Facebook

Facebook has reportedly given personal data of its users to an exclusive roster of preferred companies such as AirBnB, Netflix and Lyft, even after claiming it had limited this data-sharing practice. One of the companies Facebook shared information with was dating service Badoo.

According to The Daily Beast, the British Parliament released 250 pages of documents, including internal communications between Facebook employees, regarding the secret data sharing practice. This potential scandal comes in the wake of Facebook’s launch of a new dating platform. Critics have been skeptical of whether or not people will feel comfortable joining in light of the privacy issues, and the latest news doesn’t look good for Facebook.

Facebook changed its data sharing practices with third party apps back in 2014 to restrict access, which affected many small app development companies like Six4Three that mined Facebook user data. The developer claimed in a lawsuit against Facebook that the social media giant favored lucrative companies and was willing to share data with them.

New Branding Effort for Tinder

Match Group is looking to differentiate their suite of dating apps acquired over the past few years, including star Tinder and relationship-focused app Hinge.

On a call with investors, Match Group CEO Mandy Ginsberg shared that the company is looking at better defining their brands, according to website Tech Crunch. This means that Match Group has decided to embrace the hook-up reputation of Tinder to attract younger users from 18-25, who aren’t necessarily looking for a long-term relationship.

Match Group will launch a new branding effort called “single lifestyle” with billboard campaigns and digital initiatives. It’s begun publishing content on the “Swipe Life” website with stories about travel and dating. Recent articles have included “7 Exit Strategies for Terrible Dates,” and “Study Abroad Hookup Confessions.”

Since the announcement of Facebook Dating at the company’s annual F8 developer conference in May, the online dating industry has anxiously awaited the arrival of its newest competitor. Facebook began testing its matchmaking product internally in August, revealing a few key features in leaked screenshots, then went live for users in Colombia in September.

Canada and Thailand are the latest nations to take Facebook Dating for a test drive. The feature launched in the two countries earlier this month, along with several updates that aim to enhance the dating experience.

The first update is Second Look, a tool that will be familiar to some users of other dating services. Second Look, as its name implies, allows users to reconsider matches they have previously passed on by going back through their Suggested Matches or reviewing profiles they may have accidentally rejected. Similar “do-over” features can be found on services like OkCupid and Tinder, but it is often limited to members with paid subscriptions.

The online dating market is hot right now and projected to grow to $12 billion by 2020. This is in part thanks to bullish analysts targeting a price point of $66 for Match Group stock, based mostly on the incredible revenue growth of Tinder.

This projection by Nomura Instinet came on the heels of a downward market in early October. Match Group stock was projected to be 28% higher than what it was worth on Thursday October 11^th before the announcement. The $66 valuation gave Match Group a bump on Friday.

Facebook’s entry into the online dating market could have an effect on these projections, though Nomura Instinet analysts say the valuation is based on Match Group’s effective strategy of buying competitors before they scale. Most particularly, Match Group was very successful in its purchase of dating app darling Tinder, which has seen unexpected revenue growth since launching its paid premium service Tinder Gold.

Tinder users can breathe easier this week. Following the Facebook hack that compromised 50 million user accounts, Tinder has announced there is "no evidence” to suggest its own accounts have been breached as a result.

On Friday, September 28, news of the hack broke. An unknown attacker, or attackers, exploited a weakness in the social network’s systems to take over millions of accounts, gaining access to their profiles, photos, friend lists and, possibly, private messages. More than 90 million users were logged out of their accounts by Facebook as a precaution, including the accounts of company CEO Mark Zuckerberg and COO Sheryl Sandberg. It is one of the most significant cyber attacks in Facebook’s history.

"We do not yet know whether these accounts were misused but we are continuing to look into this and will update when we learn more," Facebook CEO Mark Zuckerberg said in a blog post published on Friday.

The dating industry has been remarkably restrained in its responses to Facebook’s upcoming dating service.

A spokesperson from Bumble described the company as “thrilled” to welcome its new competitor, and suggested that perhaps “Bumble and Facebook can join forces to make the connecting space even more safe and empowering.”

Joey Levin, chief executive at IAC, assured shareholders that “on the long list of things we worry about in our dating business, [Facebook] doesn't top the list."

Match Group CEO Mandy Ginsberg released a statement announcing that “Facebook’s entry will only be invigorating to all of us."

Tinder CEO Elie Seidman simply said he is “convinced” Tinder can “rise to the occasion.”