Metaverse

Tinder Parent Match Group Cancels Metaverse Dating

Metaverse

Tinder parent Match Group isn’t ready for metaverse dating.

The owner of OkCupid and Hinge will pull back its metaverse dating plans. The industry is still defining the metaverse and how it will operate, according to an earnings report (Opens in a new window).

Match Group CEO Bernard Kim said the metaversse will be key to recruiting consumers to its dating apps in the future. Given uncertainties about the metaverse and what would succeed, as well as the more challenging operating environment, he told the Hyperconnect team to iterate but not invest much in metaaverse at this time.

The metaverse claims to replace the internet.  Mark Zuckerberg titled his firm Meta to emphasise the idea.

More From Us:TikTok Now Sells Event Tickets.

Problem? The metaverse may take decades to develop, if it’s even viable. Shar Dubey, Match Group’s former CEO, promoted metaverse-based dating in a November earnings call. The company’s South Korea team is testing audio-enabled virtual avatars for remote dating, which might potentially help it sell virtual items.
“It is metaverse experiences coming to life in a way that is transformative to how people meet and get to know each other on a dating or social discovery platform,” Dubey said at the time. “It is super early, but we are seeing some encouraging early signals in terms of engagement amng Gen Z in Seoul.”
Match Group acquired South Korean startup HyperConnect for $1.7 billion last year. New CEO Bernard Kim isn’t ready to invest in the technology yet.

Match Group also paused Tinder Coins, citing “mixed results” from early experiments. Kim remarked on an earnings call, “I love the idea of Tinder virtual goods and currency, but it hasn’t been approached logically.” In gaming, virtual goods and collectibles are released first, then the currency to buy them.

Leave a Comment

Your email address will not be published.