Category: Match Group

Match Group CEO Bernard Kim Highlights the Effectiveness and Importance of Online Dating

Posted on June 11, 2024

Match GroupTHE FINANCIAL – Online dating is now a key way people find love, with Match Group's platforms having ~15M paid users. Despite dating complications, especially during COVID-19, interest in relationships remains high, with online dating users expected to reach 66M by 2028. Under CEO Bernard Kim, Match Group saw a 9% earnings increase in Q1-2024, highlighting the effectiveness of digital connections. While not every online dating encounter ends in a successful romance, Match Group CEO Bernard Kim emphasizes that dating apps have been proven to work, and evolving technology stands to help make even more precise and inventive matches for people moving forward.

See full article at The Financial

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Dating Services as a Future Company Perk?

Posted on June 5, 2024

Dating Services as a Future Company PerkFORBES – As of recent statistics, ~31% of adults in the US are single, which translates to ~77M people. Applying a similar proportion globally, this would suggest ~2.48B single adults worldwide. Loneliness can lead to mental health issues such as depression and anxiety. Single people may encounter financial challenges since they rely solely on one income. One intriguing and bold idea that is gaining traction is the inclusion of dating services as a company perk. Bumble offers paid leave for employees experiencing relationship-related issues. Match Group also provides employees with free access to their apps, subtly blending personal life support into their perks package.

by Soulaima Gourani
See full article at Forbes

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Dating Apps Aim to Ensure Users and Investors Don’t Swipe Left

Posted on May 30, 2024

Dating-apps-connected-economyTHE TIMES – Dating apps face challenges after years of growth, with declining user numbers and management changes. Match Group's value dropped from over $40B in 2021 to $7.8B. The number of paying customers is declining by 9% in its sixth consecutive quarter. At Bumble, Lidiane Jones replaced Whitney Wolfe Herd as CEO in January. She has already laid off 350 employees. Shares in Bumble have fallen by ~30% over the past 12 months and the company is now worth $2B, down from the $13B shortly after the 2021 IPO. Mark Brooks, the CEO of Courtland Brooks, a business that provides consultancy services to online dating companies, said that a proportion of users were willing to pay a premium for dating apps. "They're leaving a lot of money on the table," he said. "There's a small portion of people who are willing to pay considerably more. Some people don’t have time, they just want dates, so the more you can help them with that, they'll pay disproportionate amounts and spend $500 a month, perhaps, which is what Tinder is playing with right now." Acquisitions also have a role to play in helping Match to grow. Hinge, bought by the group in 2018, has been an important investment. It describes itself as the app that is "designed to be deleted". Brooks said: "Theoretically they wouldn't want users to delete the apps because they're not going to get paid any more, but they’re conveying that it's the app for a high-quality experience. Hinge is important to Match. It offsets some of the decline in user weakness for Tinder. But it is still small relative to the size of the group." Others in the industry are also hoping to shake up the market. One such is Thursday. Founded by Matt McNeill Love and George Rawlings, the dating app, as its name suggests, works only on Thursdays, when it hosts singles events in various locations in cities such as London and New York.

by Emma Taggart
See full article at The Times

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North Star Boys Hook up With Dating App Yuzu for New Campaign

Posted on May 30, 2024

YuzuMUSIC ALLY – Yuzu is the latest app from Match Group, focusing on the Asian community, and that's reflected in one of its first music marketing partnerships. It's with North Star Boys, the Asian-American boy-band who've been building a following on Instagram, TikTok and YouTube in recent years. The campaign includes an in-app event featuring the group, themed around Asian American and Pacific Islander month, as well as a chatroom where members of North Star Boys will be dropping in.

by Stuart Dredge
See full article at Music Ally

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Young Women Falling out of Love With Dating Apps

Posted on May 27, 2024

Young woman on tinderFINANCIAL TIMES – Dating apps like Tinder and Bumble are enhancing features and rebranding to attract more Gen Z women, addressing concerns of burnout and safety. Female users report burnout, unsolicited content, and threats, prompting improved content moderation and verification. Market shares of Match Group and Bumble have significantly dropped. New features include Bumble's "opening moves" and Tinder's AI photo selection. Bumble faced backlash for ads mocking celibacy. Both apps see a decline in active users, highlighting the challenge of engaging young women, a crucial demographic for their success.

See full article at Financial Times

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Match Group Joins Coalition to Combat Online Fraud

Posted on May 22, 2024

Match GroupPR NEWSWIRE – Tech companies, including Coinbase, Match Group, Meta, and Ripple, have formed the Tech Against Scams coalition to combat online fraud. This coalition will share best practices, threat intelligence, and educate consumers to prevent scams like "pig butchering." The initiative aims to disrupt scam networks through collaboration and support law enforcement investigations globally.

See full article at PR Newswire

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Tinder and Bumble to Explore New Avenues Amidst Revenue Challenges

Posted on May 16, 2024

Match Group Bumble logosBLOOMBERG – Tinder and Bumble are diversifying their services beyond dating due to slowing sales growth and declining user engagement. Bumble anticipates a growth slowdown to 9% this year, down from 31% in 2021, and is repositioning itself as a broader human connection platform. Meanwhile, Match Group reported lower-than-expected revenue projections and a drop in paying users. Financially, this has led to a significant reduction in the market valuations of these companies, with Match Group's valuation falling from a peak of $50B to $8B, and Bumble's valuation also substantially decreasing. In contrast, Grindr has shown resilience and growth potential in its niche market despite facing legal challenges.

by Alex Webb
See full article at Bloomberg

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Match Group Q1 Results: Revenue up 9%, Tinder Payers Down 9%, Hinge Revenue up 50%

Posted on May 8, 2024

Match GroupMATCH 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.

See full article at Match Group website

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Match-Owned Archer Hits Over Half a Million Installs

Posted on May 6, 2024

Archer logoTECH CRUNCH – Despite a general slump in the dating app industry, Match Group's Archer app has achieved ~685K downloads since its launch last year. Aimed at gay, bi, and queer men, Archer offers a fresh take on the gay dating scene by incorporating safety features like AI-monitored chats and selfie verification to combat negative behaviors like body shaming and racism. The app distinguishes between casual and serious daters with different user interfaces. With 74% of its users looking for friendships, Archer is focusing on community-building features and plans to introduce a Stories feature and more AI integrations in the future. Match Group is investing significantly in AI, planning to spend $20-30M in 2024 and collaborating with OpenAI.

by Lauren Forristal
See full article at Tech Crunch

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Match Group Key Safety Features

Posted on May 6, 2024

Match Group logoAXIOS – Match Group invests heavily in online dating safety, spending $125M annually on trust and safety initiatives. The company utilizes AI and manual moderation tools to scan profiles for red flags, review suspicious activity, and detect fraudulent accounts. Notable safety features include:

  • Photo Verification
  • Anti-Harassment Prompts: The "Are You Sure?" feature uses AI to prompt users to reconsider sending potentially offensive messages.
  • Safety Center: Provides resources, tips, and information on safe dating practices.
  • Share My Date and Long Press Reporting: These features enable users to share date details for safety and easily report offensive messages directly from the chat.

See full article at Axios

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