The League

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.

Match Group has named new key executives, including its first CTO and a new President and CFO, as well as a new focus on four key businesses – Tinder, Hinge, Asia and Evergreen & Emerging.

According to the company’s press release, Gary Swindler was named to the top position of Match Group as President and CFO, and Will Wu joins as chief technology officer, a newly created position, to oversee product innovation across all apps. Swindler was promoted from his position as CFO and COO and Wu joins from Snap Inc., where he oversaw the commercialization of Snap’s developer platforms and spearheaded the creation of its most famous features like “Discover” and the “Chat” messaging feature, as well as Snap’s social gaming feature. 

Match Group is betting big on Wu, who brings an impressive background with developing one of the earliest revenue streams for Snap, as well as developing Snap’s primary social engagement driver.

Match Group has acquired The League, a dating app known for its exclusivity because you have to apply to join.

The news about the members-only dating app was disclosed by a Tinder spokesperson to Tech Crunch. The League has become popular among ambitious, career-focused people looking for a more exclusive dating app experience, and as a result the app grew a long waiting list with people vying for a place. The terms of the deal were not disclosed.

Match Group’s new CEO Bernard Kim sent an email to employees, sharing the news: “We have just closed our acquisition of The League, a premium, niche dating app with a curated member base focused on matching career-oriented users looking for a serious relationship,” Kim wrote.

Coronavirus has taken over newsfeeds and has affected all of us, no matter where we live. Now, it seems to be changing how dating apps operate, too.

Dating.com recently reported an 82 percent increase in dating app usage around the world since the beginning of March, when countries began putting restrictions in place. And as Forbes points out - dating apps are moving fast to offer new ways of virtual connection to attract more users and to keep them engaged, now that they have your attention.

Conversations over dating apps have increased. Tinder reports a 20 percent increase in daily messages worldwide. Since March 12th, Bumble has reported a 21 percent increase in both messages sent as well as usage of its new Voice Call and Video Chat features, according to Daily News. New York City – where the current epicenter of the coronavirus outbreak is - had a 23 percent increase in sent messages. And Bumble Bizz reported an even higher spike in activity – a 57% increase in usage over the last few weeks – because people are thinking about their careers and livelihoods as well as dating.

League Live = Video Speed Dating

Exclusive dating app The League has announced the launch of its newest feature: two-minute live video chats, intended to work like virtual speed dating.

The feature is called League Live, and users can opt in to participate, according to The Verge. It works like this: starting December 1^st, the video dates will begin at 9:00pm on Sundays for those who have opted in, and the app will automatically pair a couple up based on their preferences and location as they do for matches.

The dating industry remains a firm favorite for entrepreneurs who dream of founding the next breakout startup. But for many big-time investors, new dating platforms are risky ventures in a crowded market that may not be worth betting on. In honor of Valentine’s Day, Crunchbase News took a look at the relationship between startups, investors and the pursuit of finding a mate. Their status? It’s complicated.

Online dating has proved it can be an enormously profitable industry, yet despite producing impressive numbers, it often struggles to lure venture funding. “In 2018,” writes Joanna Glasner, “venture investors put $127 million globally into 27 startups categorized by Crunchbase as dating-focused. While that’s not chump change, it’s certainly tiny compared to the more than $300 billion in global venture investment across all sectors last year.”

Global venture investment in dating startups currently leans heavily toward companies based in China. Blued, a China-based dating app for gay men, received nearly 80 percent of dating-related capital in 2018. In 2017, Chinese mobile dating app Tantan received the bulk of dating investment. In 2014, Beijing-based matchmaking site Baihe raised a staggering $250 million.