Tinder

Match Group’s revenue numbers increased more than expected for Q3, signaling that its customers are willing to pay for premium services in the midst of a pandemic.

According to Market Watch, Match Group reported revenue of $639.8 million for the third quarter, up from $541.5 million. Analysts had lowered expectations due to the raging pandemic and continued lockdowns, with a projection of $606 million for the quarter, which Match Group blew past. 

The company also reported a net income of $132.1 million, compared to $108.5 million in the same quarter the year before. This was due in part to star app Tinder, and also to the growth in revenue the company is seeing in its other apps, particularly Hinge, which was projected to triple its revenue growth this year.

Politically active singles used dating apps to reach out to people in swing state districts and encourage them to vote.

Election Day was November 3rd, though ballots are still being counted and tensions are high as the country remains polarized politically. Activists and organizers got creative in reaching people during a pandemic, in hopes of driving high voter turnout. Connecting with young singles in swing states via dating apps seemed an effective way to engage, rather than with traditional voter outreach methods.

The term “Hinge-banking” became a popular practice according to CNN. It’s a twist on phone banking, a typical tool used to encourage voter participation – but instead using the dating app to reach singles to ask them about their voting plans. 

Match Group announced that it was adding new safety functions to its dating apps so that victims of assault can get responses and assistance when they report abuse. The company also said it will be meeting with Australian law enforcement officials in the coming weeks to address the problem.

Match Group moved quickly to respond to a recent investigative report from ABC (the Australian Broadcasting System) on its safety policies, exposing a problem that users of its Tinder app who reported sexual assault never received responses from the company. One victim named Beth who was interviewed by ABC said she was held at knifepoint and raped by another Tinder user she’d met over the app, and when she reported the assault, nobody contacted her about it.

Face to Face, Tinder’s new in-app video chat feature, is rolling out around the world this month. The opt-in only feature was tested earlier this year in select markets, and now will be available in countries where the Tinder app is active. 

In order to use the new feature, a Tinder user has to be matched with someone and they both have to opt-in to the service to enable it. If someone you liked does not match with you, then Face to Face is not available to use with that person.

The online dating market is booming, and is expected to grow to $9.9 billion by 2026, thanks to leading apps like Tinder, Bumble, eHarmony, Hinge and other popular platforms.

New research by Market Growth Insight shows that the dating services market’s expected goal of $9.9 billion in 2026 is up from $6.7 billion in 2018. The dating market continues to grow with a CAGR (compound annual growth rate) of 5.2% to achieve that marker. Of this, North America contributes to 37% of that growth, but Asian markets are quickly picking up speed. 

A new report revealed that dating app scams in the UK had significantly increased during the summer as the coronavirus spread and lockdowns continued, and as more people turned to the apps for connection.

More than 600 reports of fraud a month were reported during June, July and August according to Sky News. In addition, there was a 26 percent increase in reported frauds overall during the past year. Since August of 2019, UK police have seen about 400 reports of fraud per month on average, with victims losing over 66 million pounds total over the past year.