China

Match Group Stock Take a Hit as Company Misses Revenue Goals 

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Shares of Match Group fell 15 percent after the company announced it will miss revenue goals for the fourth quarter. Shares of IAC also fell by 11 percent, according to Reuters.

The company expects fourth quarter revenue to be between $545 and $555 million, short of the $559.3 million goal according to IBES data from Refinitiv.

This news comes on the heels of a complaint filed by the U.S. Federal Trading Commission that Match Group offered fake profiles to entice customers to purchase paid subscriptions to its services, among other “deceptive and unfair practices,” as said in the lawsuit. Match Group is also facing legal entanglements with former Tinder employees, including founder Sean Rad, who said the company cheated him out of rightful payment after undervaluing his stock options.

China’s Largest Gay Dating App Blued Plans U.S. IPO

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Blued Chinese Dating App

China’s gay dating app Blued is making its next move – an IPO in the U.S. market.

According to Bloomberg, the largest app for the LGBTQ community in China is planning to raise about $200 million through the IPO. The sale will likely take place next year, and the company could be valued as high as 1 billion US dollars.

Blued was founded by a former policeman named Geng Le in 2012, and now has more than 40 million users and garnered more than $130 million in venture capital as of March of this year, according to Bloomberg. The app offers live streaming and gaming in addition to online dating, and also connects men who want to become parents with surrogates overseas. These types of services are also part of Blued’s strategy to generate additional revenue outside of the traditional dating app.

Hong Kong’s Young Activists Are Using Tinder To Organize Protests

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Hong Kong Protestors use apps like Tinder to Organize

Swipe right for romance and… revolution? As the pro-democracy protests in Hong Kong continue into their third month, and the police response has become violent, demonstrators are growing increasingly creative in their tactics. Tech-savvy activists are now turning to their favorite mobile apps - including Telegram, WhatsApp, Pokemon Go and Tinder - to organize demonstrations and share tips for evading authorities.

Gavin Huang, an editor for the Chinese culture website Goldthread, took to Twitter to share a photo of a Tinder profile he encountered. “So it’s come to this,” he wrote on August 1, “I’m getting protest info on Tinder.” The attached screenshot shows a profile picture with a schedule of protest events and a bio inviting curious swipers to join a strike.

Grindr Moves Forward With IPO Plans After U.S. Government Drops Opposition

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Gay dating app Grindr is headed towards an IPO again, now that the U.S. national security panel CFIUS has dropped its opposition.

Chinese gaming company Beijing Kunlun Tech purchased Grindr fully in 2018, but the Committee on Foreign Investment in the U.S. found this problematic and forced Beijing Kunlun to sell the app by June 2020. According to a report from CNBC, a source familiar with the situation said the efforts to sell Grindr by the deadline were continuing, even as plans for the IPO were moving forward.

Tinder Unveils its New “Lite” App

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Tinder has unveiled its new streamlined app after announcing its debut earlier this year. Tinder Lite will be available as a separate app for Android phones and can be purchased through Google Play.

The new Lite app was designed specifically for users in countries and regions where Internet connectivity is slow and most people have lower-cost phones. According to Tinder CEO Elie Seidman, who spoke at the 2019 Rise Tech conference in Hong Kong in mid-July, the new app “would run faster, consume less battery and reduce network usage by about 20 percent,” as reported by The Jakarta Post.

Tinder Revamps Its Image to Attract Users in Asia

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Dating app Tinder has a hook-up reputation – and because of this, users in more conservative countries in Asia might be hesitant to try the app. In response, Tinder is revamping its image to maintain its growth streak.

Dating app growth overall has slowed in the U.S. as the market becomes saturated, and it is expected to slow even more through 2022. In order to expand its opportunities, Match Group – Tinder’s parent company, has put a lot of resources into the Asian market, including hiring key executives to oversee the region and advertising its suite of apps.