Match Group Inc, the parent company of popular dating app Tinder, is set to cut 6% of its global workforce as it faces a decline in paying users. The company, which also owns Hinge, Plenty of Fish, and OKCupid, has reported an 8% fall in the number of paying Tinder users.
The job cuts are expected to come from shutting down its live-streaming app Hakuna and removing live-streaming features from some of its dating apps. Match Group has seen declines in Tinder subscriber numbers for several consecutive quarters, although it remains the world’s most popular dating app.
Despite the challenges, Match Group remains optimistic about the future of Tinder. The company plans to introduce new features to meet the changing demands of users, including lower-pressure forms of discovery and more ways for users to connect with friends.
Investors have been calling on Match Group to innovate and drive up user numbers in the face of intense competition from rival dating apps like Bumble. The company’s stock price has seen a significant decline, prompting pressure to deliver more value for shareholders.
However, there is a glimmer of hope for Match Group, as Hinge has seen growth in paying users and generated a significant increase in revenue. The company’s share price rose by nearly 10% in after-hours trading following the announcement of the job cuts.
As Match Group works to adapt to changing user preferences and increase engagement on its dating apps, the future of Tinder and its parent company remains uncertain but hopeful.
