Money

Popular dating apps like Tinder, Bumble, Hinge and Grindr are trying new subscription pricing to continue to grow revenue, including premium pricing as well as discounts and short-term subscriptions for young Gen Z daters.

Dating app revenue has stalled in recent quarters, and to increase revenue and paying subscribers these companies are looking at out-of-the-box pricing. Match Group is especially motivated, as it has seen revenue drop the past few months while Bumble and Grindr are still seeing gains. Many are starting to offer premium services to highly motivated and more affluent daters, who are willing to spend $500 a month on a dating app if it means better, more curated matches.

On the other end of the spectrum, these same apps want to attract younger daters, specifically the Gen Z market. Match Group is starting to offer short-term weekly subscriptions for those singles who don’t want to commit, as well as discounted pricing to encourage young daters to pay for subscriptions, instead of just opting for the free service and paying for certain in-app features as needed.

Match Group announced in its quarterly earnings call that its star app Tinder will be launching a “high-end” subscription tier this fall. In addition, Tinder will debut a product refresh to cater to the Gen Z dating market.

The company has been testing price points in different markets, including a $500 subscription that was called Tinder Vault, according to CPO Mark Van Ryswyk. In an interview with Fast Company earlier this year, he noted that there’s a market for daters who are willing to pay for good matches, as evidenced by the success of its exclusive dating app The League.

However, the price point was arguably high for an app that will not include human matchmakers, but instead will continue to rely on technology to serve up better matches.

Shares of Match Group stock rose following the company’s second quarter forecasts, despite the decline in earnings for Q1.

Match Group reported EPS (earnings per share) of 42 cents, beating the consensus of 41 cents, per Reuters. It’s also a 5 percent increase from the same period last year. Revenue however was $787.12 million for the quarter, below the expected $793.87 million, and a 2 percent decline from the same time last year according to Yahoo! Finance.

Paying app users decreased by 1.1 percent to 15.87 million, according to Yahoo!, but revenue per payer actually increased to $16.26, up from $16 in the last quarter, a hopeful sign.

Netflix dropped its first trailer for the new series The Ultimatum: Queer Love, which will premiere on the streaming service in May.

The trailer is a departure from the original Ultimatum series because all of the couples on the new dating reality show are LGBTQ+ for the first time. According to The Pink News, the new series promises to “showcase more stories of love, relationships and the ups and the downs of commitment” with “brutal honesty” as each couple hits a crossroads in their relationship.

Notably, as show creator Chris Coelen promised last year, this installment would feature “an all-queer cast made up of women and non-binary people.”

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.”

Dating app Bumble recently surveyed its users to get a clearer picture of what singles are looking for as we head into the New Year, and found that attitudes are shifting when it comes to gender, sex, and work-life balance.

Surveying 14,000 of its users, Bumble’s findings point to some major shifts taking place in the dating world, notably around work-life balance. Workaholism is no longer prized, especially among younger daters who prefer to make time for breaks and leisure. More than half of all respondents said they are actively creating more space for rest, and 13 percent said they would no longer date someone with a very demanding job.

The pandemic’s effect on the workplace and peoples’ ability to keep working from home has also shifted attitudes about who to date. Thirty -three percent of respondents around the world say they are now more open to travel and cultivate a relationship with someone who doesn’t live in the same city.