LINKEDIN - Match Group has sued Muzz (formerly muzmatch) for the third time over a patent related to digital matchmaking (Patent 666 - "Matching Process System and Method"), day after their appeal hearing in the UK. Muzz asserts that it declined Match Group's acquisition offers and has invested ~$1M in countering their legal actions. Muzz is calling on the Federal Trade Commission to investigate Match Group's dominant position and treatment of competitors.
610 posts categorized "Match Group"
Muzz Fights Third Lawsuit from Match Group and Calls for FTC Investigation
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Survey Shows 80% of Young Adults in Japan Did Not Date During the Pandemic
PRESS RELEASE - Eureka, a subsidiary of Match Group and the operator of Japan's Pairs dating app, conducted a survey to study changes in young adults' attitudes toward love this spring. The survey of 1,000 respondents found that 50% are eager to go on a date that would lead to a romantic relationship this spring. Additionally, 88.5% of respondents are using a dating app. Of those who were still single, 80% claimed that they did not go on a date during the pandemic.
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Dating App Muzz Fights to Overturn Trademark Loss
LAW360 - Muzz (previously Muzzmatch), an online dating service aimed at Muslims, has recently found itself embroiled in a legal battle with Match Group. Match Group has accused Muzz of infringing on their trademarks by using the word "match" in their name, which they claim is causing confusion among users. However, Muzz has maintained that there is no evidence to suggest that users have actually confused the two brands. The case has now made its way to the London appeals court, where Muzz is urging the court to throw out the ruling made against them.
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The Top Ten Things I Learned About Match, Tinder and Grindr at The Online Dating Investors Summit
OPW - The Online Dating (Investors) Summit was hosted by New Street Research (NSR) with assistance from Courtland Brooks. Institutional investors and Match Group / Tinder, Grindr presented. In addition Courtland Brooks had guests: 12 CEOs of leading dating companies. Mark Brooks interviewed the CEO of happn, Karima ben Abdelmalek in one session. Mark also interviewed a panel of notable CEOs, namely Joel Simkhai, Founder of Grindr and Motto, and Carsten Boltz, CEO of Online Personals Group, and Paul Rider, CEO of SALT.
Here are the top ten things I learned from the sessions with Match, Tinder and Grindr. CEOs
MATCH GROUP - Bernard (CEO) and Gary (CFO)
1. They are shooting for Hinge reaching $822m revenue in 2025, and $400m in 2023. Its around $300m now. Through global expansion and improved monetization.
2. They are rolling at HingeX at $50 a month. Hinge Plus, meanwhile, went down from $35 to $30/mo.
3. Malgosia Green (POF's former CEO) agreed to move to Asia and now heads Hyperconnect.
4. Bernard doesn't see a gap in management that requires a CEO for Tinder. He assumes both now, and will continue to do so.
TINDER
5. Claims more LGBTQ representation than any other general dating app. Has doubled in size.
6. The League inspired them to start experimenting with a $500+/mo pricepoint. Ran a smoke test and 30% are clicking through to check it out. 70% of those clicking through are under 30.
GRINDR
7. In summer 2022 they tried their first a la carte offering. 1 hour boosts were successful.
8. They will move away from ads. Currently 15% of revenue, but this will go down.
9. Ads are the thing users complain about most.
10. There is a massive tailwind for Grindr Internationally are more countries open up to them from a Government / legal perspective. i.e. more acceptance of LGBTQ
This event will happen again. Watch this space. Overall, it was a great initiative, with 18 leading CXOs in attendance, and ~40 institutional investors coming through to talk to us.
See the top news on Match Group
See the top news on Tinder
See the top news on Grindr
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Match Group at New Street Research - Online Dating Summit
OPW - Match Group's CEO Bernard Kim and President & CFO Gary Swidler talked about opportunities and challenges, the product roadmap for Tinder and Hinge, the company's acquisition of Hyperconnect, and the in-app payment policies of Apple and Google. They were interviewed by Dan Salmon, U.S. Internet Team Lead, New Street Research, at the Online Dating Summit that took place this week in New York.
Q: What was the most surprising opportunity and challenge you encountered when you joined Match Group?
Bernard Kim: The most pleasant surprise was how welcoming the team was and their openness to new ideas and change. Having been in similar situations before, I know that some teams can be hesitant toward newcomers. But I was impressed by how the team embraced me. The unexpected challenge was how quickly we needed to work on Tinder.
Q: Do you agree that Match and Tinder are at the highest risk due to oversaturation in the online dating market, as investors often suggest?
BK: I see it as a big opportunity, not a risk. Initially, marketing and product weren't aligned, so I saw a chance to improve. The stigma around online dating is gone, and now we need to focus on engagement.
Q: When you look at the product roadmap, what are the things that you are most excited about for the Tinder team?
BK: Laying out the product roadmap. We have to rebuild trust with investors. Accountability is very important and we know we need to execute this year.
Q: Justin McLeod thinks Hinge should be a $1B business. What do you need to see from Hinge to turn it into a 1B business?
BK: Match Group is excited to have Hinge and Justin on the team. I do think we are still on an early runway of what we can do with Hinge. Hinge's focus on product innovation and execution has been successful, and now the company is moving towards global expansion and monetization. After thorough testing, Hinge X was launched at $50 and Hinge+ was lowered from $35 to $30. Hinge is currently being rolled out in the EU and generating excitement among users.
Q: What's your view on the mixed perception of the Hyperconnect deal? How did you view it when you bought it, and what have you learned since then?
Gary Swidler: We acknowledge that our investors may not be entirely satisfied with how it has turned out so far. However, we remain committed to the long-term potential of the acquisition and are working to improve profitability. Azar, the one-to-one video chat app, is performing well, but Hakuna needs more work. We have a new head of Hakuna with a new strategy, and we are eager to see how that unfolds. Despite challenges, we have successfully returned Hyperconnect to growth, and we see a lot of potential for the acquisition in the Asian market.
BK: The story of Hyperconnect is not completely told. I joined the company post-Covid and we have not had as many IRL meetings as we would like. A lot of magic happens during in-person meetings. Despite the challenges, I do believe that the talent at Hyperconnect is well-positioned and super-motivated.
Q: Let's talk about in-app payments. Do you think there is a change coming?
GS: This year is critical as the current app store policy needs to change. I believe they need to comply by the end of 2023. The discussions with regulators on what's fair will continue throughout the year.
BK: Gary mentioned fair and unfair. App store fees are a big issue. Match Group spent $600M+ on fees last year, more than R&D. It's unfair and needs to change.
Q: How important is advertising for the long term?
BK: It's important, but we need time to get there. Young people experience in-app content differently than older generations, and we need to be open to this, especially since most of our users don't pay.
Q: What's the plan for M&A and buy-back over the next 12-18 months?
GS: Our cash flow this year is over $800M. We've been successful with M&A in the past, but buying back stocks also makes sense. We'll continue to consider both options.
Q: What do you think your role is in mental health and trust and safety across the industry?
BK: Our role in mental health and trust and safety is crucial for our survival. We have invested heavily in building tools within our apps to verify users and create a better experience.
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Online Dating (Investors) Summit, in New York
OPW - New Street Research, assisted by Courtland Brooks, is organizing the Online Dating (Investors) Summit in New York tomorrow, Tuesday 14th March. 40-50 institutional and large-scale public company investors will be in attendance, along with a diverse group of public and private Internet dating company CEOs.
The CEO of Match Group, Bernard Kim, along with the COO of Tinder, Faye Iosotaluno, and CPO of Tinder, Mark Van Ryswyk will speak. The CEO of Grindr George Arison and CFO of Grindr Vanna Krantz will also be speaking.
Mark Brooks of Courtland Brooks (and OPW.news), will be interviewing a panel of private company CEOs, namely Joel Simkhai, the Founder of Grindr, and now CEO of Motto. Also Carsten Boeltz, the CEO of Online Dating Group, and Paul Rider, the CEO of SALT. Mark will then interview the CEO of happn, Karima Ben Abdelmalek.
This is a completely unique event and opportunity for large investors to meet and mingle with the CXOs of both the large online dating public companies and private dating companies to get a better sense of the challenges and opportunities for the dating industry.
Investors who are interested in joining future niche industry meetings and learning from New Street Research's independent analysis, please inquire with New Street Research.
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A Securities Fraud Class Action Lawsuit Filed Against Match Group
BUSINESSWIRE - A securities fraud class action lawsuit has been filed by a law firm against Match Group, Inc. The lawsuit was filed on behalf of investors who purchased or acquired Match common stock between November 3, 2021, through January 31, 2023. The class period will end on May 5, 2023. The law firm accuses Match of failing to deliver Tinder's planned product initiatives and misrepresenting its business and operations. The firm encourages investors who suffered significant losses to contact them. The investors can either choose to do nothing and remain an absent class member or move the Court to serve as a lead plaintiff.
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A Guide to Succeeding on Tinder, According to Helen Fisher
EL PAIS - Anthropologist and biologist Helen Fisher, who has researched love and relationships for nearly 20 years, has been a scientific adviser to Match Group. She has also created a test to distinguish four personality types and to provide some scientific basis for Match's method. Although dating apps have barely changed love, Fisher offers some advice for better using these apps. She suggests not dating too much, getting to know between five to nine people, stepping away from the app for a while after seeing five to nine people, and not being too picky and learning to say yes.
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Match Group to Present at the New Street Research Online Dating Summit
PR NEWSWIRE - Match Group will participate at the New Street Research Online Dating Summit on Tuesday, March 14.
Agenda:
- Faye Iosotaluno, COO of Tinder and Mark Van Ryswyk, CPO of Tinder, at 10:55 AM, EST
- Bernard Kim, CEO of Match Group and Gary Swidler, President and CFO of Match Group, at 2:25 PM EST
Live webcasts will be available here
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Match Group to Invest in Indian Matrimonial Site Shaadi
ECONOMIC TIMES - Match Group is in advanced discussions with Shaadi.com for a strategic investment in the Indian company. The exact financial terms and arrangement are yet to be ascertained. Shaadi.com founder Anupam Mittal didn't respond to queries. Match Group said that it does not comment on speculation. In an interview to a business daily in Sep last year, Mittal had said the company was planning to go public in the next fiscal year. Mittal is the founder and CEO of People Group, which runs the matchmaking site.
by Anumeha Chaturvedi
See full article at Economic Times
See the top news on Match Group
See the top news on Shaadi
This post also appears on InternetDatingInvestments.com
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Podcast: The Price of Dating Apps
WALL STREET JOURNAL - Dating apps are asking users to pay more for features and access to matches as a way to counter slowing growth. WSJ's Heard on the Street columnist Laura Forman talks about the pressure on Match Group.
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Match Group to Lay off 8% of Its Staff as Growth Falters
REUTERS - Match Group joined a growing list of U.S. companies that are cutting jobs to rein in costs after it announced plans to lay off ~8% of its workforce, or ~200 employees, as spending on its dating apps slows. The job cuts were mainly in areas such as recruiting. The layoffs come as other tech firms, from Microsoft Corp to Amazon, shed tens of thousands of jobs to brace for a possible recession.
by Vansh Agarwal & Shreyaa Narayanan
See full article at Reuters
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Match Group Q4 2022 Results
MATCH GROUP - Total Revenue declined 2% YOY to $786M. Operating income was $107M, a 54% decrease YOY. Payers declined 1% to 16.1M. Tinder direct revenue was flat over the prior year quarter with 3% payers growth to 10.8M. All other brands collectively had a direct revenue decline of 5% YOY driven by an 8% payers decline. Hinge revenue grew 30%YOY.
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Match Group Forecasts Q1 Revenue Below Expectations
REUTERS - While a tough economy and a stronger dollar had also crimped its business, poor product execution at Tinder was the "significant" culprit, Match said. Dating app Hinge's business was also hit by product delays, among other headwinds. Shares of Match Group fell ~11% in trading after the bell. Match reaffirmed its 2023 revenue growth forecast of 5% to 10%. It expects revenue growth to reach double digits by the fourth quarter on increasing momentum in the second half. The company forecasts Q1 revenue between $790M and $800M, lower than analysts' estimates of $817.3M. Revenue fell 2% to $786M in Q4, also missing expectations of $787.3M. Total payers fell 1% to 16.1M.
by Vansh Agarwal & Shreyaa Narayanan
See full article at Reuters
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Could Mandatory Background Checks Curb Trust Issues on Dating Apps?
GIZMODO - A roundtable discussion was held in Sydney to come up with ways to curb harassment on dating platforms. Ministers, victim-survivors, tech companies, and authorities met online with representatives of Bumble and Tinder. Australia's eSafety Commissioner, Julie Inman Grant, has warned dating apps that they need to make significant changes and improvements to protect users or face a mandatory code. She's calling on dating apps to be more transparent with their data and what additional safety measures they will implement. Bumble said it had implemented security measures in recent years including a block and report tool that allows users to report any suspicious behavior, photo verification, and Private Detector, which uses AI to detect and blur potentially crude images. The company has also released Private Detector on GitHub, allowing other apps to access the tool. Tinder has photo verification, anti-harassment prompts, and a Trust and Safety team to mediate any reports of concerning behavior on the app. The company also created the Match Group Advisory Council in 2018 to advise Tinder on preventing sexual assault, sex trafficking, and harassment.
by Nikki Main
See full article at Gizmondo
See the top news on Match Group
See the top news on Tinder
See the top news on Bumble
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