Skip to main content

Tinder to launch a ‘high-end’ membership with limited availability

 




Tinder is gearing up to launch a new "high-end" membership later this fall, along with a product refresh designed to better cater to Gen Z users. This information was revealed by Match Group, Tinder's parent company, during its Q2 2023 earnings release.


The new Tinder membership, confirmed by Tinder's Chief Product Officer, Mark Van Ryswyk, was previously referred to as "Tinder Vault" and is expected to cost around $500 per month. The idea for this premium offering came from Match Group's acquisition of The League, a high-end dating app that could cost users up to $1,000 per week. The success of such premium services suggests that there is a market of users willing to pay for top-quality matches and experiences that can lead to meaningful relationships. However, it's important to note that the new Tinder membership will be technology-driven and won't rely on human matchmakers.


While specific details about the new membership were not disclosed in the shareholder letter, the company mentioned that it will come with substantial benefits and will be limited in availability, making it an exclusive offering.


Additionally, Tinder is planning an important product refresh in the second half of the year, aiming to better cater to its core Gen Z audience. This refresh will introduce features like prompts, quizzes, and conversation starters, and will also leverage AI to personalize content for users. The core Swipe feature will remain central to the Tinder experience, but these changes are meant to make the app more dynamic and engaging. The company expects to roll out these features in select markets later this month.


In Q2, Match Group generated $830 million in revenue, a 4% year-over-year increase. The company forecasts next quarter's revenue to be between $875-885 million, citing Tinder's return to growth as a contributing factor. Tinder alone was responsible for $475 million in direct revenue during Q2, a 6% year-over-year increase. This growth was attributed to strategic optimizations and a successful marketing campaign called "It Starts with a Swipe," which encouraged new user signups and re-engaged lapsed users.


However, the pricing optimizations resulted in a decline in paying subscribers, down 4% year-over-year to 10.5 million. Overall, Match Group's paying subscribers declined 5% year-over-year to 15.6 million.


Among other earnings highlights, Hinge, another dating app under Match Group, saw impressive growth, being listed as one of the top three dating apps by downloads in 14 global markets. It generated $90 million in revenue during the quarter, a 35% year-over-year increase, with 1.2 million paying users.


Overall, Match Group reported an operating income of $215 million, representing a margin of 26%. The adjusted operating income was $301 million, with a margin of 36%.

Popular posts from this blog

Signal Introduces Usernames for Encrypted Messaging: A Secure Way to Connect

Signal, the encrypted messaging service, is launching a new feature in the coming weeks: support for usernames. This beta feature allows users to establish unique usernames, enabling connections without divulging phone numbers. source: Signal Blog To create a username, navigate to your settings and select "Profile." Once you've chosen a unique username, generate a QR code or link to share with others. Recipients can connect by entering your username into the chat bar. Usernames can be changed at any time, though previous usernames may be claimed by others. Signal began testing usernames last fall. Unlike social media platforms, Signal usernames do not serve as logins or public handles. They offer a discreet means of communication without revealing personal phone numbers. While a phone number is required to register for Signal, sharing it is optional. Usernames remain private and do not appear on profiles or in chats unless shared explicitly. As Randall Sarafa, Signal'

Safeguarding Internet Privacy: Supreme Court of Canada Upholds Protection of IP Addresses

In a recent ruling, the Supreme Court of Canada affirmed the significance of privacy rights concerning internet addresses. The court declared that police cannot simply obtain a suspect’s IP address without a court order, emphasizing the expectation of privacy that Canadian residents hold for such information. The court's decision stemmed from a case in 2017 involving Calgary police investigating fraudulent online activities at a liquor store. Initially, police demanded IP addresses from a credit card processor, which eventually led to obtaining subscriber information from Telus. This information was pivotal in making arrests and securing convictions in multiple offenses. Despite previous convictions, the accused contested the legality of obtaining IP addresses without proper authorization. The Supreme Court, in a 5-4 decision, asserted that IP addresses carry a reasonable expectation of privacy, necessitating judicial approval before access. The ruling emphasizes that obtaining jud

AT&T Resets Millions of Customer Passcodes After Data Leak: What You Need to Know

AT&T recently confirmed a significant data breach affecting over 7.6 million current customers and 65 million former customers. The leaked information, which dates back to 2019 or earlier, includes personal details like names, addresses, phone numbers, and social security numbers. Fortunately, financial information and call history were not compromised. In response to the breach, AT&T has reset passcodes for affected customers. Passcodes, usually four-digit numbers, serve as an additional layer of security when accessing accounts. However, security experts warn that the encrypted passcodes leaked alongside customer information could be easily deciphered, posing a risk of unauthorized account access. Affected customers are advised to set up free fraud alerts with major credit bureaus and remain vigilant for any suspicious activity related to their accounts. AT&T is proactively reaching out to impacted customers via email or letter to inform them about the breach and the meas