July 23, 2024

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Tinder: More pay for dating app despite cost-of-living crisis

As living expenses climb, consumers are spending less on everything from food shopping to streaming video, but it seems that many people are still not ready to cut back on dating just yet.

According to Tinder’s owner, paid subscriptions to the dating app increased 7% internationally between July and September.

Overall sales increased to $810 million (£704 million) in the third quarter, according to Match Group, which also owns Hinge and OkCupid.

The global economic recession was beginning to have an impact, but it issued a warning.

Particularly, it said that less robust economic conditions are burdening firms that serve lower-income consumers, like Plenty of Fish, and that in-app purchases on its platforms are beginning to decline.

One of the most well-known dating applications in the world, Tinder, saw an increase in both sales and users in the three months leading up to September.

Match has over 100 million active users overall, with Tinder making up the majority of this number.

Despite an increase in subscriptions, the dating app reported that users were spending less on ad-hoc extras like “Super Likes” and “Boosts,” which increase the visibility of your profile.

Match expects Tinder’s revenue to stagnate in the final three months of the year.

In total, Match reported having 16.5 million paying customers worldwide across its brands in the third quarter. Match claims that hundreds of millions of people have used its apps.

That was an increase from 16.3 million in the three months leading up to July, but most of the growth came from areas other than its primary ones in the US and Europe, where numbers actually decreased somewhat.

Match stated that it was still looking for a new CEO for the app. After the app came under fire for abusive interactions on the service, it also stated that it was concentrating on enhancing the Tinder for Women user experience.

Both Apple and Amazon issued warnings this week that consumers’ reduced spending is hurting their sales.

In the meantime, shares of Meta, the company that owns Facebook, dropped more than 20% last week in response to disappointing data from the digital giant.

Match’s shares, which have been underperforming this year, increased 16% on Tuesday following its results.