The OPW/iDate Weekly News Summary.
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The Match Group Released Q1 Results
PRESS RELEASE - May 8 - Q1 revenue grew 14% YOY to $465M. Average subscribers increased 16% to 8.6M, up from 7.4M in the prior year quarter. Tinder average subscribers were 4.7M in Q1 2019, increasing 384K sequentially and 1.3M YOY. The stock is up 9.5%.
The Meet Group Reports Q1 Financial Results - Revenue Up 32%
BUSINESS WIRE - May 8 - Q1 revenue is $49.5M, up 32% YOY. Net income is $7M, up from $4.1M in Q1 2018. "Our strong progress in video continued in the first quarter," said CEO Geoff Cook. "We grew video revenue to ~$20M, a more than four-fold increase from the year ago quarter." Average video revenue per daily active video user increased to 26c, up from 18c in the Q4 of 2018, while ~20% of users engaged in video every day.
German Group Dating App Go Crush Attracts New Angel Investor
EU STARTUPS - May 6 - Frankfurt-based startup Go Crush is a dating app that allows people to meet in groups. Dr. Jost Schwaner, the ex-CEO of Elitepartner, has just invested a mid-five-figure sum in Go Crush. The team plans to raise another €500K in September, after raising €250K last year. Founded in 2017, Go Crush so far has ~50k registered users in Germany.
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Lumen Launches New Social Feature to Combat Loneliness
TECH GUIDE - May 6 - Lumen is a dating platform for over 50s. It was launched in September 2018 and provides a safe and age-appropriate environment for older men and women. The app's new feature - Lumen Social - allows members to join groups based in interests in travel, sports, home and garden, TV and film, food and drink and meet and greets. This feature is designed to connect users via group chats with new friends who share their interests.
Match Group Paid Millions in Stock Awards That Could Help Tinder co-Founder's $2 Billion Lawsuit
THE VERGE - May 8 - Match Group had to pay Tinder employees $9.4M in stock compensation this quarter because of the app's rapid growth. That might be consequential in the $2B lawsuit the company faces from Tinder co-founder Sean Rad. Rad claims Match purposely undervalued Tinder in an effort to avoid paying out billions of dollars in stock to the team's original employees. An independent valuation earlier this year valued Tinder at $10B, which would trigger performance-based payouts. This new valuation, which comes only two years after Match valued Tinder at $3B, could lend Rad's case some merit.
HappyGo Launches On-The-Day Dating App
BUSINESSCLOUD.CO.UK - May 9 - HappyGo has launched a London dating app to arrange dates on the same day. The app, aimed at young working professionals, will give users three local profile choices of potential dates and have until 1pm that day to decide on one. At 2pm they will be notified if they have found a match, and the app will introduce the pair and recommend a nearby pub or bar for them to meet.
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AdultFriendFinder Data Breach Suit Kicked to Arbitration
LAW360 - May 6 - A class action seeking to hold AdultFriendFinder.com accountable for its 2016 data breach that allegedly released the personal information of 339M users must go to arbitration, a California federal judge ordered this week.
Tinder Launches 'Festival Mode' to Connect Music Festival Goers
TECH CRUNCH - May 2 - Tinder's new feature "Festival Mode" is designed to connect singles attending the same music festival. "Festival Mode" will allow users to add event-specific badges to their profile approximately three weeks before each festival.
The OPW/iDate Dating Business Insider is first and the largest weekly news summary in the dating industry. Since 2004.
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