while revenue per payer increased by 5% to $19.26. Operating income fell 14% to $211M due to impairment costs associated with phasing out certain live streaming services, although adjusted operating income rose 3% to $343M. Share repurchases continued, totaling $241M for the quarter.

Tinder's performance showed improvement, with a 4% decline in payers, less than Q2's 8% drop. Hinge achieved significant growth, with direct revenue up 36% YOY and reaching record downloads in the U.S. and Europe. Match Group Asia saw steady growth for Azar, especially in Europe, while Evergreen and Emerging brands continued expanding into specific demographic markets.

Match Group expects Q4 revenue between $865-$875M, with slight growth excluding revenue from discontinued services. An Investor Day scheduled for December 11, 2024, will outline further strategic insights.

See full article at Match Group website

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Hinge’s CEO Tackles Dating App Frustrations

Posted on November 7, 2024

Hinge Justin McLeod 2024NPR – Hinge is experiencing revenue growth, up 36% from last year, as it addresses user frustrations common with dating apps. Hinge's CEO, Justin McLeod, aims to improve user engagement and prevent "dead-end" conversations by limiting new matches until users respond to existing ones, a feature that has increased match-to-date conversions by ~20%. Hinge also plans to implement guidance nudges to help users progress from chatting to in-person dates.

by Darian Woods & Wailin Wong
See full article at WVIK

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Gen Z’s New Dating Trend – Voice Notes Before First Dates

Posted on October 28, 2024

Hinge Voice note
YAHOO LIFESTYLE – Gen Z and millennials are using voice notes before first dates to gauge personality and interest, a trend that surprises older generations. Hinge reports voice note conversations are 87% more likely to lead to a date, with users finding them helpful in assessing compatibility.

by Tahlia Pritchard
See full article at Yahoo Lifestyle

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Dating App Ad Spending in 2024 Set to Surpass 2023, With Bumble Leading the Charge

Posted on October 23, 2024

Tinder advertisingMEDIA POST – Dating app ad spending in 2024 is set to surpass 2023's total, with the top six apps (Bumble, eHarmony, Grindr, Hinge, Match.com, and Tinder) spending $147M by July, compared to $220M for all of 2023. Bumble has overtaken Tinder as the top advertiser, spending $44M, driven by a major rebranding effort. Despite a rise in consumer burnout with dating apps, including 78% reporting occasional fatigue, platforms are increasing their marketing to regain interest. Match Group plans to boost marketing for Hinge and Tinder in Q3, while Bumble will also increase its Q4 spending to attract users.

by Danielle Oster
See full article at Media Post

Hinge CEO Says He Bribed Students With KitKats

Posted on September 25, 2024

Hinge Justin McLeod 2024FORTUNE – 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.

by Orianna Rosa Royle
See full article at Fortune

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Hinge Introduces ‘Your Turn Limits’ to Boost Responsiveness and Quality Matches

Posted on September 23, 2024

Hinge Your Turn Limits
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.

See full article at Hinge website

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Activists Push for Change at Match Group Following Post-Pandemic Slowdown and Valuation Drop

Posted on September 23, 2024

Match Group logoFINANCIAL 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

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