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Match Group has announced it's scaling back Tinder's metaverse dating ambitions and scrapping plans to offer an in-app Tinder Coins currency. Tinder CEO Renate Nyborg, who became the dating app's first female CEO just last September, is also leaving the position, parent company Match Group's CEO Bernard Kim announced. Kim himself was named CEO just two months ago. "Given the uncertainty about the ultimate contours of the metaverse and what will or won't work, as well as the more challenging operating environment, I've instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time," said Match Group CEO Bernard Kim.
Kim admitted in a shareholder letter late on Tuesday that the dating app has not been able to realize its typical monetization success over the past few quarters.
He announced the departure of Nyborg, announcing changes to the management team and structure.
"While we search for a permanent Tinder CEO, I will oversee a newly formed team of executives who will manage day-to-day operations and will ensure the Tinder organization is well coordinated, ships great new features at an increased velocity, and delivers on Tinder's promise," said Kim.
The social networking service provider reported disappointing Q1, 2022 results, with both revenue and earnings falling short of estimates.
According to the report, Tinder was the lowest revenue generator per paying user with just US$14.00, whereas The League contributed the highest figure in the revenue mix with over US$100 per payer.
Although revenue was up overall, CNBC reports that Match Group's earnings fell short of analyst expectations for the quarter (US$795 million versus estimates of US$804 million) and that its forecast little to no growth in earnings for the third quarter of the year. It says it saw a surge in activity on its services last year due to the vaccine rollout, but that "we are not seeing a similar surge of activity in 2022." CNBC notes that shares fell 22 percent in extended trading on Tuesday following the report.
With its operating company, Match, leading the way, Tinder, a mobile dating app, will also get a slight revamp. This platform will use technologies like virtual reality, augmented reality, and more to provide more virtual experiences within the application. Its redirection led to the expansion of Tinder Explore, which will be a core component in developing its virtual-based goods economy.
More than implementing Tinder coins in 2022, the application will start designing and creating the virtual goods, along with a respective value structure and where to showcase them. Essentially, Tinder wants to find out how these virtual goods need to be packaged to be presented, collected, and potentially gifted.
The metaverse dating platform is an interface between numerous users that empowers them to share different and complex encounters, better than the old Tinder Swipe. Dating applications with a metaverse framework depend on the idea of avatars, an advanced articulation of an individual. They make virtual spaces, from bars and eateries to stop seats that transform into meeting places for constant sound-fueled avatars.
Online dating platforms have been quite a lot more significant to individuals involved in long-distance relationships. With metaverse dating, long-distance couples can enjoy being with each other beyond the "classic" video call. They can explore new adventures and feel closer to each other because their avatars can touch, hold hands or hug. It is a great way to break the routine and to keep the passion alive, even from a distance.
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