Features

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.

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.”

A group of class action lawsuits have been filed in the U. S. District Court on behalf of investors who purchased shares of Match Group stock between November 3, 2021 and January 31, 2023. The lawsuits allege that the company misled investors as to financial expectations and new product executions that Match Group was claiming to initiate.

According to law firm Bernstein Liebhard LLP, a lawsuit was filed in the U.S. District Court for the district of Delaware and alleges “violations of the Securities Exchange Act of 1934.”

According to the press release from Kaskela Law, LLC, throughout the dates named in the lawsuit, Match Group and its executive officers “falsely represented to investors” that Tinder was moving forward with critical product initiatives to drive growth for the company in 2022 and going forward. In addition to this, other lawsuits have been filed on behalf of investors with Kessler Topaz Meltzer & Check, and Bernstein Liebhard LLP, among others.

Image: Tinder

Tinder launched a new in-app dictionary which defines certain slang words used by many Gen Z singles, so that older daters can understand their language.

The Tinder Dating Dictionary, crafted by 18 to 25-year-olds at Tinder, was just unveiled in Australia. It provides a detailed list of common dating terminology, including popular terms like “rizz,” “cushioning,” and “kitten fishing.” The company responded to research that showed 62 percent of their target Gen Z market felt like they “spoke a different language” than older singles when it comes to dating.

The recent survey also found that 70 percent of 18-25 year-olds regularly use dating slang compared to 55 percent of 26 to 40 year-olds. Understanding the language, Tinder assumes, will help bridge this gap.

Bumble surprised investors and analysts with its latest earnings report, which showed better-than-expected revenue in the last quarter of 2022. Shares of the company’s stock rose about 2 percent as a result.

According to Seeking Alpha, Wall Street analysts had expected fourth quarter revenue to reach only $235.9 million, but the company reported revenue of $241.6 million, up from $207 million in the same quarter the previous year.

Bumble also reported 3.4 million paying users during the fourth quarter of 2022, compared to 3 million in the same quarter of 2021. Total average revenue per paying user was about $23.01 for the fourth quarter of 2022, compared to 22.68 the year before.

Dating app Hinge has launched its new top tier service HingeX for $49.99 per month. The company also announced changes to its current subscription tiers to provide more offerings at new price points.

Hinge had been testing its new premium service at different price points around $60, parent company Match Group revealed on an earnings call in January, as well as revising the current subscription model. Executives and investors have seen huge growth potential in the dating app and are focusing efforts right now on Hinge and star app Tinder.

Match Group had said that it was testing the new subscription model, but few details about features were given. Now we know that subscribers who pay for HingeX will have their profiles constantly boosted to attract more matches, according to Fast Company who broke the news, and will be seen sooner than other profiles by potential matches.