Tinder to kill virtual currency, metaverse plans amid Match Group earnings loss; Tinder loses its CEO - 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\/2023\/01\/20\/tinder-to-kill-virtual-currency-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinder to kill virtual currency, metaverse plans amid Match Group earnings loss; Tinder loses its CEO - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2022\/08\/02\/tinder-to-kill-crypto-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/ Tinder to kill virtual currency, metaverse plans amid Match Group earnings loss; Tinder loses its CEO 2023-01-20 22:23:56 Dating giant Match Group announced a series of changes to Tinder\u2019s management team alongside the announcement of disappointing second-quarter earnings on Tuesday. Notably, Tinder CEO Renate Nyborg will be departing the company after less than a […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/scienceandnerds.com\/2023\/01\/20\/tinder-to-kill-virtual-currency-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/\" \/>\n<meta property=\"og:site_name\" content=\"Science and Nerds\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-20T22:23:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-20T22:23:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/scienceandnerds.com\/wp-content\/uploads\/2023\/01\/tinder-to-kill-virtual-currency-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo_63cb147d1d001.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"712\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/scienceandnerds.com\/2023\/01\/20\/tinder-to-kill-virtual-currency-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/\",\"url\":\"https:\/\/scienceandnerds.com\/2023\/01\/20\/tinder-to-kill-virtual-currency-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/\",\"name\":\"Tinder to kill virtual currency, metaverse plans amid Match Group earnings loss; 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Dating giant Match Group announced a series of changes to Tinder\u2019s management team alongside the announcement of disappointing second-quarter earnings on Tuesday. Notably, Tinder CEO Renate Nyborg will be departing the company after less than a year<\/a> in the top job. Match Group is also killing Tinder\u2019s plans to adopt new technology, like virtual currencies and metaverse-based dating<\/a>.<\/p>\n

In a shareholder letter<\/a>, Match Group CEO Bernard Kim expressed frustration with Tinder\u2019s current performance, noting the popular dating app has not been able to realize its typical monetization success over the past few quarters and is failing to meet the company\u2019s original expectations for revenue growth for the latter half of 2022.<\/p>\n

Kim chalked up Tinder\u2019s troubles to \u201cdisappointing execution on several optimizations and new product initiatives,\u201d but added that Tinder\u2019s product execution and velocity could still be improved.<\/p>\n

Alongside the departure of Nyborg, Tinder will have a reorganized management team that also includes:<\/p>\n

Faye Iosotaluno, formerly Match Group\u2019s chief strategy officer, as Tinder\u2019s COO<\/li>\n

Mark van Ryswyk, as Tinder\u2019s chief product officer. Ryswyk is an experienced gaming executive who joined the company in June.<\/li>\n

Melissa Hobley, formerly OkCupid\u2019s CMO, as Tinder\u2019s chief marketing officer<\/li>\n

Tom Jacques, as Tinder\u2019s chief technology officer. An 11-year Match Group veteran, he has been Tinder\u2019s CTO for the last five years.<\/li>\n

Advisor Amarnath Thombre. The current CEO of Match Group Americas and 15-year Match Group veteran will advise the Tinder management team on product roadmap and growth.<\/li>\n<\/ul>\n
Kim said he will oversee the team while Tinder searches for a permanent CEO.<\/p>\n
Reading between the lines, there was also a hint that the younger generation of users may have lost its appetite for dating apps like Tinder \u2014 a culture shift which can\u2019t just be chalked up to lingering pandemic impacts. The letter notes that people have moved past COVID lockdowns and re-entered \u201ca more normal way of life,\u201d but their willingness to try online dating apps for the first time hasn\u2019t returned to pre-pandemic levels.<\/p>\n
Instead, Match Group reports that its highest engagement is now coming from existing users.<\/p>\n
As part of Tinder\u2019s revamp, its \u201cdating metaverse\u201d ambitions<\/a> have been dramatically scaled back. The company had been planning to leverage its\u00a0 Hyperconnect acquisition<\/a> to create a new form of online dating in a virtual environment, but those ideas are on pause as Match Group now has to address broader issues.<\/p>\n
\u201c\u2026Given 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 wrote Kim. \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
Also on the chopping block was virtual currency<\/a>, which Match Group was experimenting with as<\/a> Tinder Coins. (While Match Group hadn\u2019t gotten so far as to announce blockchain integrations for the coins, the virtual currency\u2019s role in its broader metaverse plans suggested crypto could be part of its long-term roadmap.)<\/p>\n
\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 said Kim. \u201cWe also intend to do more thinking about virtual goods to ensure that they can be a real driver for Tinder\u2019s next leg of growth and help us unlock the untapped power users on the platform,\u201d he added.<\/p>\n
On an investor call, Kim admitted the Tinder Coins product was not launched in a logical way as, normally, a company would first create demand for virtual goods and collectibles before rolling out a currency. He described the decision to pause the efforts with Tinder Coins as \u201cfrustrating,\u201d but important in order to get things right. The company shared no timeframe to a relaunch, and instead is focused on launching new short-term subscription in the fall.<\/p>\n
The company said it\u2019s still planning to develop features to make Tinder more appealing to women, including a subscription-based package that will provide \u201ccurated recommendations\u201d as well as features designed to get friends involved in introductions. Across other products, it will also look to new features, like livestreaming video, to drive adoption.<\/p>\n
Overall, Match posted Q2 2022 revenue of $795 million, up 12% year-over-year, but below average Wall Street estimates<\/a> of $804.22 million. It also posted a loss of $31.86 million, or 11 cents per share, versus 46 cents in the year-ago quarter. Analysts were expecting earnings of 57 cents per share. Match said its operating loss was $10 million, impacted by a $217 million write-down of intangibles related to lower financial outlooks for its Azar and Hakuna apps from Hyperconnect.<\/p>\n
Match Group paying users were up 10% year-over-year to 16.4 million. Tinder direct revenue grew 13% from the prior quarters, driven by 14% growth to 10.9 million paying users.<\/p>\n
$\"\"$ <\/p>\n
Image Credits:<\/strong> Match Group<\/p>\n<\/div>\n
Estimates for the quarter ahead weren\u2019t good either, with Match Group forecasting flat Q3 growth to $790 million to $800 million in revenue, below estimates of $883 million. Tinder revenue growth is expected to be in the \u201cmid single digits.\u201d<\/p>\n
Shares dropped more than 20% in after-hours trading on the news.<\/p>\n
Updated 8\/2\/22, 6:00 pm ET to clarify Tinder had not formally announced blockchain integrations for Tinder\u2019s virtual currency. 8\/3\/22, 1 pm ET with a comment from the investor call.\u00a0<\/em><\/p>\n<\/p><\/div>\n
<\/br><\/br><\/br><\/p>\n
Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2022\/08\/02\/tinder-to-kill-crypto-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"
Source:https:\/\/techcrunch.com\/2022\/08\/02\/tinder-to-kill-crypto-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/ Tinder to kill virtual currency, metaverse plans amid Match Group earnings loss; Tinder loses its CEO 2023-01-20 22:23:56 Dating giant Match Group announced a series of changes to Tinder\u2019s management team alongside the announcement of disappointing second-quarter earnings on Tuesday. Notably, Tinder CEO Renate Nyborg will be departing the company after less than a […]<\/p>\n","protected":false},"author":1,"featured_media":15864,"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":[],"class_list":["post-15863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nTinder to kill virtual currency, metaverse plans amid Match Group earnings loss; Tinder loses its CEO - 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\/2023\/01\/20\/tinder-to-kill-virtual-currency-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinder to kill virtual currency, metaverse plans amid Match Group earnings loss; Tinder loses its CEO - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2022\/08\/02\/tinder-to-kill-crypto-metaverse-plans-amid-match-group-earnings-loss-tinder-loses-its-ceo\/ Tinder to kill virtual currency, metaverse plans amid Match Group earnings loss; Tinder loses its CEO 2023-01-20 22:23:56 Dating giant Match Group announced a series of changes to Tinder\u2019s management team alongside the announcement of disappointing second-quarter earnings on Tuesday. 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