Tinder

The share price of Match Group Inc. dropped after a disappointing third quarter earnings report, signaling that consumer interest in paying for dating app subscriptions continues to wane.

According to Business Insider, Match Group shares dropped more than 18 percent after the company reported that paying users on its most popular app Tinder fell 4 percent in the third quarter from the same time period last year, to $9.9 million. The revenue decline for Tinder has been continuous the past few quarters, and Match Group says it expects this slowdown to continue in the fourth quarter.

Hinge continues to be the star of Match Group’s offerings, growing 36 percent year-over-year, though its userbase is still a fraction of Tinder’s.

Match Group CFO Steven Bailey

Image: Match Group

Match Group has promoted Steven Bailey to the position of CFO, taking over for Gary Swidler as he continues in his role as president of the company.

Bailey is currently senior vice president of financial planning and business operations at Match Group, according to Reuters, and will assume his new position on March 31st. According to Reuters, his appointment signals the company’s commitment to “long-term strategic growth” and “strong cost discipline.”

Match Group’s most popular app Tinder has seen paying users and revenue fall in recent quarters, though Hinge continues to grow. The company has allocated a lot of resources to AI-driven features like photo selection and prompts that provide users help with crafting messages and bios, which seem to be the direction many dating apps are going. In fact, Grindr is testing out a new virtual wingman using generative AI.

The new dating app industry code of conduct established by the Australian government has taken effect as of October 1st, requiring dating apps to adhere to certain standards in an effort to better protect their users.

The new code requires dating apps to make “prominent and transparent” to users how to report someone or file a complaint on their platforms, according to Associated Press. The code also requires dating apps to detect potential incidents of online harm, and that the accounts of offenders are terminated.

A pervasive problem is that users who have been blocked on one platform can join another, so the reporting process is key. Communication Minister Michelle Rowland said in a statement: “If there are grounds to ban a particular individual from utilizing one of those platforms, if they’re banned on one platform, they’re blocked on all platforms,” according to AP.

Image: Tinder

Dating app Tinder is launching the in-app “Take Action Center” along with partner Vote.org to encourage people to register to vote and make a voting plan ahead of the November elections in the U.S.

According to Tinder’s press release, the Take Action Center is powered by Vote.org to make it easy for people to get the information they need to prepare for election season, including where to register to vote or how to check voter registration status, how to request a mail-in ballot, and where to vote (whether in-person, early voting, or dropping a ballot in the mail). Vote.org offers a range of information to voters, including polling locations and voter registration status. Tinder users who participate can also receive “I Voted” digital stickers to post on their profiles.

To help drive turnout, Tinder and Vote.org will also provide a GOTV (get out the vote) food truck outside of the Taylor Swift Eras Tour in Indianapolis, November 2-3. The food truck will feed concertgoers as well as provide them information about their voter registration and voting options including their polling locations (even for those traveling from other states).

Tinder has partnered with e.l.f. Cosmetics in a new collaboration to promote self-confidence and self-expression when heading out to meet someone new.

The partners are launching the “put your e.l.f. out there” Vault collection, which introduces new beauty products designed to help Tinder users “face the first date.” The collection includes three exclusive products: All Slick, No Ick Face Primer and Set-uationship Setting Mist, packaged in a “Flame Changer” makeup bag.

In addition to the exclusive products, the collaboration includes the dating app-focused Tinder Box Lip Trio, which has lip oils like Spice Things Up and Keep Your Cool. The makeup also includes a red lipliner called Red-Y for Anything.

The idea for the collaboration began with a study that found 35 percent of singles see first dates as a great opportunity to try new makeup looks. Researchers at Censuswide, a member of the British Polling Council, surveyed over 4,000 daters ages 18 and up across the UK and US in late August.

Dating app companies like Tinder and The League are betting on in-person events to drive engagement on their online platforms and help attract new users.

According to The New York Post, dating app The League organized high-end events in New York, the Hamptons and even at the U.S. Open to drive engagement on its platform as well as to generate revenue. In fact, senior VP and head of marketing Lisa Kraynak told the Post: “It’s the beginning of a hybrid model in our largest market. The future is some combination of in-person, online and artificial intelligence.”

Dating apps have seen a decline in paying users in recent quarters, leading companies to try new features and even branch out into event organizing to appeal to daters who have become burned out from swiping. This hybrid model could prove effective, since dating apps are still the most popular way to meet people, according to recent studies, but coupling that with in-person events give people a better chance at connecting.