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Match Group Reports Fourth Quarter and Full Year 2016 Results

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Match Group reported fourth quarter and full year 2016 financial results, revealing a mix of highs and lows.

“Match Group executed well in our first full year as a public company,” said Greg Blatt, Chairman and CEO. “We had strong double digit revenue, operating income, Adjusted EBITDA and PMC growth, generally on track with our expectations at the time we went public. As we roll into 2017, we’re confident we can maintain that momentum.”

Q4 2016 highlights include:

Gay Dating App Hornet Raises $8 Million In Series A Funding

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Hornet, a dating app that touts itself as “the world’s second largest gay social network,” has announced that it has raised $8 million in its first round of institutional financing. The Series A round adds to a $500,000 angel round raised in 2012.

Founded in San Francisco in 2011, Hornet set out to strengthen the gay community by providing quality social interactions and being the most inclusive, diverse service in the LGBT dating market. CEO Christof Wittig has previously said the company aims to “jump in where Grindr dropped the ball” by focusing on lasting connections rather than quick flings.

Dating Apps Now Want Older, Wealthier Singles (For Their Money)

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Dating apps found their foothold with younger users. Tinder launched on college campuses in 2012, and 90% percent of its earliest users were aged between 18 and 24. It wasn’t chance; it was strategy.

“They thought if this product is successful among that young college demographic, who also happens to be the most social group of people on the planet [and] the least likely to need an app to meet people, it can [work] for anyone,” Tinder spokesperson Rosette Pambaki told Complex.

Tinder’s wager was right, and in the years that followed, it and other apps like it became explosively popular amongst younger users. But times change, and if a company is to survive, it must change with them. The Wall Street Journal reports that dating apps are now welcoming singles in their late 30s and beyond for one simple, but essential, reason: their money.

Hinge’s New App Offers an Alternative to Swiping Culture

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Hinge just announced the relaunch of its new self-dubbed “relationship app” as an alternative to dating apps, which have garnered a reputation over the years that the people using them aren’t all that interested in finding relationships. Hinge developers overhauled the app's look and feel as well as its functionality, and are now charging $7 per month for members to use it.

Hinge has been working on the new app for a year, though details weren’t disclosed. However, the company did launch a website revealing its escape from the “dating apocalypse” that is now online dating, named for the controversial New York Times article declaring the end of dating culture thanks to apps like Tinder.

Tinder has become an incredibly popular way to meet, but it has led to a lack of serious online daters looking for real relationships. The game-like swiping functionality of Tinder has created several copycat dating apps in the industry, each one claiming to produce better results and cut down on the fake profiles. So far however, nothing has made a significant dent in Tinder’s appeal or market share.

Hinge Set for Pivot to Attract More Users

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Dating app Hinge started out with some stiff competition against Tinder. Since its debut in 2012, several other new dating apps have launched and attracted a growing user base as well as media attention, including female-centric dating app Bumble. Meanwhile, after steady growth since its launch, this year Hinge has seen its numbers declining.

Hinge’s marketing and product development have always focused on attracting more serious daters. The app is geared toward young professionals in their late twenties and thirties who are looking for long-term relationships, as opposed to the hook-up reputation that has followed Tinder since its inception. The app is billed as a “grown-up” alternative to the young users of Tinder, which at first seemed to serve the market well.

Popular Chinese Dating App Momo Expands Services Outside of Dating

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Dating app Momo, China’s answer to Tinder, has been a popular dating app among the country’s singles with a record 75 million users. But in recent weeks, Momo seems to be expanding out of the dating business and into something more lucrative.

For its latest update, Momo executives decided to supplement the app's location-based dating service that matches people through swiping and messaging. Now, the app offers a live-streaming function, catering to music lovers and even musicians themselves. The update allows users to watch their favorite musicians perform live, as well as giving them the ability to interact with the musicians.