Industry

Dating Execs Respond To The Threat Of Competition From Facebook

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At Facebook's annual developer conference F8, founder Mark Zuckerberg made an announcement that spread like an especially voracious wildfire across the web: Facebook is entering the dating game.

The news sparked immediate reactions from key players in the market.

Despite recently ditching the Facebook login requirement for its app, Bumble took a diplomatic approach. A spokesperson described the company as “thrilled”, telling CNNMoney “Our executive team has already reached out to Facebook to explore ways to collaborate. Perhaps Bumble and Facebook can join forces to make the connecting space even more safe and empowering.”

Other major dating players took a less enthusiastic path.

Match Group Releases Impressive Q1 2018 Earning Results

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It’s been a tumultuous month for Match Group. The company’s share price dropped over 25% in the wake of Facebook's announcement that it was entering the online dating space, prompting CEO Mandy Ginsberg to assure users and investors that Match Group had little to fear from its new competitor.

“People don’t want to mix Facebook and their dating lives,” she said in an interview with Bloomberg.

She may be right. Looking at Match Group’s Q1 2018 Earning Results, also released this month, the company appears to be in a strong position despite the recent hit.

Facebook Engineer Fired for Creepy Tinder Messages

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A Facebook engineer was fired for exploiting his position and access to personal information of Facebook users, according to website Tech Crunch. It’s reported that the firing resulted after the engineer’s messages with a match on Tinder were shared with company executives.

Over Twitter, Spyglass Security Founder Jackie Stokes revealed that someone she knew received “creepy messages” over Tinder, and she had confirmed it was an engineer employed by Facebook.

Stokes then posted a screenshot of the offender’s message, where he called himself a “professional stalker” and claimed to have access to the user’s personal data. He also shared private information about the user via their messages, information that she hadn’t shared publicly on social media.

Growth Industry Or Past Its Prime? A Two-Year Review Of Online Dating’s Hirings And Firings

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It wasn’t long ago that dating services were seen as the last refuge of the lovelorn and desperate. Today online dating hasn’t merely shed its stigma, it’s a bona fide phenomenon and business appears to be booming.

According to a report from IBISWorld, annual revenue in the online dating industry has surpassed $3 billion. Dating services employed over 9,000 people worldwide in 2017 and have collectively seen an annual growth rate of +5.3% over the past five years.

Yet hardly a week goes by without someone publishing an article condemning digital dating for butchering our ability to have real relationships, and even major players like Match Group have fallen short of analysts’ expectations.

New CEO at Plenty of Fish

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Match Group which owns and operates Plenty of Fish dating service (also known as POF) announced on April 12th, 2018 that Malgosia Green has been appointed as the new Chief Executive Officer. She starts her new job on April 23.

On her new position Malgosia Green stated "... I am very proud to be joining such an exceptional team and am excited to deliver new and innovative product experiences for our members."

Green brings a lot of previous tech experience to her new job. She has founded and run several education tech companies in Toronto including serving as the Chief Product Officer of Top Hat. Green has also been named one of the "20 Young women in Power" by Canadian Business Magazine and a Top Canadian Woman in Tech by Boardlist.

Bumble Suing Match Group for $400 Million

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Bumble has filed a $400 million lawsuit against Match Group, the parent company of popular dating apps such as Tinder, OkCupid, and Match. Bumble accused Match Group of interfering with its business operations, including stealing trade secrets and hurting the company’s chance to sell equity investments, according to reports from CNN Tech and Recode.

The Bumble lawsuit follows a previous lawsuit filed by Match Group against Bumble two weeks prior. Match Group accused the female-friendly dating app of patent infringement, specifically in regard to its swiping technology, stating that it is virtually identical to Tinder.

Bumble initially responded to the lawsuit with a post on its website, stating: “We swipe left on your attempted scare tactics, and on these endless games. We swipe left on your assumption that a baseless lawsuit would intimidate us. Given your enduring interest in our company, we expected you to know us a bit better by now.”