Tinder

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.

Image: Match Group

Match Group has appointed former Plenty of Fish CEO Malgosia Green as CEO of Match Group Asia, who will now be based in Singapore. The company has said it will be targeting the growing Asian market in the coming months as well as focusing on AI development, and a huge step forward is having an executive in the region.

Green was appointed by Match Group CEO Bernard Kim, who has been under fire from shareholders about the fourth quarter revenue decline because of poor product rollouts from Tinder. He has named four main points of growth for the company, one of which is focusing on the Asian market.

In an interview with Fast Company, Green said: “Given the huge potential of the region, and how large it is . . . it made a lot more sense to have someone specifically dedicated to Asia itself, and to be based in the region.”

Tinder has become a pawn in some new intelligence tactics employed by Russian spies. They are using the app to woo German soldiers as informants, so they can obtain intelligence about Ukraine’s war strategy.

According to Insider, German newspaper Welt am Sonntag broke the story, reporting that Russian agents are specifically targeting politicians and members of Germany’s armed forces as sources of information, and they are using dating app Tinder as a tool to reach them.

Germany’s Military Counterintelligence Service (MAD) confirmed at a recent NATO meeting in the country that “members of other intelligence services (e.g. Russia) use social media to specifically establish contacts with members of the Bundeswehr,” or the German armed forces, according to Insider. MAD also confirmed that Tinder was the app most used.

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.

A new strategy that’s gaining steam among organizers is using dating apps to reach out to potential voters ahead of crucial U.S. elections.

According to The Guardian, encouraging young voters on dating apps to go to the polls on April 4th was an important strategy in the race in Wisconsin for a State Supreme Court seat, where youth votes ensured a victory for a Democrat-backed justice in the face of increasing rollbacks of rights regarding abortion and education.

In a report from Vanderbilt University in 2020, researchers found that 31 percent of millennial respondents were using online dating services even more than before the pandemic, and an even larger percentage of Gen Z singles were turning to dating apps to meet people. At the same time, they are increasingly resistant to phone calls and texts from organizers and campaign staff, especially as they get bombarded around election time. Dating apps are a way to casually engage their commitment.

Tinder has confirmed it is testing a new ultra-premium service priced at $500 per month, tentatively called Tinder Vault.

According to Fast Company who broke the story, Tinder Vault is offering different perks for the price point, including a 24/7 Concierge Service for those willing to pay. The details about the service are still vague, and the company said they might not offer it if there isn’t the demand, but that remains to be seen.

Tinder’s chief product officer Mark Van Ryswyk said in an interview with Fast Company that the feature is still “in its early days,” and that Tinder could even end up drastically cutting the price. There was no word on when the company plans to release the service more broadly.