Tinder CEO quits after disappointing results, company shuts down Metaverse plan

Match Group, the parent company of Tinder, also announced plans to halt the adoption of virtual currencies and Metaverse-based dating.

“Given the uncertainty about the final forms of the Metaverse and whether or not it will work, as well as the more challenging operating environment, I have instructed the Hyperconnect team not to invest heavily in the Metaverse, but heavily in the Metaverse at this time. Don’t invest.” Group CEO Bernard Kim.

Kim acknowledged in a shareholder letter late Tuesday that the dating app has not been able to realize its distinctive monetization success over the past few quarters.

He announced Nyborg’s departure, announcing changes to the management team and structure.

“While we seek a permanent Tinder CEO, I will be overseeing a newly formed team of executives who will manage day-to-day operations and ensure that the Tinder organization is well-coordinated, with great new features at increased speed. Ships features and delivers on Tinder’s promise” said Kim.

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

“Thombre has over 15 years of experience in the Match Group. He was heavily involved in Tinder’s major successes, particularly in designing high-impact monetization features such as the Boost feature and Tinder Gold subscriptions, and most recently Hing has overseen the phenomenal success of following our acquisitions, said Match Group CEO.

Total revenue increased 12 percent to $795 million in the prior year quarter.

“Tinder Direct revenue grew 13 per cent over last year’s quarter, driven by a growth of 14 per cent payers to 10.9 million,” the company said.

Disclaimer: This story is auto-aggregated by a computer program and is not created or edited by FreshersLIVE.Publisher : IANS-media

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