Finances

Metaverse dating apps have become popular among singles in China, and now one of the most popular - Soul - intends to go public in the Hong Kong market. It is backed by tech giant Tencent, with Bank of America Merrill Lynch and CICC serving as co-sponsors.

Soul lets users create and use avatars (often resembling Japanese anime) to interact over the app, and rivals TikTok for time spent engaging on the app – an average of about 40 minutes per user, according to South China Morning Post. It currently has over 32 million users.

Downloads and engagement have grown in part due to recurring lockdowns across the country from Covid-19 outbreaks. Between 2019 and 2021, Soul’s monthly active users went from 11.5 million to 31.6 million, according to parent company Soulgate.

Apple has come to an agreement with Dutch regulators over an ongoing dispute over dating apps being able to use third party payment systems.

After weeks of being fined for non-compliance, the tech giant has finally reached an accord with the Authority for Consumers and Markets (ACM). According to Tech Crunch, the details are still vague, but the agreement basically follows the original proposal Apple submitted with a few significant changes, such as not requiring dating apps to create a separate binary app for third party payment systems.

Apple confirmed that they might do one of the following as it pertains to the agreement, which doesn’t make clear what developers can expect going forward. The tech giant said that dating apps might: continue to use Apple’s in-app purchase system; use a third-party payment system in the app that people can choose; include an in-app link directing users to the developer’s website to complete a purchase; or lastly, use a third-party payment system within the app and include a link directing people to the developer’s website to complete a purchase, according to Tech Crunch.

Meta, the parent company of Facebook, Instagram and other popular social platforms, has frozen hiring of new staff for some of its divisions, including Facebook Dating.

Meta’s stock price is down almost 43 percent this year, and the company has gotten serious about streamlining its business. It has stopped hiring for certain engineering roles, but also for recruiters and low-level data scientists, according to The Verge. Facebook Dating has had disappointing results despite high expectations when it first launched.

Reviews show that many Facebook Dating users were having problems matching when they used the service and blamed the problem on fake profiles proliferating on the app. Considering the number of dating apps which use Facebook’s authentication system to verify new profiles, it should be easier for the company to get rid of fake accounts to create a better experience for users.

Dating app Hinge announced it has started a fund to support aspiring therapists and counselors from the LGBTQ and BIPOC (black, indigenous and people of color) communities. It will be providing $10,000 in scholarship to ten people towards their education in these fields, according to Mashable.  

From May 18 through June 17, applications for the fund will be open to U.S. college and graduate students in the mental health field, who can apply via the website HingeAdvocatesofTomorrow.com. According to Mashable, applicants complete the form and respond to two prompts about the mental health and wellness needs of the LGBTQ and/or BIPOC communities, and from there, twenty finalists will be selected. The finalists will be asked to create a video about how the scholarship will support their individual journey as well as their career.

Hinge has also collaborated with artist and mental health advocate Fariha Rosin, who authored a book on mental health resources for marginalized communities. She said in the company’s press release: “These times can be really dark and overwhelming in a lot of ways and that’s why we need mental health advocates. This initiative is helping people become the light bearers, creating generational ripple effects of healing.”

Shares of dating company Bumble Inc rose 11 percent after news of the company’s earnings were released, with revenue beating analyst expectations.

According to Reuters, the number of total paying users across Bumble properties increased by 7.2 percent to 3 million during the first quarter of this year, increasing revenue to $211.2 million, surpassing analyst expectations of $208.30 million. Bumble apps include its signature apps, Badoo, and French dating app Fruitz among others.

Research firm Apptopia also found that Bumble downloads in the U.S. increased 20.6 percent during the first quarter, and monthly average users rose 13.7 percent compared to the same quarter last year.

Match Group has sued Alphabet Inc.’s Google to avoid being kicked out of its Play Store. The dating app conglomerate has refused to pay the required 30 percent commission of its in-app sales to the tech giant. Match joined with other companies like Epic Games in fighting Google, citing its hold on app developers to prevent them from using third party payment systems.

Google said they will block downloads of Match’s dating apps starting June 1st if they don’t comply with Google’s contract and payment system and share the revenue from in-app sales, according to Reuters. Apple is fighting similar issues with Match Group in The Netherlands, where Dutch regulators have required Apple to allow third party payment platforms for dating apps. Apple has allowed third party providers but so far has not compromised on their commission, charging app developers 27 percent even if they use a third-party payment platform and not Apple’s. 

"These exorbitant 'fees' force developers to charge users more for their services and utilize resources they would otherwise invest in our employees, technologies, and user-requested features," Match Group said when it announced its lawsuit. "In addition, monopolizing the market for in-app payments will further cement Google's near-total control of the Android ecosystem."