Tinder has undergone a major reform. It recently launched Explore, a new part of the app that will enable more interactive experiences-including the second Swipe Night series, real-time chat, interest-based matching, etc. Wait.
Now, the parent company Match Group is detailing its long-term vision for Tinder and Explore, which will be expanded to include exclusive, shared and live experiences and an economy based on virtual goods and supported by Tinder’s new in-app currency, Tinder Coins. In addition, Match today talked about its broader dating “metaverse” plan and an avatar-based virtual experience, which may be extended to all applications including Tinder in the future.
As far as the virtual economy is concerned, the first stage of its development includes Tinder Coins, which has been tested in several markets, including some countries in Europe.
Next year, Tinder Coins will be open to users around the world for in-app purchases of Tinder’s on-demand products such as Boost and Super Like-these tools are designed to help online daters get more matches. They will also be used in new pay-as-you-go products that were previously only available through subscription, such as the See Who Likes You feature. They will be used to motivate certain behaviors on the app, such as encouraging members to verify their profile or add videos to their resumes.
However, in the long run, Tinder will develop its applications-including virtual goods and transaction ecosystems, and it will be launched in 2022 or later. This strategic move was detailed in the third quarter financial report of Tinder’s parent company Match Group.
In its dating application portfolio, Match Group’s revenue in the third quarter was US$802 million, a year-on-year increase of 25%, and paid users were 16.3 million, a year-on-year increase of 16%. But the company is transparent about the fact that the new crown pandemic has an impact on its business-the lock-in at the beginning of the pandemic forced it to shift to a virtual experience. And now, compared to before the pandemic, some users are still less inclined to meet in person. In addition, with the lingering influence of the new crown in Asia as an excuse, Match predicts that the fourth-quarter growth will be weaker than expected, with revenues of US$810-820 million, instead of the US$838 million predicted by analysts.
In response to this ever-changing online dating market, Tinder has tended to have virtual experiences within the app instead of just pushing people to connect offline. This led to the launch of Tinder Explore, and now, it is promoting Tinder’s upcoming economic plan based on virtual goods.
According to the disclosure of Match Group CEO Shar Dubey to investors on today’s conference call, Tinder’s virtual goods will help users express themselves and stand out – especially in the one-to-many surface area where the Explore experience will be enabled. “So, the way we envision virtual goods is that it is what users will be able to collect and give and give to others.”
Dubey said that Tinder in 2022 will focus on designing virtual goods, categorizing them, creating their value structure, and determining where these items are best displayed in users’ Tinder profiles. This will involve testing virtual goods, and then further iterating and improving the product based on these tests. Although there is still a lot of work to be done, the executive is still very optimistic about this plan.
She said: “If we do well, I do think this may be a multi-year income carrier for Tinder, which does not exist today.”
In addition to developing a virtual goods economy within Tinder, Match also talked about its larger plans to use Hyperconnect. Hyperconnect is a social application developer in Seoul that it acquired for US$1.73 billion in early 2021. So far, Hyperconnect’s performance has not been as expected, partly due to COVID and partly due to other problems-including marketing performance and product delays.
However, Dubey said that Match still believes in the long-term value of Hyperconnect to its business.
She specifically talked about Hyperconnect’s testing of an avatar-based dating app – and the “meta universe” experience called Single Town, where users interact with real-time audio and meet each other in a virtual space. Users can express their interest in each other in the virtual world, and then choose to contact privately to continue their conversation.
Dubey said of the test: “This is a transformational way to realize the meta-universe experience, that is, how people meet and get to know each other on dating or social discovery platforms, and it is more similar to what people do in the real world. interactive.”
The company said that this type of interactivity is something that Match Group ultimately hopes to use in its investment portfolio.
“Especially the next stage of dating apps will be all about the richer, more organic, and more similar ways of discovering, getting to know and understanding people in real life. Technology will eventually achieve this goal. The one created by Hyperconnect is Single Town. The underlying technology platform that provides power can be established in a way that can be easily used by other platforms,” Dubey pointed out, but she did not say what Match belongs to in her mind.
However, a dating platform similar to Meta Universe seems to be able to be combined with a virtual commodity economy similar to Tinder in the future, but the company did not state that this is a plan. But according to current social trends, it’s clear that users of dating apps can one day buy items to decorate their avatars or buy gifts for other users. These are all purchased with virtual currency – just like on other “metauniverse” platforms. Such as Roblox, Fortnite or Meta (Facebook) in the Horizon.
The Match Group only hinted at the possibility of the launch of this dating universe and the experience it creates in its shareholder letter. “This new experience allows us to see how the meta-universe experience can be applied to dating. It is an innovation that will help us develop our portfolio as we enter the next phase of dating.”
“We are still very optimistic about Hyperconnect’s long-term prospects,” said Gary Swidler, CFO and CEO of Match Group, on the phone. “It can make an extremely significant contribution to the long-term growth of the entire Match Group. We have many ways to do it. This. We believe that we can take advantage of video, audio, the AI capabilities they have, restraint, and security.”
In addition, he also said: “Xinyuan Universe elements and the experience we saw in the test-this is what we may build on a stand-alone application and/or may use this user experience in some of our application portfolios. thing.”