Tinder

Shares of Match Group rose as much as 12 percent after The Wall Street Journal reported that Elliott Management had invested almost $1 billion in the company.

According to the report, Elliott has a long history of success in tech investments, including in Salesforce and Pinterest. The Match Group investment showed signs of promise to investors who have recently shied away from dating app companies in the wake of decreasing revenues and management turnover. As a result, share prices for Match rose as high as 12 percent and ended the day up 3 percent.

According to CNBC and The Wall Street Journal, Elliott plans to engage with Match Group’s management, but it is unclear as to how involved they will be, and if that would include nominating its directors. Match Group recently appointed a new CEO for Tinder, so Tinder’s previous acting CEO Bernard Kim can focus his attention on Match Group’s entire suite of apps, which include Hinge, OkCupid, Match and BLK.

Image: Tinder

Match Group has promoted Faye Iosotaluno to head up Tinder as its new CEO, replacing Match Group CEO Bernard Kim.

According to Tech Crunch, Iosotaluno has been at Match Group since 2017, and was promoted from Tinder’s chief strategy officer to the company’s chief operating officer in 2022, when former CEO Renate Nyborg left. Kim has been acting CEO of Tinder until a replacement for Nyborg was made.

“Faye’s understanding of the dating category is unparalleled and coupled together with her remarkable leadership capabilities, I know Tinder will continue to lead the category,” said Kim in a statement.

Image: Tinder

Tinder has debuted several new graphics and video spots to appeal to Gen Z daters in a new global ad campaign launched this week.

The campaign rolled out in time for “Dating Sunday,” or as some call it, the Superbowl of the dating app industry. The first Sunday of January is the busiest day for dating app traffic and companies like Tinder expect this year to be no different.

According to AdWeek, Tinder has reported the number of messages sent across the app surges by 22 percent on Dating Sunday, and likes increase by 18 percent. Dating app’s busiest season extends from Dating Sunday through Valentine’s Day, when people are making New Year’s resolutions to find love.

Tinder has launched a new branded ad in the UK, aimed at a younger generation of daters that are turning to the app to expand their social circles as well as to find love.

The new ad debuted on Boxing Day in the UK according to The Drum, and stars a young woman named Ava who just moved to London. She calls her sister to express her loneliness, and wonders if she made the right decision in moving. Her sister suggests getting out of the house and meeting some people, and so her new life in London takes off with the help of Tinder.

She begins dating, but it doesn’t go exactly as she’d hoped. Her first date challenges her values of working hard and striving by admitting that he doesn’t find ambition “that attractive.” Then she meets Maya for a date, and while the two discover that they aren’t really attracted to each other, they turn out to be great friends. She goes on more dates, none of whom really spark romantic love interest, but offer her a wider social circle and new possibilities for meeting someone special as they introduce her to their friends.

Image: TInder

Dating app Tinder has released its new dating trends report for 2023, and one of the main findings of the Year in Swipe point to singles wanting a range of dating experiences, rather than being so focused on finding “the one.”

In other words, more singles were interested in their own dating journeys rather than the destination, with Tinder noting that there was a 5.5 times increase in users adding statements in their bios like: “Everything I do is for the plot.” NATO dating was also a big phrase – “not being attached to an outcome.”

Singles also said they embraced “main character energy” in 2023, alluding to stories they can share about their dating lives with their friends (and followers on social media). They said they looked at the dating process as a way of building a roster of new experiences and memories (to add to their personal stories), which took the pressure off outcomes. It also left room for “self-exploration through dating,” according to Match Group’s release.

Tinder and Hinge have recently released new ultra-premium subscriptions for what they called “motivated daters,” but a significant population of singles would rather not pay the steep price for a dating app experience. In fact, the more companies try to monetize dating app features, the more it seems to turn off daters altogether.

A recent report from Bloomberg found that people are gravitating back to in-person events like speed dating, which saw a 63 percent increase in participation this past year according to Eventbrite. And they are reluctant to pay the $500 subscription for Tinder or $60 subscription for Hinge, though Match Group has noticed an uptick in revenue since releasing the premium services.

According to Bloomberg, third-quarter downloads for Hinge were the app’s best ever and that 1.3 million of its users pay for a subscription. Bumble will be offering short term subscriptions as well as its own high-priced premium service in the coming months.