Tinder: Tinder CEO Quits After Disappointing Results, Company Halts Metaverse Projects

Dating app tinder CEO Renate Nyborg changed roles after less than a year on the job, after the company reported disappointing second-quarter results.

Match Group, which is the parent company of Tinder, also announced the halting of plans to adopt virtual currencies and metaverse-based dating.

“Given the uncertainty about the ultimate contours of the metaverse and what will or won’t work, and the more challenging operating environment, I’ve asked the Hyperconnect team to iterate but not invest heavily in the metaverse at this time,” said Matching group CEO Bernard Kim.

Kim admitted in a letter to shareholders Tuesday evening that the dating app has not been able to achieve its typical monetization success in recent quarters.

I announced the departure of Nyborg, announcing changes in the management team and the structure.

“While we search for a permanent CEO of Tinder, I will oversee a newly formed team of executives who will manage day-to-day operations and ensure that the Tinder organization is well-coordinated, delivers new features at increased speed, and delivers on the promise from Tinder.” Kim said.

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Kim asked Amarnath Thombre, CEO of Match Group Americas, to advise the senior team on “the Tinder product roadmap and growth drivers.”

“Thombre has over 15 years of experience with Match Group. He has been heavily involved in Tinder’s key successes, particularly in designing high-impact monetization features such as the Boost feature and Tinder Subscription. Gold, and most recently oversaw the phenomenal success of Hinge following our acquisition, said Match Group’s CEO.

Total revenue increased 12% from the prior year quarter to $795 million.

“Tinder direct revenue increased 13% from the prior year quarter, driven by a 14% growth in payers to 10.9 million,” the company said.

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