Online dating is not for the faint-hearted, but perhaps finding love is a little easier when it’s virtual-virtual. Earlier this year, Tinder’s parent company, Match Group announced it would be stepping into the future by taking things into the Metaverse.
However, the online dating giant has swiped left on the idea after dismal earnings in the last quarter and the departure of Tinder’s current CEO, as per Coin Telegraph.
As a result, Match Group announced it would be reeling things in after acquiring Hyperconnect last year, a company that focuses on video, AI and augmented reality.
When compared to 2021’s Q2, the move reportedly set Match Group back by a whopping $10 million.
“Tinder’s current revenue growth expectations for the second half of the year are below our original expectations as a result of disappointing execution on several optimisations and new product initiatives,” said the chief executive for Match Group, Bernard Kim.
Those looking to splash some cash with Tinder’s in-app “Tinder Coins” may be disappointed as these plans have also been scrapped due to mixed reviews following the soft launch, reports IOL.
“After seeing mixed results from testing Tinder Coins, we’ve decided to take a step back and re-examine that initiative so that it can more effectively contribute to Tinder’s revenue.”
It appears those looking for “the one” may need to stick to the average features that Tinder has to offer.