Swipe left? Tinder has lost almost one million users

Dating app Tinder has announced that it has lost over 800,000 paying users in a span of three months, Newsweek reported.

Tinder’s total number of paying users fell to 15.7 million, roughly 5% compared to numbers from 2022.

To counter this, Tinder has organized massive matching events in college campuses across the United States.

Despite attempts to boost the brand, the value of shares of the company behind Tinder declined 16% in the third quarter of 2023.

According to Newsweek, one reason for the decline in users could be rooted in economic concerns, with more and more people choosing to get rid of seemingly superfluous expenses and focus on food, housing, and services.

Tinder’s decline is not recent. The Match Group, the company that owns Tinder, announced in 2022 losses of over 10 million US dollars, according to tech news website TechCrunch.

TechCrunch also points out that Tinder has faced a quick succession of CEOs, which is never a good sign for such a large company.

The company behind Tinder, Hinge, and many others was forced to write off a few projects in 2022, such as a virtual currency and plans to expand to the Metaverse.

However, Newsweek highlights that other apps from The Match Group have seen an increase in revenue, with Hinge having a remarkable 44% growth.

Tinder is not the only dating app currently facing a concerning dip.

Reuters reported back in August that the shares of Bumble fell 4%, due to fears that direct competition to Tinder was affecting the bee-themed dating app.

Among other things, Bunble has been spending more on spending and marketing, trying to compete against more established competitors.

Overall, Bumble’s revenue went from 168.5 million US dollars to 208 million US dollars in a year, falling short of the company’s expectations.

Indeed, despite the setbacks presented by Tinder, it’s been a good year for The Match Group.

It’s no secret that dating apps changed the game when it comes to meeting potential romantic interests.

However, one can’t help but wonder what the next big thing will be when it comes to dating.