Match Group, the company that owns the popular dating app Tinder, has announced that it is scaling back its plans for 'metaverse dating' and the so-called Tinder Coins. Alongside Tinder, Match Group also owns other notable dating services, such as OkCupid and Match.com. While the former is a popular dating app used by millions of people worldwide, the latter is a dating website that has been around since the mid-nineties – long before online dating became mainstream. Earlier this year, the company also launched a dating app called Stir, specifically for single parents.
Tinder is one of the most popular dating apps in the world, alongside the likes of OkCupid, Bumble, Plenty of Fish and eHarmony. It was launched in 2012 before the famous swipe feature was introduced the following year. While the app's basic features are available for free, it also offers a paid subscription called Tinder Plus that allows unlimited matches. In contrast, the free version limits the number of right swipes made in 12 hours. As of Q1, 2022, Tinder has 75 million active users, including 10.7 million paid subscribers.
Match Group chief Bernard Kim has asked Tinder's Hyperconnect unit to scale back the company's metaverse dating plans. In a shareholder letter, Kim said that the decision not to invest heavily in the metaverse was taken due to the lingering uncertainty about the success of virtual dating. However, he was also cautious about writing off the virtual dating scene, saying that the company will "continue to evaluate this space carefully, and we will consider moving forward at the appropriate time when we have more clarity."
Tinder Coins Is Also Facing The Axe
The Match Group is also adopting a wait-and-watch strategy for its proposed Tinder Coins, following mixed results from its tests. The company, however, is not ditching its virtual currency plans entirely, with Kim saying that it needs to "step back and re-examine" the plan to make it more financially relevant to the company. The company will also keep weighing its options about other 'virtual goods' so that they can more effectively contribute to the company's bottom line going forward.
Meanwhile, even as Kim is making tough policy decisions, Tinder is facing a leadership crisis at the top. Renate Nyborg, who became Tinder's first female CEO last year, is leaving the company for undisclosed reasons after less than one year in the job. Kim said that the company is actively looking for a permanent Tinder CEO but did not elaborate any further on the matter.
Source: Match Group