Match Group has released its Letter to Shareholders for the third quarter of 2022, outlining the company’s latest financial and business results. In this article, we look at what the report highlights as the next steps for Hinge and Tinder.
The report highlighted that Tinder saw a 6% increase in direct revenue. Despite the cost-of-living crisis many communities are facing, paid subscriptions to Tinder rose by 7% globally in July-September, the BBC is reporting.
Despite its user base growing every quarter, Match Group highlighted that Tinder still has opportunity for further growth outside of the Americas and Europe.
In regions where it’s already established, the report admits Tinder’s growth has slowed. However, it shares that new innovative features and marketing campaigns on the way will look to spark growth in every region.
While remaining “the first-choice brand” for Gen Z and Millennial daters, the report highlights only 16% of eligible singles in the U.S. between 18 and 24 years old have used Tinder recently. This shows that there is still work to be done for Tinder among this demographic, the report says.
New features on Tinder include the Boost offering and the option for users to sign up to a weekly subscription package. Users can also now display their relationship intent on their profile, with consumer research showing this will help produce better outcomes.
The Match Group report highlights that Hinge is continuing to innovate, with Prompt Polls and Video Prompts giving users more ways to show off their personality. Moving forward, Hinge plans to introduce a premium subscription tier which will look to increase revenue per payer.
The dating app has launched a new marketing campaign based around the “Hingie” character, leading to a record breaking September in terms of global downloads. Awareness campaigns hope to raise the popularity of the app among less populous regions in the U.S., the report shares.
Hinge’s expansion into Europe is going successfully, especially in Germany. At the beginning of 2022, Hinge was the country’s 20th most downloaded app, whereas in September it moved up to 4th most downloaded.
Up next, Hinge will be rolling out a translated and localised product in Sweden, France, Italy and Spain in the 4th quarter of this year.