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The share price of Match Group Inc. dropped after a disappointing third quarter earnings report, signaling that consumer interest in paying for dating app subscriptions continues to wane.

According to Business Insider, Match Group shares dropped more than 18 percent after the company reported that paying users on its most popular app Tinder fell 4 percent in the third quarter from the same time period last year, to $9.9 million. The revenue decline for Tinder has been continuous the past few quarters, and Match Group says it expects this slowdown to continue in the fourth quarter.

Hinge continues to be the star of Match Group’s offerings, growing 36 percent year-over-year, though its userbase is still a fraction of Tinder’s.

Match Group CFO Steven Bailey

Image: Match Group

Match Group has promoted Steven Bailey to the position of CFO, taking over for Gary Swidler as he continues in his role as president of the company.

Bailey is currently senior vice president of financial planning and business operations at Match Group, according to Reuters, and will assume his new position on March 31st. According to Reuters, his appointment signals the company’s commitment to “long-term strategic growth” and “strong cost discipline.”

Match Group’s most popular app Tinder has seen paying users and revenue fall in recent quarters, though Hinge continues to grow. The company has allocated a lot of resources to AI-driven features like photo selection and prompts that provide users help with crafting messages and bios, which seem to be the direction many dating apps are going. In fact, Grindr is testing out a new virtual wingman using generative AI.

New gay dating apps like Scruff and Archer are positioning themselves to capture a bigger portion of the LGBTQ+ online dating market as Grindr complaints and technical issues rise.

Grindr has long been the most popular dating app for gay daters, but recently people have posted complaints on social media and online forums, saying that they are experiencing technical issues, not getting access to the features they paid for, and other problems, according to Mashable.

This year, Grindr has experienced significant bugs and periods of downed service. At the same time, it has asked its users to pay more to access certain popular features, including limiting both “taps” and “explore” features and requiring them to buy subscriptions.

Dating app After just launched in Austin, Texas, and is aimed at ending the pervasive problem of ghosting on dating apps.

According to Tech Crunch, when someone “unmatches” a person on After, they are required to let the app know why before they can keep swiping. It can be for any number of reasons – from distance issues to just a general vibe of non-interest, and the app will send a kind message to the other user in return. The idea is to give the person who was ghosted some closure with a reason why the other person is no longer interested, while also reminding them this one match experience isn’t an indication of who they are or what they are worth.

For two people who matched on the app and neglect to message each other, the app will end the match. If one person doesn’t respond to a match’s message, the app will nudge them to send a message. If they still don’t reply to a conversation, the app unmatches them and the user who didn’t respond can’t use the platform until they provide a reason for letting the match expire.

Dating app companies like Tinder and The League are betting on in-person events to drive engagement on their online platforms and help attract new users.

According to The New York Post, dating app The League organized high-end events in New York, the Hamptons and even at the U.S. Open to drive engagement on its platform as well as to generate revenue. In fact, senior VP and head of marketing Lisa Kraynak told the Post: “It’s the beginning of a hybrid model in our largest market. The future is some combination of in-person, online and artificial intelligence.”

Dating apps have seen a decline in paying users in recent quarters, leading companies to try new features and even branch out into event organizing to appeal to daters who have become burned out from swiping. This hybrid model could prove effective, since dating apps are still the most popular way to meet people, according to recent studies, but coupling that with in-person events give people a better chance at connecting.

Image: Tinder

Tinder has released new features and added perks in time for college students headed back to campus. The move signals the company’s continued priority to market to younger Gen Z singles.

One interesting perk is that Tinder will offer college students a 50% discount for any of its premium services of Plus, Gold, and Platinum, according to Tech Crunch. This comes after the dating app company has struggled to retain paying users, reporting a loss of 400,000 paying users in the last quarter.

Tinder also announced a series of updates to Tinder U, its in-app feature for college students to find others on their campuses to connect with. One new feature for Tinder U includes new badges to add to their profiles, such as graduation year, major, clubs they are a part of, and their fraternity/ sorority life.