Match Group Puts Crypto, Metaverse Plans for Tinder on Hold

Match Group Puts Crypto, Metaverse Plans for Tinder on Hold
Source: AdobeStock/ Aleksei

Online dating huge Match Group is dissatisfied with among its leading brand names, Tinder, so it’s putting its earlier plans to have the service embrace cryptocurrencies and endeavor into metaverse-based dating on hold.

In a just recently launched letter to the group’s investors, Bernard Kim, CEO of Match Group, revealed a mindful technique towards incorporating the business’s services with metaverse in spite of earlier bullish statements and its in 2015’s acquisition of social media network business Hyperconnect for an approximated USD 1.73 bn.

The CEO stated a metaverse dating experience is very important to catch the next generation of users, however included that,

“However, given uncertainty about the ultimate contours of the metaverse and what will or won’t work, as well as the more challenging operating environment, I’ve instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time.”

At the very same time, Kim stated that Match Group will “continue to evaluate this space carefully,” which it will think about moving on at “the appropriate time when we have more clarity on the overall opportunity and feel we have a service that is well-positioned to succeed.”

All this comes as Kim shared his frustration with Tinder’s lead to the 2nd quarter of 2022 and the service’s stalled development. While Tinder’s direct profits broadened by 13% year-over-year, Kim confessed that, over the noted duration, Match Group “has not been able to realize the monetization successes that we typically deliver.”

“Tinder’s current revenue growth expectations for the second half of the year are below our original expectations as a result of disappointing execution on several optimizations and new product initiatives,” the CEO stated.

Kim’s letter likewise shows a mindful technique towards releasing devoted tokens for its prime service, mentioning that, following the “mixed results” from screening Tinder Coins, the business chose to “take an action back and re-examine that effort so that it can better add to Tinder’s profits.”

“We likewise plan to do more thinking of virtual products to guarantee that they can be a genuine chauffeur for Tinder’s next leg of development and assist us open the untapped power users on the platform,” he stated.

Meanwhile, Renate Nyborg, CEO of Tinder, is leaving the business. Hers is among numerous management modifications at Tinder revealed byMatch Group Kim will use up that function up until a brand-new long-term CEO is discovered.

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Compiled by Coinbold.

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