The OPW/iDate Weekly News Summary.
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New Dating App Crown Uses NCAA-style Bracket To Crown A Winner
CHICAGO TRIBUNE - July 27 - Crown is a new project from Match Group. Every day at noon, users receive 16 different profiles, chosen by an algorithm. Users crown a winner by choosing between two people at a time, narrowing the 16 choices to four. But the possibility of romance can only begin if one of the quartet of matches also "crowns" the user. The app, still in beta, is available for iOS only and in selected cities (Crown launched in LA in June). More specifically, the format of Crown may convince users they have choices, but actually force them to choose between two profiles they are not interested in, Chicago dating and relationship expert Anita A. Chlipala says. With limited space for a bio, Crown is based mostly on profile photos. Also, the app only allows users to match with either male- or female-identifying profiles, unlike Tinder and Bumble which has a "male and female" option.
Grindr Announces 'Kindr' Version To Be Released In Sep 2018
PINK NEWS - July 28 - Grindr has hinted at a new version of the app which will tackle the racism and bullying on the platform. The dating site tweeted a cryptic video with a voiceover discussing racism, which says: "When someone says something like I don't date black people, that's all black people, that's what I refer to as sexual racism." It also tweeted a link to a website called kindr.grindr.com, which currently only has the voiceover and the tagline: "It's time to play nice." The site's vague announcement comes just days after model and activist Munroe Bergdorf called on the company to address hate speech.
MyLife makes it easy for matches on dating sites and other marketplaces to see reputation scores and run background checks.
Matrimony.com Launches GlobalMuslimMatch.com
PR NEWSWIRE - July 23 - Matrimony.com, the leader in online matrimony, has launched 7 region specific Muslim matchmaking sites to target 1.5B Muslims in the Middle East, US, Europe, Indonesia, Bangladesh and Malaysia. Under GlobalMuslimMatch.com, which will be headquartered in Dubai, the matchmaking sites include ArabMuslimMatch.com, AmericanMuslimMatch.com, EuropeanMuslimMatch.com, IndonesianMuslimMatch.com, BangladeshiMuslimMatch.com and MalaysianMuslimMatch.com.
PeerStream Aims For $5M Uplisting To Nasdaq
SEEKING ALPHA - July 27 - PeerStream has filed to uplist its stock from the OTCQB to Nasdaq in a $5M transaction for selling stockholders. The firm appears to be transitioning to providing blockchain-for-business service offerings. The firm helps business clients understand how to best use blockchain technologies to their benefit. The company was founded in 2005 as Snap Interactive, until a name change on March 8, 2018, and provides digital media streaming solutions.
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People Group's Anupam Mittal Leads Funding Round In Shared Space Firm myHQ
VCCIRCLE - July 27 - Delhi-based co-working space startup myHQ, run by JustWork Technologies Pvt. Ltd, has raised $500K (Rs 3.4 crore) in a new round of funding, a company statement said. The round was led by Anupam Mittal, founder of People Group, which runs online matrimony site Shaadi.com. The round also saw participation from Sachin Bhatia, co-founder of dating app TrulyMadly. The startup will use the funds to expand its operations to over 200 spaces across three cities.
Survey: 2/3 Of US Internet Users Not Likely To Use A Dating App
EMARKETER - July 23 - According to a May 2018 survey by The Economist and YouGov, more than two-thirds of US Internet users said they weren't likely to use a dating app, and close to half said it's not likely at all. Women were particularly averse to dating apps, with just 24% saying they were likely to use one. In contrast, 40% of men said they might tap into a dating app.
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Is Match Becoming Un-Hinged With Its Latest Acquisition?
THE MOTLEY FOOL - July 24 - The latest service to join Match is Hinge, a site that once billed itself as the "anti-Tinder" because it focuses on relationships instead of hookups. The purchase leaves Bumble as the only major dating app not owned by Match, and the two are currently suing each other. Match has acquired dozens of services over the past nine years and in the past three years spent $610M acquiring different brands, about equal to its cumulative operating earnings for the same period. While none of the deals have seemed to have gone like a bad date, the rise in Match's cost of revenues has outpaced its revenue increases due to acquisitions like POF and Pairs. Last year, revenue from North America, which contributes 56% of Match's total, grew 9% as a result of more people signing up for Tinder. Yet North America ARPU was flat. The deal for Hinge gives Match a 51% stake with the right to purchase the rest of Hinge within the next year.
Though Hinge doesn't disclose the number of users it has, undoubtedly individuals using dating apps have accounts at multiple sites, so Match is paying for members it likely already owns. Match's total subscribers hit 7.43M in the Q1, up 26% YOY, and some of them have to be Hinge members, too. Making another acquisition might put another dating app into Match's diverse collection, but it doesn't really do anything to bolster what is making money for it, namely Tinder.
People Are Using Dating Sites To Find Jobs
MARKETWATCH - July 26 - Singletons are hitting up people on Tinder and OkCupid to promote their businesses and get ahead in their career. Dating sites are also branching out into the jobs market. Some former Tinder executives recently created Ripple, an app designed to compete with LinkedIn. Last year, Bumble launched Bumble Bizz, a site to make professional connections. Bumble has noticed that, amid this improving economy, people are often interested in a new professional opportunity, as well as a personal one. "Dating apps have become a very normalized way of meeting people professionally," said Alex Williamson, chief brand officer of Bumble. "It's a comfortable way to reach out and get to know someone else." Prospective employers can learn a lot about others through their profiles and photos, including their character, personality and even their spelling.
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