Momo has launched a new dating app designed to target users in lower-tier Chinese cities.
Qianshou Love is only going to be available on app stores owned by Xiaomi, Vivo and Oppo, which tend to be favoured outside of the main metropolises due to their lower prices.
It is a more relationship-focused product, compared to some of Momo’s other subsidiaries, as the in-depth profiles will feature details about education, employment and annual salary. All of the information must be verified before it goes public.
The slow dating platform sends users 15 recommended matches each day, although they have the option to pay for more.
Members can also sign up for a premium subscription, which will include benefits like 20 daily profiles and, according to the app, a threefold increase in the chances of success.
Seeking Alpha commentary from Terracotta Investments argues that Momo is still a “buy” for potential investors, due to Match Group’s absence in China.
A author from the firm wrote: “We are positive on MOMO given its ongoing product innovation with new products looking to target a niche of the large dating demographic.”
Momo’s share price has grown by just over 50% since the start of 2019. It currently has a market value of $8 billion.
Tinder started to roll out its new ‘Lite’ product in July, a smaller version of the dating app that would be easier to access in rural areas of Asia with slower internet connections.
Read more here.