The social networking giant has unveiled its own dating tool last week. Interestingly, its competitors are not afraid of the Facebook’s tool.
Facebook’s CEO Mark Zuckerberg unveiled a new dating service at Facebook’s annual F8 developers’ conference in San Jose. The new tool has grabbed many eyeballs on the internet as Facebook has a massive userbase. Tinder’s chief executive has publicly said that it is not afraid of Facebook’s tool.
Match Group that owns a number of dating services including Tinder and Match.com has said that it is not worried about Facebook’s tool. Mandy Ginsberg, Match’s chief executive said, “We don’t think Facebook will have any impact on Tinder, which is our growth engine.” He further added that Facebook may attract more people as the audience usually gets attracted by the idea of dating sites and apps.
Following the Cambridge Analytica data mining issue, Facebook has taken data privacy more seriously. Mark Zuckerberg assured that the new match-making tool will take the privacy issues seriously before making the service open for public.
While Match Group’s chief executive is not worried about Facebook’s announcement, it has clearly impacted on the stock market. Following the Facebook’s announcement, Match Group’s shares have come down more than 22% below their opening price. The company recorded decent profits for the recent quarter.
Match Group’s revenue has improved by 36%, touching $407 million now. Even the profit for first quarter of 2018 is more than trebled an earlier year. Tinder continues to be the most popular product by Match Group. The dating app has close to 3.5 million users. 368,000 of them were added in the first quarter of 2018.
Apart Tinder and match.com, the company also owns OkCupid, OurTime, PlentyOfFish, Meetic and Pairs. Company’s most popular product, Tinder was introduced in 2012. The ability to swipe left or right on people’s pictures helped the app to gain the popularity. Earlier, Tinder was exclusively Facebook-only login.