Tinder scales back its plans for dating in the metaverse

Don’t expect to find a Tinder date in the Metaverse anytime soon. The edge reports that Match Group boss Bernard Kim has asked Tinder’s Hyperconnect unit (acquired in 2021) to scale back its Metaverse dating plans. In his letter to shareholders, Kim said the “uncertainty” about success with virtual worlds required that the team “not invest heavily” in the Metaverse. Match also credited the Hyperconnect purchase for an operating loss of $10 million in its most recent quarter, while it posted an operating profit of $210 million for the same period last year.

The company is also “taking a step back” on plans to launch its in-app Tinder coins following questionable test results, Kim said. While he didn’t scrap the digital currency immediately, he wanted it to be “more effective” in contributing to Tinder’s bottom line. Any virtual items would need to make a serious contribution to Tinder’s next phase of growth, the executive added.

At the same time, Tinder is facing a change in leadership. CEO Renate Nyborg is leaving the company after joining the company last September. It’s not clear why she’s leaving, but Kim said Match is looking for a replacement.

There’s little doubt that Tinder is dealing with an uncertain future. In addition to losing Tinder, Match forecast little growth and said it was still struggling with behavior changes sparked by the pandemic. While there was a surge in activity in the second half of 2021 as vaccines made it safer to meet others, there was no similar spike in 2022. First-time visitors’ willingness to try online dating is not at pre-pandemic levels, Kim said. The manager hopes more aggressive product launches will spur new entrants, such as live video and “alibi” dating services.

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https://www.engadget.com/tinder-metaverse-dating-ceo-leaving-131515366.html?src=rss Tinder scales back its plans for dating in the metaverse

Russell Falcon

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