Category: Match Group

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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Match Group Q3 Earnings Report Preview: What to Look for

Posted on November 5, 2024

Match Group logo largeINVESTING – Match will report earnings tomorrow after market hours. Match Group met analysts' revenue expectations last quarter, reporting revenues of $864.1M, up 4.2% YOY. However, it was a slower quarter for the company, with a decline in users. It reported 14.84M users, down 5%YOY. This quarter, analysts expect Match Group's revenue to grow 2.2% YOY to $900.9M, slowing from the 8.9% increase recorded in the same quarter last year.

See full article at Investing.com

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Texas Law Shields Tinder and OKCupid from Biometric Privacy Suit

Posted on November 4, 2024

Lawsuit dismissed
ID TECH – A federal judge in Dallas dismissed a biometric privacy lawsuit against Match Group, owner of Tinder and OKCupid, which alleged violations of the Illinois Biometric Information Privacy Act (BIPA) due to collecting user biometric data without proper consent. The case involved Tinder's 2020 photo verification feature using video selfies. Judge David C. Godbey ruled that Texas law was applied based on the apps' terms of service, which does not allow individuals to sue over biometric privacy like Illinois' BIPA.

See full article at ID Tech

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Critics Compare Dating Apps to Gambling, Highlighting Exploitation and Addictive Features

Posted on November 4, 2024

Addicted to love how dating apps ‘exploit’ their users Online datingTHE GUARDIAN – Critics compare dating apps like Tinder, Bumble, and Hinge to gambling products, arguing they exploit users with addictive, game-like features and pay-to-play upgrades that drive revenue instead of fostering genuine connections. In the UK, 4.4M adults use these platforms, with about a quarter paying for services, generating £150M annually and making the UK the third-largest market globally after the US and China. Match Group, which holds a 60% share of the UK market, does not track how many lasting relationships its 55B matches have produced. Allegations include deceptive algorithms that encourage continuous use and subscriptions. Experts compare these apps' financial models to gambling, using unpredictable rewards to keep users hooked. Match Group denies these claims, stating its goal is to help users form real connections. Calls for tighter regulation are increasing as users report feeling exploited.

by Siân Boyle
See full article at The Guardian

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Match Group Owned Azar Aims to Revive Random Video Chat the U.S.

Posted on October 22, 2024

Azar

TECH CRUNCH – Azar, a random video chat app owned by Match Group, has facilitated ~100B global chats and is now entering the U.S. market. Targeting mostly Gen Z users, it seeks to revive the popularity of random chat platforms like Chatroulette and Omegle, but faces challenges due to the negative reputation of these apps, including safety concerns. Azar employs AI and human moderators to prevent inappropriate content, distinguishing itself from its predecessors. Though not a dating app, some use it for that purpose, and its real-time translation feature connects users across languages. CEO Linda Kim believes their focus on safety will help Azar succeed in the U.S.

by Amanda Silberling
See full article at Tech Crunch

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Dating Apps Revive In-Person Connections With Real-World Events

Posted on October 14, 2024

Dating app eventsSLATE – Dating apps are reviving in-person connections with events like Tinder's Chaotic Singles Parties and Ice Cream Socials in cities such as Miami, Los Angeles, and New York, offering real-world mingling opportunities. Bumble hosts Bumble IRL, providing offline meetups, while Feeld organizes Feeld Socials for face-to-face interaction. Match Group's Yuzu app also runs speed-dating events, aiming to move beyond digital swiping and foster more personal connections. These initiatives respond to growing dissatisfaction with purely online dating, helping singles reconnect in real life.

by Magdalene Taylor
See full article at Slate

Mark Brooks: Singles events on dating apps are window dressing and a means of generating buzz if they're done exceedingly well. They are a pain to manage and execute well but should be in every dating app's arsenal to show to the world that they can, indeed, draw a crowd.

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Match Group Promotes Steven Bailey as CFO, Gary Swidler to Continue as President

Posted on October 9, 2024

Match Group logoPRESS RELEASE – Match Group has promoted Steven Bailey to Chief Financial Officer, effective March 2025, while Gary Swidler will remain President. Bailey, who has been with the company since 2012, previously served as Senior Vice President of Financial Planning & Business Operations, overseeing financial strategy, real estate, and business technology. Before Match Group, he held financial leadership roles at Dow Jones. Match Group will host its first Investor Day on December 11th to share insights on its long-term strategy and growth plans.

See full article at Match Group website

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New Competitors – Sniffies, Archer, and Motto – Challenge Grindr’s Dominance

Posted on October 2, 2024

Motto logoFAST COMPANY – Sniffies, Archer, and Motto are emerging competitors to Grindr by focusing on specific aspects of the LGBTQ+ dating scene. Sniffies emphasizes anonymous hookups through a map-based interface, catering to users exploring their sexuality. Archer, from Match Group, targets users looking for more genuine connections by requiring photo verification and focusing on dating rather than casual encounters. Motto, created by Grindr's founder, removes anonymity completely by requiring headshots. Despite these challenges, Grindr remains dominant, expanding its features and focusing on user needs.

by Henry Chandonnet
See full article at Fast Company

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Dating Apps Shift Focus to Friendship Amid Growth Challenges

Posted on September 30, 2024

Bumble For Friends logoFINANCIAL TIMES – Bumble, Match Group, and Muzz are expanding into friendship and community-building to boost growth as dating app usage slows post-pandemic. Bumble is scaling its BFF app and recently acquired Geneva, a community-building product. Match launched Yuzu, allowing users to toggle between social and dating modes. Muzz introduced Muzz Social, connecting users by location and interests.

See full article at Financial Times

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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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