Match.com has “great first quarter” and expects “very solid” year
According to Gregory Blatt, chairman and CEO of online dating company Match.com, the company had a “great first quarter,” and the coming year is “looking very solid”. Blatt made these statements on an earnings call with investors, where he revealed a 19% rise in revenue for the quarter (against the first quarter of the previous year). The results also reiterated the fact that Tinder – the more “casual” business that aims to help people “hook up” rather than find love – remains a fast-growing asset to the company.
Match.com’s last 30 days shows that love can be big business
SOURCE: Yahoo Financee
Match.com owns not only its own website and Tinder, but also the other big names of the online dating world: Plenty of Fish and Ok Cupid. Blatt said that Tinder and Plenty of Fish saw “strong growth”, while Match.com and Ok Cupid “were generally consistent with what we expected”.
Helen Fisher, a biological anthropologist at Rutgers and scientific advisor to Match.com, has spoken about the fact that Millennials are having less sex than their predecessors, saying: “It’s a highly motivated, ambitious generation. A lot of them are afraid that they’ll get into something they can’t get out of and they won’t be able to get back to their desk and keep studying.” This factor, perhaps, explains the relative outperformance of Tinder – a “hook up” culture has emerged to fulfill specific Millennial needs.
Whether or not that is the case, it is undeniable that Tinder is both incredibly popular and still growing. On the earnings call, Blatt pointed out that Tinder was number 2 in the app store, second only to Netflix.
Looking to the future, and speaking about the company’s products more generally, he said:
“In all my many years here, we've never had such a robust landscape of product development innovation and differentiation laid out for us across the board. Over the next 12 months, we expect to be going deep on location based technology, deep on video, deep on game dynamics, deep on artificial intelligence, ranging across our products making each one different to best leverage common successes, while reestablishing their unique individuality.”
Dominion holds Match.com in its Global Trends Ecommerce Fund.
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