Finances

Match Group has announced it will shut down operations for its apps in Russia by the end of June, including Tinder.

According to Reuters, the move is due to the ongoing human rights violations happening in Ukraine since Russia invaded the country in early 2022.

"We are committed to protecting human rights," Match said in an annual impact report published on Monday. "Our brands are taking steps to restrict access to their services in Russia and will complete their withdrawal from the Russian market by June 30, 2023."

European police agency Europol has said that dating apps were among online platforms being “hijacked” by nefarious actors for human trafficking, who were capitalizing on the unstable environment in the country. This announcement also drew attention to human rights violations happening among Ukrainian refugees, according to Reuters.

Muslim dating app Muzmatch has lost an appeal in its continuing legal battle with Match Group.

Match Group, which owns popular dating apps like Tinder, Hinge and OkCupid, filed a lawsuit against Muzmatch to change its name due to striking similarities with its own brand. The judge in the appeal upheld the June 2022 ruling calling for Muzmatch to make the name change, and the company has recently complied, changing its name to Muzz per The Times of India.

The original ruling also found in favor of Match Group due to SEO (search engine optimization) issues. Having “match” in the app’s name would mean keywords comprising the word “match” would increase Muzmatch’s chances of appearing higher up in Google searches, which means Muzmatch would unfairly benefit from Match Group’s brand.

One of Germany’s most prominent banks, DekaBank Deutsche Girozentrale, has reduced its shares of Match Group by 4.7 percent.

According to BestStocks.com, DekaBank now owns 178,837 shares which amounts to about $7.2 million, compared to the previous quarter in 2022 where it held 187,697 shares worth $11 million.

Match Group’s stock price fell 10.45 percent between March and April according to Investing.com, and has fallen 54.78 percent overall in the last year. In addition, a Goldman Sachs analyst has now adjusted its price target for Match Group stock, lowering it to $58, down from $65 earlier in the year. It still suggests the company’s stock is a buy, according to Market Screener.

Match Group is listed as a “moderate buy” among analysts according to Bloomberg.com, but several shareholders have now filed class-action lawsuits against the company for not being forthcoming about the problems with Tinder’s product rollouts. Tinder brings in the lion’s share of revenue for the company, and for the first time, the app saw a decline in Q4 2022.

New users are downloading and registering for dating apps every day, and business is booming for the $5.61 billion-dollar industry, despite a recent decline in subscriptions for Tinder.

According to new research gathered from website Cloudwards, 1 in 5 U.S. Internet users are also using a dating app. In fact, the total number of dating app users grew to 366 million worldwide in 2022 alone, up from 240.9 million in 2016 and 323.9 million in 2021.

Gen Z daters seem to have a stronger preference for Tinder, which is the most popular dating app in the U.S. Tinder has a reputation that it’s mainly for singles who aren’t looking for anything serious, and Gen Z daters are on these apps to look for friendships and casual relationships as much as a partner. However, in recent months, Tinder’s new CEO Bernard Kim seems to be taking the app in a new direction and focusing on attracting more serious daters, including testing a new $500 VIP service called Tinder Vault.

Tinder has announced two significant new features it is rolling out, including highlighting relationship types (including non-monogamy) and allowing members to display their pronouns on their profiles.

With the new update, Tinder users will be able to choose from a variety of terms to describe their relationship type, and it will display prominently on their profile just under their name and age. They can choose from descriptions like “monogamy,” “ethical non-monogamy,” “open relationship” or “open to exploring,” for example.

According to the press release, Tinder is making this shift to put relationship types more front and center, since it found that 41 percent of Gen Z users are open to non-traditional and non-monogamous relationships. This feature complements the Relationship Goals feature the company rolled out last year, which gave users the ability to specify if they are searching for “Long-term,” “short term” or long-term, open to short-term” among other types, like “just figuring out my dating goals.”

India is now among the fastest-growing dating app markets worldwide, thanks to a growing young population of singles and their changing attitudes towards dating.

In terms of year-over-year growth, India emerged as the fifth largest market in dating app spending in 2022, according to a new study by data.ai Intelligence. Researchers found that Indian users spent $31 million more in 2022 than they did in 2021 despite economic factors like inflation that affect consumer spending.

Match Group, Bumble, and other major dating app companies have made a big investment in India, hoping to capitalize on this attractive market which now brings in millions of dollars in revenue each year to dating app companies.