During the corona pandemic, informal online dating via Tinder seemed to have caught on with the general public in this country too. Meanwhile, things are looking less rosy for the dating app. While the competition is becoming more and more popular, young women in particular rarely rely on the market leader Tinder. This is now having an effect on its stock market price.
Tinder's parent company, Match Group Inc., was one of the worst performers on the American stock index S
The problems with Tinder are complex. Both the download numbers and the paying customers via Tinder's premium offer are decreasing. Young people are showing increasing interest in more progressive dating apps that promise long-term relationships like Hinge or Bumble.
It is quite common for singles to use several of these apps at the same time. Tinder still gathers the most monthly users behind it. In total there are around eleven million paying customers. Most users, around 85 percent (about 70 million people), continue to use Tinder for free. In addition, monthly users have stagnated since the end of 2019. Bumble and Hinge experienced large growth over the same period. The number of users on Bumble increased by 87 percent and on Hinge by as much as 140 percent.
The trend is clearly turning away from Tinder. For many, the market leader has stood for one-night stands and superficial acquaintances since it was founded ten years ago. That's where the challengers come in. Hinge, which also belongs to the Match Group, advertises with the slogan "designed to be deleted". Those who sign up here are usually looking for a deep and long-term relationship.
At Bumble, it's up to the women to make the first move after a straight match. If no female message follows after 24 hours, the connection will be deleted again. This restriction does not apply to homosexual couples. Both Hinge and Bumble focus on creativity and personality. Non-binding Tinder matches don't seem to be popular anymore.
This new approach seems to appeal primarily to young people from Generation Z. As Tinder's original target audience of millennials settles down, many under-30s question Tinder's approach to dating. The boundaries of sexuality, identity and one's own relationship status have become more fluid in recent years. There are good alternatives, especially in the LGBTQIA community.
According to Bloomberg, heterosexual women are also increasingly having doubts about Tinder. The already unequal relationship between the sexes on Tinder could therefore drift even further apart. This should also make the heterosexual male world dissatisfied in the long term. Match Group CFO Gary Swidler has also recognized this. At an investor meeting in December, he pledged to work harder to combat abusive behavior on Tinder to create a safer environment for women and queer people. He also emphasized that Tinder matches have repeatedly led to long-term relationships or even marriages in the past. This should be emphasized more.
Tinder also wants to discard its image with new functions. With the Relationship Goals feature, users have recently been able to state their intentions in the dating market. In addition, the app is trying to create a progressive profile on social networks. In the US, Tinder called for voting shortly before the midterm elections, published a guide to healthy dating and warned of a list of red flags for potential matches. It remains to be seen whether the app can win back the favor of Generation Z in this way.
Sources: Bloomberg, Standard