THE STREET - Match Group and Bumble should benefit from the court ruling last week that Apple can no longer prevent apps from offering direct payment options, says Cowen analyst John Blackledge. Match spent ~$500M in app store payments in 2020, or just under 80% of cost of revenue, he said. He estimates that 75% of these fees went to Apple. "If we assume that 50% of Match's iOS customers will opt to pay via credit card on the Match website (with a 3% take for payment processing), Match could generate an additional $295M in 2022 Ebitda, a 19% increase vs. our current estimate of $1.58B," he wrote. Bumble would see 2022 Ebitda rise by $88M.
by Dan Weil
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