With Tinder and rival Bumble losing more than $60 billion in market value since 2021,the dating apps are looking for ways to claw back customers.
As online dating became as easy as swiping a finger across your phone screen, the companies who own apps such as Tinder and Bumble became Wall Street darlings. But about a decade later, those platforms are now struggling to live up to expectations, and investors have grown frustrated and eager for something new.
By paying, users can unlock features such as unlimited swipes and the ability to see who has swiped on them. But for many people, that’s not enough: unlike other paid subscription services, such as Spotify or Netflix, dating apps can’t guarantee that you’ll find what you’re looking for. Mandy Wang, an 18-year-old student at New York University, said she preferred to meet people in person or through a direct message on platforms such as Instagram or Snapchat. Dating apps are for casual use, “like a game”, she said.
Bumble CEO Lidiane Jones told analysts last month that the company would be revamping the app to appeal to more users, particularly younger ones, by adding “personalisation and flexibility” to the experience. He said the company would attract more paying users through marketing and that it was adjusting its products in various ways, including introducing á la carte premium features.