San Francisco, August 2 Dating app Tinder's parent company Match Group has announced that it is preparing to launch a new “high-end” membership later this fall as well as a product refresh to better satisfy its core Gen Z audience.
"Gen Z is approaching dating differently than Millennials. They seek inclusivity as well as greater authenticity and more dimensionality. With this in mind, Tinder is testing a refreshed core experience that more directly caters to the expectations of today’s younger generation," Match Group said in its Q2 2023 earnings release on Tuesday.
"In addition to the product refresh, Tinder is on track to launch its high-end membership experience in early fall," it added.'
Moreover, the company expects the initial pricing to be significantly higher than Tinder's current offerings due to the significant additional benefits that members will receive and its limited availability.
Earlier this year, the new membership was confirmed by Tinder CPO Mark Van Ryswyk, who had then dubbed the $500-per-month offering “Tinder Vault” in an interview with Fast Company.
Further, the product refresh will include features such as prompts, quizzes, and conversation starters to make it easier to create and consume content for users.
Tinder is also planning to leverage artificial intelligence (AI) capabilities to surface the right content to the right people to help improve relevancy and, ultimately, user outcomes.
"While the core Swipe feature will remain central to the Tinder experience, the changes are meant to make the app more dynamic and engaging. We expect these features to begin rolling out in select markets later this month," the company said.
In the quarter, Match Group generated $830 million in revenue, up 4 per cent (year-over-year) from last year, and forecasted $875-885 million for the next quarter.
Tinder was responsible for $475 million in direct revenue in Q2, up 6 per cent (year-over-year).
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