General News

Match Group shared its fourth quarter earnings this week, offering investors some cautious optimism on what to expect in 2021. 

Last year the company saw record highs in new users and activity, but faced with economic recessions and a global pandemic, revenue growth remained uncertain. The company delivered slightly better than expected results for the last quarter of 2020, with revenue of $651.4 million for the quarter, up from $547.2 million. Analysts had been projecting $649 million according to Market Watch. Match Group also reported net income of $140.6 million, up from $94.7 million this time last year. 

Image: Bumble

Female-forward dating app Bumble said it will ban users who engage in body-shaming on the app.

The company said that it’s employing an algorithm that identifies and flags users engaging in derogatory language that is “fatphobic, racist, or homophobic,” according to The Guardian. Once these accounts are flagged, moderators will analyze the conversation to determine whether the user violated the new policy. If they are determined to have used inappropriate language, they will receive a warning, and if they engaged repeatedly in such language or hateful rhetoric, they will be banned.

The numbers of people in India turning to online dating has soared since the start of the pandemic. As they have been forced to stay at home and limit their interactions, many are trying dating apps for the first time to connect and meet new people. 

Dating app QuackQuack has been one of the fastest-growing dating apps in India, though it competes with giants like Hinge, Tinder and Bumble who are pouring resources into marketing efforts in the country. Still, QuackQuack saw a 300 percent increase in sign-ups that took their user base to 11 million in 2020, mostly due to people in smaller cities and towns eager to try the service. 

In fact, over seventy percent of new sign ups on QuackQuack in 2020 were from smaller cities and towns, a change from previous years. Over the past year, they added 3.4 million new users according to India New England News.

Dating app S’More announced that it raised $2.1 million in VC funding, and plans to expand its team and create original content for digital platforms and TV networks.

According to Tech Crunch, the app has seen a boon in subscribers since the pandemic hit. S’More stands for “something more,” advertising that its platform for more serious daters. Studies conducted in the past few months show that COVID-19 has changed attitudes towards online dating, and that singles are now looking for relationships rather than hookups and taking their time by virtual dating before agreeing to meet in person. 

S’More has capitalized on this trend. The company just launched a redesign in January including a virtual chat feature which, similar to its profile photos, blurs the screen for participants until you get to know each other. (The more you talk, the clearer your date’s image becomes.) The app also added real-time conversation prompts and the ability for its users to pay to promote their own profiles.

Bumble Founder and CEO Whitney Wolfe Herd became a billionaire this week after Bumble made its stock market debut on February 10^th.

The company offered shares initially at $43 a piece (up from its proposed initial amount of $28 to $30 per share), valuing the female-focused dating app conglomerate at over $8 billion. Shares surged immediately, trading at more than $76 each, making the firm worth $13 billion by the end of the day, according to CNN.

Bumble is one of the most high-profile IPOs in the tech industry this year, and its 31 year-old founder is an anomaly among tech CEOs as CNN points out – she doesn’t come from a STEM background, she didn’t raise billions in venture capital, but now she is a young female billionaire.

Dating app Bumble set the terms to raise as much as $1 billion for its initial public offering. The company is expected to make its stock market debut later this month.

According to Bloomberg, Bumble plans to sell a total of 34.5 million shares for $28 to $30 per share to reach its goal. This information was disclosed earlier this week in a filing with the Securities and Exchange Commission. If shares go for $30, Bumble would be valued at over $6 billion including debt after the listing, according to Bloomberg. This is based on the outstanding Class A shares in its listing document.