📝 Match Group Switches Priorities

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Match Group reported a mixed first-quarter earnings result for its dating apps, showing a continued decline in Tinder's paying user base but significant growth for Hinge. Tinder's paid membership dropped 9% year over year to 10 million users, marking its sixth consecutive quarterly decline. Conversely, Hinge's paying users increased by 31% to 1.4 million, positioning it on the path to becoming a "$1 billion revenue business," according to CEO Bernard Kim. Tinder's struggle is partly attributed to shifting cultural trends towards more serious relationships, an area where Hinge excels. Tinder also faces challenges in boosting revenue from à la carte features, which have declined 13% in Q1 2024. Despite these issues, Match Group plans to introduce new, affordably priced features to attract Gen Z users. Meanwhile, Hinge continues to thrive, focusing on fewer, simpler à la carte options like Boosts and Roses, significantly boosting its revenue by 50% to $124 million in the first quarter.

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