MEDIA POST - Bernard Kim, who joined the company as chief executive officer a few months ago, announced that Renate Nyborg is out as Tinder CEO. Melissa Hobley, CMO of Match's OkCupid unit, will move to Tinder CMO. Tinder's revenue growth and new product have been disappointing. "We need to do more to excite our user base to drive top of funnel growth," Kim says. The company is bailing out of the metaverse, at least for now, "given uncertainty about the ultimate contours of the metaverse, as well as the more challenging operating environment." In Q2, Match Group's revenue rose 12% to $795M, and it posted a loss of $10M. "Western markets will settle into slow growth for the next few years," says Mark Brooks, a consultant in the internet dating industry, "until real innovation and shifts into new media are both realizable and can be monetized." When that happens, he says, "internet dating becomes a new game." While he agrees with Kim's decision to back off from the metaverse now, it will have advantages as Web 3.0 gets closer to reality. "It will be important to have a trusted brand because users may have to relinquish more of their privacy in a VR - and especially an AR-driven world." Brooks believes AR has the potential to disrupt dating in ways few can yet imagine, even on par with the way smartphones ushered in a mobile revolution. "AR will bring a different and new level of experience and value in dating."
by Sarah Mahoney
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