Tinder unveils new features catering to Gen Z
- Tinder launched a slate of new features catering to Gen Z on Tuesday.
- The new features help users know each other better before they meet offline.
- Tinder parent Match Group completed Hyperconnect acquisition last week.
Tinder launched a slate of new features on Tuesday, including new ways to interact and allowing users to add videos to their profiles. The dating app now serves about 7 million subscribers and contributes roughly 60% to its parent, Match Group Inc’s (NASDAQ: MTCH) revenue.
CEO Jim Lanzone’s comments on CNBC’s “TechCheck”
Commenting on the need for new features, CEO Jim Lanzone, who took the helm in August 2020, said on CNBC’s “TechCheck”:
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“More than 50% of our users now are Gen Z, which thrives on self-expression. And that starts with video. So, starting today, they can upload videos the same way they would photos, and then start to see those video in their Tinder stream, the same way they would anything else and just swipe through.”
The CEO said that the new features will help Tinder users get to know their potential match a little better before they agree to meet offline, hopefully leading to more successful outcomes. The unveiled “Hot Takes” feature, for example, mimics speed dating and enables users to chat before they match.
Lanzone, who has previously worked as an executive for notable video companies like CBS Interactive, said that the new features aimed to create more value for the subscribers. Tinder’s newly announced ‘explore tab’ constitutes experiences and activities that users can engage in together, online.
“We are also giving people more control over Tinder. We want users to tell us what categories they want to surf through. An example is the pet mode or thrill-seekers, where they can find other people who also love pets or are adventurers like themselves.”
Match Group completed Hyperconnect acquisition last week
Tinder is currently the number one dating app in more than 110 countries. The news comes a week after Match Group acquired Hyperconnect for $1.73 billion (£1.24 billion). The social discovery and video technology company will help Match Group expand its footprint in social and video.
Match Group opened at $156 per share on Tuesday and is currently exchanging hands at $160 per share. This compares to its year-to-date low of $132 per share. The online dating service company had started the year 2021 at a per-share price of $150.
At the time of writing, the Dallas-headquartered firm has a market cap of $43 billion and a price to earnings ratio of 88.92.