{"id":11485,"date":"2022-08-03T14:52:51","date_gmt":"2022-08-03T14:52:51","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/08\/03\/tinder-steps-back-from-metaverse-dating-plans-as-business-falters\/"},"modified":"2022-08-03T14:52:53","modified_gmt":"2022-08-03T14:52:53","slug":"tinder-steps-back-from-metaverse-dating-plans-as-business-falters","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/08\/03\/tinder-steps-back-from-metaverse-dating-plans-as-business-falters\/","title":{"rendered":"Tinder steps back from metaverse dating plans as business falters"},"content":{"rendered":"<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/8\/3\/23290152\/tinder-metaverse-tinderverse-coins-disappointing-earnings\">https:\/\/www.theverge.com\/2022\/8\/3\/23290152\/tinder-metaverse-tinderverse-coins-disappointing-earnings<\/a><br \/>\n<code><br \/><\/br><\/code><\/p>\n<div readability=\"83.334145598538\">\n<p id=\"dofZAL\">Amidst a disappointing set of earnings for the last quarter, Match Group has announced it\u2019s scaling back Tinder\u2019s metaverse dating ambitions and scrapping plans to offer an in-app Tinder Coins currency. Tinder CEO Renate Nyborg, who became the dating app\u2019s first female CEO <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-10\/match-group-appoints-renate-nyborg-tinder-s-first-female-ceo\">just last September<\/a>, is also leaving the position, parent company <a href=\"https:\/\/s22.q4cdn.com\/279430125\/files\/doc_financials\/2022\/q2\/Earnings-Letter-Q2-2022-vF.pdf\">Match Group\u2019s CEO Bernard Kim announced<\/a>. Kim himself was named as CEO <a href=\"https:\/\/ir.mtch.com\/news-and-events\/press-releases\/press-release-details\/2022\/Match-Group-Board-of-Directors-Names-Bernard-Kim-Chief-Executive-Officer-Shar-Dubey-To-Remain-as-Director-and-Advisor\/default.aspx\">just two months ago<\/a>. <\/p>\n<p id=\"CmZA0b\">Nyborg previously set out ambitious plans for Tinder\u2019s take on the metaverse (or \u201cTinderverse\u201d as she called it). Tinder <a href=\"https:\/\/www.prnewswire.com\/news-releases\/match-group-closes-acquisition-of-hyperconnect-301314582.html\">acquired a company called Hyperconnect last year<\/a>, which focuses on video, AI, and augmented reality technology, and Nyborg later cited its avatar-based \u201cSingle Town\u201d experience as a way Tinder\u2019s users might one day be able to meet and interact with one another in virtual spaces, <a href=\"https:\/\/techcrunch.com\/2021\/11\/03\/match-group-details-plans-for-a-dating-metaverse-tinders-virtual-goods-based-economy\/\"><em>TechCrunch<\/em> reported at the time<\/a><em>.<\/em><\/p>\n<div class=\"c-float-left\">\n<aside id=\"ojnXN2\"><q>\u201cI\u2019ve instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time\u201d<\/q><\/aside>\n<\/div>\n<p id=\"EfqBKR\">Now, however, Kim says he\u2019s instructed Hyperconnect to scale back. \u201cGiven uncertainty about the ultimate contours of the metaverse and what will or won\u2019t work, as well as the more challenging operating environment, I\u2019ve instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time,\u201d Kim said. \u201cWe\u2019ll continue to evaluate this space carefully, and we will consider moving forward at the appropriate time when we have more clarity on the overall opportunity and feel we have a service that is well-positioned to succeed.\u201d<\/p>\n<p id=\"pxN5Lt\">Match Group cited the acquisition of Hyperconnect as contributing to a $10 million operating loss in the second quarter of 2022, down from operating income of $210 million in the same quarter last year. <\/p>\n<p id=\"F6Bp8v\">There was also bad news for Tinder Coins, the in-app currency <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-04\/tinder-rolls-out-in-app-currency-to-encourage-real-spending\">that Tinder had hoped<\/a> would encourage more spending on the service. The idea was that Tinder would distribute coins as a reward for users being active on the service and keeping their profiles up to date, but would also allow them to be purchased directly. They would then be accepted as payment for premium Tinder features like Super Likes. As of <a href=\"https:\/\/www.tinderpressroom.com\/news?item=122527\">February this year<\/a>, the feature had been soft-launched in a handful of markets around the world. <\/p>\n<div class=\"c-float-right\">\n<aside id=\"aXxDMP\"><q>\u201cAfter seeing mixed results from testing Tinder Coins, we\u2019ve decided to take a step back\u201d<\/q><\/aside>\n<\/div>\n<p id=\"LC3KWl\">But now, Kim says the company is re-evaluating its Tinder Coins plans. \u201cAfter seeing mixed results from testing Tinder Coins, we\u2019ve decided to take a step back and re-examine that initiative so that it can more effectively contribute to Tinder\u2019s revenue,\u201d he wrote in the earnings release. The company previously said it wanted to roll the feature out broadly in the third quarter of this year.<\/p>\n<p id=\"kOT6Yp\">Although revenue was up overall, <a href=\"https:\/\/www.cnbc.com\/2022\/08\/02\/match-mtch-q2-earnings.html\"><em>CNBC <\/em>reports<\/a> that Match Group\u2019s earnings fell short of analyst expectations for the quarter ($795 million versus estimates of $804 million), and that its forecast little to no growth in earnings for the third quarter of the year. It says it saw a surge in activity on its services last year due to the vaccine rollout, but that \u201cwe are not seeing a similar surge of activity in 2022.\u201d <em>CNBC<\/em> notes that shares fell 22 percent in extended trading on Tuesday following the report.<\/p>\n<\/div>\n<p><code><br \/><\/br><\/code><\/p>\n<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/8\/3\/23290152\/tinder-metaverse-tinderverse-coins-disappointing-earnings\">https:\/\/www.theverge.com\/2022\/8\/3\/23290152\/tinder-metaverse-tinderverse-coins-disappointing-earnings<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Amidst a disappointing set of earnings for the last quarter, Match Group has announced it\u2019s scaling back Tinder\u2019s metaverse dating ambitions and scrapping plans to offer an in-app Tinder Coins currency. Tinder CEO Renate Nyborg, who became the dating app\u2019s first female CEO just last September, is also leaving the position, parent company Match [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11486,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[18],"class_list":["post-11485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology","tag-tech"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tinder steps back from metaverse dating plans as business falters - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/08\/03\/tinder-steps-back-from-metaverse-dating-plans-as-business-falters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinder steps back from metaverse dating plans as business falters - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Amidst a disappointing set of earnings for the last quarter, Match Group has announced it\u2019s scaling back Tinder\u2019s metaverse dating ambitions and scrapping plans to offer an in-app Tinder Coins currency. 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