Online Dating

One of Germany’s most prominent banks, DekaBank Deutsche Girozentrale, has reduced its shares of Match Group by 4.7 percent.

According to BestStocks.com, DekaBank now owns 178,837 shares which amounts to about $7.2 million, compared to the previous quarter in 2022 where it held 187,697 shares worth $11 million.

Match Group’s stock price fell 10.45 percent between March and April according to Investing.com, and has fallen 54.78 percent overall in the last year. In addition, a Goldman Sachs analyst has now adjusted its price target for Match Group stock, lowering it to $58, down from $65 earlier in the year. It still suggests the company’s stock is a buy, according to Market Screener.

Match Group is listed as a “moderate buy” among analysts according to Bloomberg.com, but several shareholders have now filed class-action lawsuits against the company for not being forthcoming about the problems with Tinder’s product rollouts. Tinder brings in the lion’s share of revenue for the company, and for the first time, the app saw a decline in Q4 2022.

Image: Bumble

Dating app Bumble is dipping into politics again, this time in the U.K. The company has joined forces with Grazia magazine, UN Women UK, and celebrity Amy Hart to encourage legislators to change the proposed Online Safety Bill (OSB), which deals with the issue of cyberflashing.

The proposed bill’s language includes determining whether the cyberflasher (the person sending unsolicited nudes to someone without their knowledge or consent) had harmful intent, which Bumble says would be difficult to prove. Critics say that this also gives a lot of room for the accused to claim they sent these images as a “joke,” according to AOL.com.

In March, Bumble issued a press release acknowledging the milestone that the UK government agreed to make cyberflashing a criminal offense under the OSB. In the same release, they advocated that “to drive societal change, any new law must be based on non-consent.” The company argued that instead of focusing on the intent of the sender, the law should be focused on whether or not the recipient gave prior consent. 

Image: Match Group

Match Group has appointed former Plenty of Fish CEO Malgosia Green as CEO of Match Group Asia, who will now be based in Singapore. The company has said it will be targeting the growing Asian market in the coming months as well as focusing on AI development, and a huge step forward is having an executive in the region.

Green was appointed by Match Group CEO Bernard Kim, who has been under fire from shareholders about the fourth quarter revenue decline because of poor product rollouts from Tinder. He has named four main points of growth for the company, one of which is focusing on the Asian market.

In an interview with Fast Company, Green said: “Given the huge potential of the region, and how large it is . . . it made a lot more sense to have someone specifically dedicated to Asia itself, and to be based in the region.”

Tinder has become a pawn in some new intelligence tactics employed by Russian spies. They are using the app to woo German soldiers as informants, so they can obtain intelligence about Ukraine’s war strategy.

According to Insider, German newspaper Welt am Sonntag broke the story, reporting that Russian agents are specifically targeting politicians and members of Germany’s armed forces as sources of information, and they are using dating app Tinder as a tool to reach them.

Germany’s Military Counterintelligence Service (MAD) confirmed at a recent NATO meeting in the country that “members of other intelligence services (e.g. Russia) use social media to specifically establish contacts with members of the Bundeswehr,” or the German armed forces, according to Insider. MAD also confirmed that Tinder was the app most used.

New users are downloading and registering for dating apps every day, and business is booming for the $5.61 billion-dollar industry, despite a recent decline in subscriptions for Tinder.

According to new research gathered from website Cloudwards, 1 in 5 U.S. Internet users are also using a dating app. In fact, the total number of dating app users grew to 366 million worldwide in 2022 alone, up from 240.9 million in 2016 and 323.9 million in 2021.

Gen Z daters seem to have a stronger preference for Tinder, which is the most popular dating app in the U.S. Tinder has a reputation that it’s mainly for singles who aren’t looking for anything serious, and Gen Z daters are on these apps to look for friendships and casual relationships as much as a partner. However, in recent months, Tinder’s new CEO Bernard Kim seems to be taking the app in a new direction and focusing on attracting more serious daters, including testing a new $500 VIP service called Tinder Vault.

A new strategy that’s gaining steam among organizers is using dating apps to reach out to potential voters ahead of crucial U.S. elections.

According to The Guardian, encouraging young voters on dating apps to go to the polls on April 4th was an important strategy in the race in Wisconsin for a State Supreme Court seat, where youth votes ensured a victory for a Democrat-backed justice in the face of increasing rollbacks of rights regarding abortion and education.

In a report from Vanderbilt University in 2020, researchers found that 31 percent of millennial respondents were using online dating services even more than before the pandemic, and an even larger percentage of Gen Z singles were turning to dating apps to meet people. At the same time, they are increasingly resistant to phone calls and texts from organizers and campaign staff, especially as they get bombarded around election time. Dating apps are a way to casually engage their commitment.