Category: Outlets – Financial Times

Tinder and the Old-fashioned Art of Matchmaking

Posted on October 30, 2023

Tinder Matchmaker feature1FINANCIAL TIMES – Tinder's 'Matchmaker' enables parents and friends to recommend dates and bring "your circle of trust into your dating journey". Mark Brooks, a consultant to dating apps [Courtland Brooks], says "Indian apps have been doing this for years." Matrimonial sites such as Shaadi.com let users say if their profile was created by themselves, a sibling, friend or parent. For those in the west, Brooks says, matchmaking features can be "amusing", even "transformative". We can be delusional about ourselves and our interests – notably our athleticism. "Some people really need a little reality check . . . Friends or family can spot potential red flags in profiles."

Colleen Sinclair, Professor at Louisiana State Uni., conducted an experiment to see if Americans would take advice regarding online dates. "Friends tend to be the primary source of relationship advice. Ultimately when you have lots of choices we like things that help us narrow them down. Whenever we're in a situation which [has] no script, our instinct is to go to others for help."

A recent Stanford University study found a large % of Tinder users were not looking for dates, with almost two-thirds already in a relationship. One of the authors said many "reported using the app for social connectedness, entertainment and distraction". As a parent, the prospect of checking out an offspring’s dating life is tantalising. Interfering might not ruin a budding relationship, but this constant presence does little to cultivate independence.

by Emma Jacobs
See full article at Financial Times

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Social Media Platforms Must Abandon Algorithmic Secrecy

Posted on June 18, 2021

AlgorithmsFINANCIAL TIMES – June 18 – More transparency is required about the algorithms that wield enormous power over billions of people. But while these algorithmic forces impact our daily lives in beneficial ways, they are often inaccessible and mysterious to the average citizen. Most of us have neither the training nor the faculties to understand how these systems impact us. The algorithms are often protected as trade secrets, and not found on a publicly accessible registry such as the US or UK Patent Office. By disclosing their formulas, open-source algorithms allow a cross section of professionals to examine the fundamental principles at play. Security researchers can determine whether our personal data were put at risk during algorithmic processing. Human rights organisations can help to avoid infringement of our fundamental freedoms. Academics can dig into these systems for bias. "Users have the right to know what inputs are being made both into the algorithms that choose their content and those used to moderate their content," says Jillian York, author of Silicon Values.

by Frederick Mostert & Alex Urbelis
See full article at Financial Times

Bumble IPO Filing Details $125M Cash Payout and Loan to Founder

Posted on January 19, 2021

Bumble whitney wolfe herd 2020FINANCIAL TIMES – Jan 18 – Bumble founder Whitney Wolfe Herd received a $125M payout following a complex reorganisation of the dating app's parent company, according to a regulatory filing ahead of its IPO. Bumble also loaned $119M to an entity controlled by Ms Wolfe Herd. She settled the remainder of the loan this month. The company reported 42.1M monthly active users across Badoo and Bumble at the end of Sep, of which ~2.4M were paying users. But the company's growth has slowed since Blackstone agreed to purchase a majority stake in 2019 and installed Ms Wolfe Herd as CEO. Bumble reported net losses of $117M in the first nine months of last year, a reversal from positive earnings of $69M during the same period in 2019, but a figure that the company said was affected by transaction costs. In the first nine months of 2020, Bumble reported revenues of $417M, up 14.9% YOY. The company said it would use IPO proceeds largely to pay down debt and repurchase equity interests from private shareholders.

by Miles Kruppa & Hannah Murphy
See full article at Financial Times

See the top news on Bumble

How Tinder Became the App That Defines Online Dating

Posted on January 9, 2021

Tinder logo classicFINANCIAL TIMES – Jan 8 – In the Q2 of 2020, Tinder reported a record 3B swipes in a single day. Shares in parent company Match, whose subsidiaries also include Hinge and OkCupid, traded at a record high in mid-December as it joined the Nasdaq 100. Rival Bumble has taken the opportunity to reportedly file for an IPO. When Match listed in 2015 it priced its shares at $12 each. They now change hands for $153. Success is down to Tinder's relatively simple set-up. Tinder, which accounts for more than half of Match's 11M subscribers, has a subscription level that allows users to see who likes them. This lure has helped Tinder convert free users to subscribers without spending large sums on marketing. Five years ago, Zoosk revealed that it was spending 84% of revenues on marketing before it pulled plans for an IPO. Tinder spent the equivalent of 20% of revenue on marketing in the most recent quarter.

by Elaine Moore
See full article at Financial Times

See the top news on Tinder                     See the top news on Bumble
See the top news on Match Group           See the top news on Zoosk

MagicLab Billionaire Andreev to Launch New Mobile App Business

Posted on February 1, 2020

Andrey andreev 2020 linkedinFINANCIAL TIMES – Jan 31 – Blackstone's all-cash acquisition of Mr Andreev's stake in MagicLab (Badoo, Bumble) closed this week, valuing the group at around $3bn. Mr Andreev (45) said. "It's given me ability, time and money . . . I don't want to retire." He said that one idea is focused on charity and donations – something he wants to make "more accessible . . . the same as what I did with dating". MagicLab is now led by Whitney Wolfe Herd. Andreev founded Badoo (now 425m+ users) in 2006 as a hybrid of social networking and dating and pioneered the "freemium" business model. A non-compete agreement with Magic Lab means that Mr Andreev will no longer be in the dating business. Twenty former Magic Lab staff have joined him in a new venture, based in Mayfair, that will retain Mr Andreev's longstanding focus on mobile apps and social networking. He plans to hire more soon.

by Tim Bradshaw
See full article at Financial Times

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Will Virtual Reality and AI Help People Find Love or Make Us Lonelier?

Posted on September 12, 2019

Virtual reality1FINANCIAL TIMES – Sep 12 – Some dating apps are already using AI to analyse chats and encourage users to set up dates. "We're only just beginning to see what can be achieved through virtual reality,' says Prof Adrian Cheok, director of the Imagineering Institute research project. "Vision and hearing are the easiest senses to replicate. The coming challenges are taste, touch and smell." Devices that incorporate these senses are already being tested. The "Kissenger", developed by Prof Cheok and PhD student Emma Yann Zhang, allows users to kiss from anywhere in the world via an interactive silicon lip. Investors have shown some interest in taking the product to market. In Japan, demand for robotic companions to combat loneliness has grown. Last summer, Saijo city offered the PaPeRo I (Partner-type-Personal-Robot), developed by NEC, to a small number of elderly residents for free. PaPeRos roam around homes, striking up conversations and offering personalised greetings, jokes and reminders about calendar events.

by Martin Coulter
See full article at Financial Times

Match Group to Increase Headcount in Asia

Posted on April 16, 2019

Match group logo jan 2017FINANCIAL TIMES – Apr 15 – Match Group is planning to expand headcount in Asia by 40% this year and overhaul its executive team, as part of a push into the region's online dating market. The group is planing to invest tens of millions of dollars a year on a hiring spree as well as additional marketing in the region. Several directors for individual brands in Asia will now become general managers across all the Match apps. In the past two years, the company has opened offices in South Korea, Japan and Indonesia, and continued to expand its presence in India. The plan is to open an office in Singapore in the coming months. But it does not operate in China, where Tinder is banned. The company is hunting for opportunities for either "incubating or buying" a Chinese dating app.

by Hannah Murphy
See full article at Financial Times

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Inside Facebook’s Dating Experiment in Colombia

Posted on January 7, 2019

Fb dating screenshotFINANCIAL TIMES – Jan 5 – At first glance it resembles other dating apps. Users set up profiles, add photos and write a bit about themselves. They set an age range and a distance range for the people they wish to meet. But instead of swiping left or right, users tap on a profile photo to reveal a profile and can then choose either "pass" or "interested". Tapping on "interested" obliges them to leave a message before moving on to view other profiles. The program suggests dates based on users' Facebook behaviour and interests, but users can also use Facebook's Events and Groups to find a match. Three months after it launched, Facebook is cagey about how many people are using the service, but said it has received "lots of useful feedback" that was helpful as it rolled the service out in Canada and Thailand in November. There is now a "Second Look" option that allows users to review people they rejected first time round and a "Pause" option that temporarily stops dating suggestions without a profile being deleted altogether. The biggest challenge to the success of the service remains Facebook's trust problems, following a series of allegations about its use of the data that it collects.

by Gideon Long
See full article at Financial Times

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US Dating Apps Woo Indian Market

Posted on December 30, 2018

India datingFINANCIAL TIMES – Dec 30 – Bumble launched in India earlier this month, with the high-profile backing of Bollywood actress Priyanka Chopra. At the same time, Tinder has rolled out new features designed to cement its foothold in the country, where it has been operating since 2015. Happn, which matches app users who have crossed paths in real life, has become one of the most downloaded dating apps since coming to India last year. Yet the companies may find Indians difficult to woo. Homegrown matchmaking services with names such as Shaadi.com and Mumbai-listed Matrimony.com, which went public last year in a $78M listing, flourished in India since long before smartphones. According to Matrimony.com almost nine in 10 marriages in India are arranged. But Matrimony.com's share price has fallen 45% over the past year, and profits in the most-recent quarter fell 30% YOY to $1.9M. The foreign apps have yet to prove that the Indian market can be lucrative. Whitney Wolfe, Bumble's CEO and founder, said: "We're entering with purpose, with mission, with a really nuanced, customised product." Far more men in India use dating apps than women, who often stay away due to safety concerns and stigma. ~85% of Happn's users in India are men. But Bumble argues its women-first brand and safety features mean it is best placed to attract female users. In September, Tinder introduced a tool that also gave Indian women the prerogative to initiate a conversation with a match.

by Benjamin Parkin
See full article at Financial Times

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The New Breed of Elite Dating Apps Designed for Wealthy Singletons

Posted on November 27, 2018

Luxy iconFINANCIAL TIMES – Nov 26 – Elite platforms are unashamedly catering to professionals, the wealthy, the highly educated and celebrities. The most controversial is Luxy, which described itself when it launched in 2014 as "Tinder, minus the poor people". Luxy declined to provide figures on its profits or revenues, but says it has been profitable since its first year of operation and now has ~2M users. New members must first pass a 24-hour approval process. Only 10-15% are accepted and the company claims that half of its active members earn ~$500K. The Inner Circle, which describes itself as an "exclusive community" was launched in 2012 in the Netherlands. It organises social gatherings for its members, such as polo tournaments, gallery openings or cabaret nights. Members are vetted according to profession, age and the quality of the pictures they submit. The company also declines to share the revenue figures, but says it is profitable, employs ~20 staff and has 1.3M approved members globally. The League, launched in the US in 2015, caters to professionals who are screened based on what industry they work in, their university education and how many LinkedIn connections they have. Toffee, a dating app exclusively aimed at the privately educated, launched in the UK this year. Lydia Davis, co-founder of the app, estimates Toffee will make $10M in revenues in 2019 if the app is as successful overseas as it has been initially in the UK.

by Madison Marriage
See full article at Financial Times

See all posts on Luxy                         See all posts on The League
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Summarized by the IDEA team