Money

Tinder and Hinge have recently released new ultra-premium subscriptions for what they called “motivated daters,” but a significant population of singles would rather not pay the steep price for a dating app experience. In fact, the more companies try to monetize dating app features, the more it seems to turn off daters altogether.

A recent report from Bloomberg found that people are gravitating back to in-person events like speed dating, which saw a 63 percent increase in participation this past year according to Eventbrite. And they are reluctant to pay the $500 subscription for Tinder or $60 subscription for Hinge, though Match Group has noticed an uptick in revenue since releasing the premium services.

According to Bloomberg, third-quarter downloads for Hinge were the app’s best ever and that 1.3 million of its users pay for a subscription. Bumble will be offering short term subscriptions as well as its own high-priced premium service in the coming months.

X, the social media platform formerly known as Twitter, will be expanded to include a dating app feature.

According to Fox Business, Musk recently held a company-wide meeting on the anniversary of his acquisition of Twitter to announce where he sees the platform headed. At the meeting, employees report that he said that X will become a “fully fledged” dating app in 2024, according to Business Insider.

At the meeting, he also mentioned that banking and transaction features will be added to the app in the near future, referring to these two major moves as being part of the new “everything app” he envisions for X.

Bumble’s founder and longtime CEO Whitney Wolfe Herd will step down from the helm, and Lidiane Jones, the CEO of workplace messaging tool Slack will take over in January. Herd will move to Executive Chair of the company.

The news comes as Bumble’s stock price has fallen over 80 percent since it went public two years ago (from $76 to below $14). The dating app is not alone. Match Group is also going through a rough period, thanks to inflation and other economic concerns. Members are dropping their subscriptions and not using paid services on the apps, causing a decline in revenue the last few quarters.

Herd supported Jones in a statement: “This move to Executive Chair gives me the ability to step forward into a new and exciting role, get back to my founder roots and bring immense passion and focus to this next chapter of growth,” According to CNN, Wolfe Herd also added that she and Jones would be “fantastic partners.”

The U.S. House Energy and Commerce Committee has passed The Online Dating Safety Act. It is now eligible to be brought to a vote on the floor of the House of Representatives, though the timing of the vote remains unclear.

According to The Washington Examiner, the Act would require dating app services to provide a “fraud ban notification” to users who have been in contact with a user who had previously been removed from the platform for fraudulent activity. Additionally, the notification would have to include a statement that the banned member may have been using a false identity or attempting to defraud other users.

Bill H.R. 6125 also requires the notification to include a warning that the user being targeted by the fraudulent actor should not send money or personal information to another member, as well as a link to resources on fraud prevention and tips on how to avoid online fraud, according to The Ripon Advance. The bill stipulates that the dating platforms must provide a customer service number that is attached to the warning so that users have someone to speak with if they have questions or concerns.

Blued, China’s most popular gay dating app, plans to expand in Southeast Asia and in the U.S. while the Chinese government clamps down on LGBTQIA content.

According to Rest of World, Blued’s new parent company New Town wants to make the platform “the world’s largest social network for the LGBTQIA community,” and part of its strategy is to encourage user participation and community interaction, especially outside of China.

New Town’s CEO Li Ping sees enormous potential in the LGBTQIA market, and intends to grow the platform by targeting markets in Thailand, Vietnam, the Philippines, Southeast Asia and North America. “The growth of the LGBTQ population in Southeast Asia and North America is particularly evident,” a spokesperson told Rest of World.

Millennials and Gen Z singles are spending more money on dating, with some going into “dating debt,” where they are spending money on grooming, dinners out, gifts, and other related romantic expenses.

According to a new study by Lending Tree, 22 percent of millennials and 19 percent of Gen Z singles have begun to incur “dating debt.”

And another study by Credit Karma found that among daters aged 18-34, 29 percent said they’ve gone into debt for dating, including 21 percent who’ve said that debt exceeded $500 in one year. Twenty-nine percent admitted they had overspent in an attempt to impress their dates, while 19 percent said they did it to “seek intimacy.”