Tinder, Hinge and More Report Growth in the Midst of COVID-19
The apps’ parent company signed off by “wishing everyone a safe, extended cuffing season.”
Match Group Inc., the parent company behind Tinder, Hinge, OkCupid and more, released its third quarter report this week, reporting that love is very much still in the air — even if COVID-19 particles are too.
In a letter to shareholders, Match reported third quarter year-over-year revenue growth rates have returned to Q1 levels as well as an $84 million USD sales increase and an additional 1.1 million subscribers.
Since growing direct revenue from almost zero in 2014 to nearly $1.4 billion USD this year, Tinder continues to maintain its grip on the dating app market. Match reports that increases in ARPU and subscribers helped to recover from the dip the company experienced earlier this year due to the pandemic. The company has also expanded tests of Tinder Platinum™ subscriptions to 10 additional countries and expects to deploy it globally in the fourth quarter.
Match has also made attempts to widen and strengthen its portfolio of apps in a bid to expand across a variety of dating preferences and demographics, and these measures seem to have paid off; its non-Tinder portfolio, which Hinge and OkCupid, grew direct revenue 23% year-over-year in Q3. App downloads of Hinge grew by 82 percent year to date despite the pandemic and ARPU is up more than 100 percent year-over-year this quarter, compared to up 63 percent in Q2.
Looking forward, Match anticipates a Q4 revenue between $640 to $650 million USD: a 17-19 percent year-over-year growth. The company did not forecast any predictions for 2021.
“What we offer our communities, the ability to connect and form meaningful relationships, is indispensable. And while there may be short term volatility that comes with the unpredictability of current events, our mission is a beacon for a more hopeful future,” CEO Shar Dubey along with COO and CFO Gary Swidler said in their statement, signing off by “wishing everyone a safe, extended cuffing season.”
In other, more contentious news from the business side of culture, Marc Jacobs and Nirvana continue to battle it out over the smiley face logo often seen on the band’s merch — and riffed on two years ago by Jacobs.
