FINANCIAL TIMES - Nov 26 - Elite platforms are unashamedly catering to professionals, the wealthy, the highly educated and celebrities. The most controversial is Luxy, which described itself when it launched in 2014 as "Tinder, minus the poor people". Luxy declined to provide figures on its profits or revenues, but says it has been profitable since its first year of operation and now has ~2M users. New members must first pass a 24-hour approval process. Only 10-15% are accepted and the company claims that half of its active members earn ~$500K. The Inner Circle, which describes itself as an "exclusive community" was launched in 2012 in the Netherlands. It organises social gatherings for its members, such as polo tournaments, gallery openings or cabaret nights. Members are vetted according to profession, age and the quality of the pictures they submit. The company also declines to share the revenue figures, but says it is profitable, employs ~20 staff and has 1.3M approved members globally. The League, launched in the US in 2015, caters to professionals who are screened based on what industry they work in, their university education and how many LinkedIn connections they have. Toffee, a dating app exclusively aimed at the privately educated, launched in the UK this year. Lydia Davis, co-founder of the app, estimates Toffee will make $10M in revenues in 2019 if the app is as successful overseas as it has been initially in the UK.
by Madison Marriage
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Summarized by the IDEA team
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