Dating giant Match Group announced several changes to its management team along with disappointing second quarter results.
Tinderverse : matches in the metaverse
The dating app that had ambitions to achieve the lovers’ metaverse has finally thrown in the towel. The head of the box had unveiled the ambitious project of “Tinderverse” after having acquired last year a video AI and augmented reality company, Hyperconnect.
In a logic of web3 development, the company had planned for the flame application. The project was simple: to carry out encounters through avatars in a virtual 3D environment.
Thus, the application wanted to develop real “matches in the metaverse” in the era of web3. Concretely, the experience would have allowed users to interact in real time in virtual reproductions such as bars.
Between April and June, Match Group recorded a turnover of 795 million dollars, an increase of 12% compared to last year.
However, this figure is below analysts’ estimates, who were expecting revenues of $804 million, as explained by CNBC. After enjoying an increase in activity on its services in 2021 thanks to the Covid-19 vaccine rollout, Match Group said it did not see a similar increase this year.
Tinderverse likely won’t see the light of day in the coming months, if not years.
Given the uncertainty about the ultimate contours of the metaverse and what will and won’t work, as well as the more challenging operating environment, I have asked the Hyperconnect team to iterate, but not to invest heavily in the metaverse at this time. said Bernard Kim, CEO of Match Group.
What about Tinder coins?
The metaverse isn’t the only Tinder project to take on water… In 2021, Tinder introduced Tinder Coins in some countries like Australia. This virtual currency allows you to obtain privileges on the application. It is obtained by spending time on the application or simply by making a purchase on the store. The strategy behind Tinder Coin is to encourage users to spend more time on the application.
However, after this test phase, the group also decided not to develop this feature internationally:
After seeing mixed results in the testing of Tinder Coins, we decided to step back and reconsider the initiative so that it can contribute more effectively to Tinder’s revenue. We also intend to think more about virtual goods to ensure they can be a real driver of Tinder’s next stage of growth, says Bernard Kim.
Despite these less-than-reassuring announcements, the group is not adamant as it plans to wait for “the right time” to roll out its new features. Therefore, if Tinder takes up the challenge, it is not impossible that one day you will meet your soul mate in their metaverse.