All articles tagged with #match group
Six women filed a lawsuit against Match Group, accusing Tinder and Hinge of negligence and enabling known rapists by allowing them to remain active on their platforms despite reports of abuse, highlighting concerns over safety and product design flaws.
Activist investor Starboard Value has acquired a 6.5% stake in Match Group and is urging the company to improve margins through cost cuts and product innovation or consider going private. Match Group's stock surged 8% following the news, despite a 12% decline this year and an 80% drop from its 2021 peak. Starboard's Jeff Smith believes CEO Bernard Kim can lead the necessary changes but emphasizes the need for margin improvements and potential share buybacks. Other activists, including Elliott Management, have also pressured Match Group recently.
Match Group adds two new directors, Laura Jones and Spencer Rascoff, to its board in a deal with activist investor Elliott Management, following a "constructive" dialogue resulting in an information-sharing agreement. Elliott, known for board shakeups at other companies, believes in Match Group's potential for value creation despite its struggles with leadership turnover and declining paying users. The exact size of Elliott's position and its specific plans for a turnaround remain unclear.
Dating apps like Tinder and Bumble, which once enjoyed immense popularity and investor favor, are now struggling to meet revenue expectations, with both companies losing over $40 billion in market value since 2021. The main challenge lies in convincing young users to pay for subscriptions, as platforms like Snapchat and TikTok increasingly compete for their attention. Despite generating billions in revenue from subscriptions, the companies are facing stagnant growth and are under pressure to innovate and attract more paying users to satisfy investor demands.
Match Group has signed an enterprise agreement with OpenAI, securing over 1,000 licenses for the use of AI chatbot technology, including ChatGPT-4, across its dating app platforms. The AI will assist with coding, design, analysis, and daily tasks, with a focus on responsible use and privacy. Match Group plans to invest $20-30 million in AI innovation in 2024, aiming to improve user experiences and create safer environments for connections. The company also hinted at developing standalone AI-powered apps and integrating AI across its portfolio, building on its acquisition of Hyperconnect.
A class-action lawsuit accuses Match Group, the owner of Tinder, Hinge, and The League, of intentionally designing their dating apps with addictive features to keep users perpetually paying. The lawsuit claims that the apps violate consumer protection laws and prioritize profits over helping users meet their relationship goals. Match Group has defended its business model, stating that it aims to get people on dates and off the apps. Experts warn of the addictive consequences of dating apps and suggest using the apps mindfully and considering other ways of meeting people.
A lawsuit filed against Match Group claims that Tinder, Hinge, and other dating apps are designed with addictive features that encourage "compulsive" use and prioritize profit over helping users find relationships, turning them into "addicts" who purchase expensive subscriptions. The lawsuit, seeking class-action status, alleges that Match intentionally creates a perpetual pay-to-play loop and employs dopamine-manipulating product features to drive expensive subscriptions and perpetual use.
Match Group, the owner of dating apps like Tinder and Hinge, is being sued for allegedly designing their platforms to be addictive and prioritize profits over helping users find love. The lawsuit claims that the apps use gamification and addictive features to keep users paying for subscriptions and perks, violating consumer protection laws. This legal action is part of a trend of holding tech companies accountable for exacerbating mental health issues, and seeks to force Match Group to disclose the potentially addictive nature of their apps.
Shares of Match Group surged 11% after reports that activist investor Elliott Management had acquired a $1 billion stake in the company, which owns Tinder, Match.com, and other online dating platforms. The company has faced challenges amid the pandemic, with declining Tinder payers and missed revenue expectations. Elliott's involvement is expected to involve engagement with Match management, potentially including board nominations, as the investor has a track record of successful campaigns in other companies.
Elliott Investment Management has acquired a significant stake in Match Group, the parent company of popular dating platforms like Tinder and Hinge, with plans to urge the company to take action to improve its underperforming stock.
Match Group and Google have reached a settlement in Match's antitrust lawsuit against the company, dropping out of the upcoming trial. The lawsuit alleged that Google monopolized the app distribution market with Google Play and imposed excessive fees on transactions. Under the settlement, Match will implement Google's user choice billing system, giving Google a percentage cut of subscriptions and purchases made through Match's payment systems. Epic Games, the publisher of Fortnite, will proceed with the antitrust trial against Google alone, rejecting Google's "user choice billing" system.
Google and Match Group have reached a settlement in the antitrust case, allowing Match Group to implement "user choice billing" by March 31, 2024, which enables users to pay with systems other than Google's own. The settlement also includes provisions for continued collaboration between the two companies in areas such as Google Cloud and the use of Google's AI technologies. Match Group will offer its billing system alongside Google Play's system, giving users the option to choose their preferred payment method. The settlement comes as Match Group reported a 9% increase in revenue in Q3. The outcome of this settlement may impact the ongoing court case between Google and Epic Games.
Tinder is testing an AI photo selection feature that analyzes a user's photo album and selects the five best pictures for their dating profile. The parent company, Match Group, is exploring various AI features to enhance user experiences, including surfacing relevant content and potentially using generative AI to help write bios. However, Match Group is cautious about ensuring authenticity, ethics, and privacy in their AI dating approach. AI has been increasingly integrated into online dating, with apps like Teaser AI and Flamme incorporating AI-powered features. Tinder is also planning to introduce prompts, quizzes, and conversation starters to enhance the user experience.
Match Group's stock jumps 10% after beating earnings expectations, while CVS Health rises 1.8% on strong Q2 earnings. SolarEdge Technologies falls 13.4% after missing revenue expectations, and Kraft Heinz dips 1% on mixed quarterly results. Freshworks surges over 16% after surpassing revenue and earnings estimates, prompting an upgrade from Canaccord Genuity. Meanwhile, Starbucks shares decline over 1% as the company reports lighter-than-expected sales for Q3.
Tinder, owned by Match Group, will exit the Russian market by June 30, 2023, citing a commitment to protecting human rights. The decision comes more than a year after a mass foreign business exodus triggered by the invasion of Ukraine. By tying its exit to human rights violations faced by Ukrainians, Tinder aims to set an example for others. Many other Western apps and digital services have already pulled out of Russia.