Match Group

Last updated
Match Group, Inc.
Company type Public
Industry Online dating
FoundedFebruary 2009;15 years ago (2009-02)
Headquarters Dallas, Texas, U.S.
Key people
 Thomas J. McInerney (Chairman)
Bernard Kim (CEO)
Gary Swidler (CFO)
RevenueIncrease2.svg US$2.391 billion (2020)
Decrease2.svg US$188 million (2020)
Total assets Decrease2.svg US$2.976 billion (2020)
Total equity Decrease2.svg US$1.176 billion (2020)
Number of employees
1,880 (2020)
Website mtch.com

Match Group is an American internet and technology company headquartered in Dallas, Texas. [1] It owns and operates the largest global portfolio of popular online dating services including Tinder, Match.com, Meetic, OkCupid, Hinge, Plenty of Fish, OurTime, and other dating global brands. [2] The company was owned by IAC until July 2020 when Match Group was spun off as a separate, public company. As of 2019, the company had 9.3 million subscribers, of which 4.6 million were in North America. [3] Japan is the company's second largest market, after the United States. [4]

Contents

History

2009–2018

In February 2009, IAC incorporated Match Group as a conglomerate of Match.com and other dating sites it owned. [3] [5] In July 2009, Match Group's Match.com acquired People Media from American Capital for $80 million in cash. People Media operated dating sites BlackPeopleMeet.com and OurTime, which became part of Match Group's portfolio, and powered AOL Personals. [6]

In February 2010, Match.com acquired dating site Singlesnet. [7] In February 2011, Match Group acquired OkCupid for $50 million. OkCupid was the first free, advertising-based product added to the Match Group portfolio. [8]

In 2012, online dating application Tinder was founded within Hatch Labs, a startup incubator run by parent company IAC. [9] The application allowed users to anonymously swipe to like or dislike other profiles based on their photos, common interests and a small bio. [10] On November 19, 2015, the company became a public company via an initial public offering. [11]

In 2017, Match Group launched Tinder Gold, which established Tinder as the highest grossing non-gaming app globally. [9] In the summer of 2017, the company offered to acquire Bumble for $450 million. [12]

In January 2018, Mandy Ginsberg, formerly the CEO of Match’s North American division, replaced Greg Blatt as the global CEO. [13]

In June 2018, Match Group acquired 51% ownership in dating app Hinge, in a move intended to diversify Match’s portfolio and appeal to a wider array of singles. [14] In February 2019, Match Group fully bought out the company. [15] [16]

In July 2018, Match Group launched a Safety Advisory Council comprising a group of experts focused on preventing sexual assault across its portfolio of products. The council included #MeToo movement founder Tarana Burke and worked with organizations like the Rape, Abuse & Incest National Network (RAINN) and the National Sexual Violence Resource Center. [17]

In August 2018, Tinder co-founder Sean Rad filed a $2 billion lawsuit against Match Group, claiming that Match Group and its parent company IAC purposely undervalued Tinder to avoid paying out stock options to the company's original team. [18] Rad and his co-plaintiffs also accused the former Tinder CEO, Greg Blatt, of sexual harassment. [19] The company stated that the allegations were "meritless." [20] In October 2019, Blatt filed a defamation lawsuit against Rad and Tinder founding member Rosette Pambakian seeking at least $50 million in damages. [21] [22]

2019–present

In January 2019, Match Group partnered with media brand Betches to launch a dating app, called Ship, which allowed users to help their friends pick out potential dates. [23]

In August 2019, the company acquired Harmonica, an Egyptian online dating service. [24] [25] [26] [27]

In January 2020, Match Group announced an investment and partnership with safety platform Noonlight. The partnership incorporated new safety tools in Match Group's products, including emergency assistance, location tracking and photo verification.

In January 2020, Mandy Ginsberg stepped down as chief executive officer due to personal reasons. [28] [29] [30] Shar Dubey, then President of Match Group, became the CEO of the company effective March 1, 2020. [31] [32]

In March 2020, Match Group became the first tech company to support Earn It Act of 2020, a bipartisan bill with the support of President Trump to combat online child sexual exploitation but widely criticized for its predicted negative impact on privacy and computer security. [33]

In July 2020, the company completed the separation from IAC. The separation was the largest ever for IAC, as Match Group then had a market capitalization of $30 billion. [34] After the separation, four new members joined Match Group's board of directors: Stephen Baily, Melissa Brenner, Ryan Reynolds and Wendi Murdoch. [35] [36] [37]

In August 2020, amidst the COVID-19 pandemic, Match Group reported growing profit and revenue and surpassed 10 million subscribers across its portfolio. [38]

In September 2020, Match Group, Spotify, and Epic Games co-founded the Coalition for App Fairness, contesting Apple’s App Store and Google’s Play store policies. Chiefly, they contested what they characterized as anticompetitive policies, as well as high “app taxes” on sales of developers’ apps. [39] [40]

In February 2021, Match Group announced that it would be acquiring Korea-based social network company Hyperconnect for $1.73 billion in both cash and stock. [41] This deal is reportedly Match Group's largest acquisition to date.

Also in February 2021, Match Group took legal action against dating app Muzmatch, the online Muslim dating app, calling the app a "Tinder Clone". [42] The Match Group won the legal battle in London courts in April 2022. [43]

In April 2022, Shar Dubey stepped down from her position as CEO while remaining on the board of directors. Bernard Kim, the former president of Zynga, became CEO effective from May 31, 2022. [44]

In July 2022, Match Group acquired The League, a members-only dating app, for an undisclosed sum. [45]

In 2019, the U.S. Federal Trade Commission (FTC) sued Match, alleging that Match had engaged in unfair and deceptive trade practices by allowing potentially fraudulent accounts to express interest in non-subscribers, who were enticed to subscribe. The FTC further alleged that Match offered false promises of guarantees, failed to provide support to customers who unsuccessfully disputed charges, and made it overly difficult for users to cancel their subscriptions.

Match Group disputed these claims, alleging that they were based upon cherry-picked evidence and that the FTC had misrepresented internal emails. [46] [47] [48] [49] [50] In September 2020, Reuters reported that the Department of Justice had closed their probe into the complaint. [51]

Response to 2022 Russian invasion of Ukraine

In response to the 2022 Russian invasion of Ukraine, in its 2023 yearly report, Match Group announced that it would fully exit the Russian market by the 30th of June. As of early May 2023, it was implementing measures to limit access to its services. The company said that such moves are part of its commitment to human rights protection. [52]

Dating services owned

As of Dec 2023, Match Group owns the following dating services: [53]

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References

  1. ↑ Brown, Christine (2020-05-06). "Oppenheimer Issues a Buy Rating on Match Group (MTCH)". Smarter Analyst. Retrieved 2020-12-26.
  2. ↑ Mangalindan, JP (25 June 2018). "How Match got away with buying 25 dating sites — and counting". uk.finance.yahoo.com. Retrieved 2020-12-26.
  3. 1 2 "Match Group, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  4. ↑ Bhattacharya, Suryatapa (2021-04-24). "Match's Winning Formula for Online Dating in Japan Gives Women Control, Makes Men Pay". The Wall Street Journal . ISSN   0099-9660 . Retrieved 2021-04-25.
  5. ↑ Brown, Christine (2020-05-06). "Oppenheimer Issues a Buy Rating on Match Group (MTCH)". Smarter Analyst. Retrieved 2021-01-14.
  6. ↑ "Match.com Acquires People Media For $80M In Cash". TechCrunch. Retrieved 2021-01-14.
  7. ↑ Rao, Leena. "Confirmed: Match.com Acquires Singlesnet". TechCrunch. Retrieved 2021-01-14.
  8. ↑ Ehrlich, Brenna. "OkCupid Acquired by Match.com for $50 Million". Mashable. Retrieved 2021-01-14.
  9. 1 2 Grove, Jennifer Van. "Why IAC is 'Perfectly Happy' Ignoring Tinder's 'Faux' Billion-Dollar Value". TheStreet. Retrieved 2021-01-14.
  10. ↑ Abrams, Mike (2016). Sexuality and Its Disorders: Development, Cases, and Treatment. Sage Publications. p. 381. ISBN   9781483309705. Tinder is a hookup/dating app primarily for the smartphone.
  11. ↑ Plaugic, Lizzie (November 19, 2015). "Tinder parent company Match Group is now public". The Verge .
  12. ↑ Tepper, Fitz (August 23, 2017). "Match Group tried to acquire Bumble for $450 million". TechCrunch .
  13. ↑ Gallagher, Leigh (June 27, 2018). "Match Is the Sweetheart of Online Dating – But Can It Fend Off Facebook and Bumble?". Fortune .
  14. ↑ Mohan, Nishant (2018-06-20). "Match Group Deepens Its Connection With Dating-App Hinge". The Wall Street Journal . ISSN   0099-9660 . Retrieved 2021-02-02.
  15. ↑ Tiffany, Kaitlyn (February 11, 2019). "Nearly all of the big dating apps are now owned by the same company". Vox .
  16. ↑ Perez, Sarah (February 7, 2019). "Match Group fully acquires relationship-focused app Hinge". TechCrunch .
  17. ↑ McCabe, David (19 July 2018). "Match Group moves to protect users from sexual assault". Axios. Retrieved 2021-01-26.
  18. ↑ Carman, Ashley (June 14, 2019). "Tinder co-founder's lawsuit against Tinder parent company moves closer to a trial". The Verge .
  19. ↑ Bort, Julie (August 14, 2018). "Tinder founders say former CEO 'groped and sexually harassed' an executive at a company party in a bombshell $2 billion lawsuit" . Business Insider .
  20. ↑ Ha, Anthony (August 14, 2018). "Tinder founders sue parent companies Match and IAC for at least $2B". TechCrunch .
  21. ↑ Ha, Anthony (4 October 2019). "Former Tinder CEO strikes back against sexual misconduct accusations with defamation lawsuit". TechCrunch. Retrieved 2021-01-26.
  22. ↑ O'Brien, Sara Ashley (2019-10-06). "Former Tinder executives are locked in a messy legal battle". CNN Digital. Retrieved 2021-01-26.
  23. ↑ Carman, Ashley (2019-01-22). "Match Group and Betches' new dating app lets you swipe for your friends". The Verge. Retrieved 2021-02-02.
  24. ↑ "Internet Giant Match Group Announces Acquisition Of Harmonica App And A New Leadership Team In Egypt". Africa.com . August 7, 2019.
  25. ↑ Salah, Mohammed (August 7, 2019). "Online dating giant Match Group acquires Egyptian dating startup Harmonica to expand into Muslim-majority markets". MENAbytes.
  26. ↑ "Match Group acquires Harmonica, the Egypt-based "halal Tinder"". Enterprise. August 8, 2019.
  27. ↑ Mpala, Daniel (August 7, 2019). "Tinder parent company Match Group acquires Egypt's Harmonica". Ventureburn.
  28. ↑ Wells, Georgia (January 28, 2020). "Match Group CEO Mandy Ginsberg Steps Down" . The Wall Street Journal .
  29. ↑ Perez, Sarah (January 28, 2020). "Match Group CEO Mandy Ginsberg is stepping down". TechCrunch .
  30. ↑ Primack, Dan (January 28, 2020). "Match Group CEO Mandy Ginsberg steps down". Axios .
  31. ↑ "Match Group Names Sharmistha Dubey Chief Executive Officer" (Press release). PR Newswire. January 28, 2020.
  32. ↑ Murray, Alan; Meyer, David (January 29, 2020). "Our economic picture is unprecedented in modern history". Fortune .
  33. ↑ Harding McGill, Margaret; Primack, Dan (10 March 2020). "Match Group first tech company to back anti-online child abuse bill". Axios. Retrieved 2021-02-02.
  34. ↑ Lenihan, Rob. "Match Group Dating-Apps Spinoff From IAC Complete". TheStreet. Retrieved 2021-02-02.
  35. ↑ "IAC and Match Group Complete Full Separation" (Press release). PR Newswire. July 1, 2020.
  36. ↑ Ha, Anthony (July 1, 2020). "Match Group completes separation from IAC, new board includes Wendi Murdoch and Ryan Reynolds". TechCrunch .
  37. ↑ Carville, Olivia (July 1, 2020). "Match Assembles More Diverse Board After Spinoff From IAC" . Bloomberg News .
  38. ↑ Owens, Jeremy C. "Pandemic has boosted online dating, sending Match Group stock surging". MarketWatch. Retrieved 2021-02-02.
  39. ↑ "Apple App Store faces coalition of unhappy developers". BBC News. 2020-09-24. Retrieved 2020-09-25.
  40. ↑ Gartenberg, Chaim (2020-09-24). "Spotify, Epic, Tile, Match, and more are rallying developers against Apple's App Store policies". The Verge. Retrieved 2020-09-25.
  41. ↑ Group, Match. "Match Group To Acquire Hyperconnect". www.prnewswire.com (Press release). Retrieved 2021-02-10.
  42. ↑ "Match Group Sues to Shut Down 'Tinder Clone' for Muslims". news.bloomberglaw.com. Retrieved 2021-03-03.
  43. ↑ Khan, Aina J. (2022-04-21). "A Muslim dating site loses a trademark case against an industry giant". The New York Times. ISSN   0362-4331 . Retrieved 2022-05-03.
  44. ↑ "Match names Zynga President Bernard Kim as CEO, replacing Shar Dubey". 3 May 2022. Retrieved 3 May 2022.
  45. ↑ "Match Group acquires members-only dating app The League". TechCrunch. 12 July 2022. Retrieved 2022-07-19.
  46. ↑ Drayton, Nicole (September 25, 2019). "FTC Sues Owner of Online Dating Service Match.com for Using Fake Love Interest Ads To Trick Consumers into Paying for a Match.com Subscription" (Press release). Federal Trade Commission.
  47. ↑ Ivanova, Irina (September 25, 2019). "Government sues Match.com over fake "love interest" messages". CBS News .
  48. ↑ Palmer, Annie (September 25, 2019). "Match Group stock slides after FTC sues the company for placing fake ads on its site". CNBC .
  49. ↑ Holson, Laura M. (September 25, 2019). "Match.com Used Fake Ads to Swindle Users, F.T.C. Says" . The New York Times .
  50. ↑ Flaherty, Anne. "FTC accuses Match.com of tricking people into buying paid subscriptions with fake ads". ABC News. Retrieved 2021-02-02.
  51. ↑ Maddipatla, Manojna (2020-09-03). "Match says DOJ closes probe into FTC complaint". Reuters. Retrieved 2020-11-21.
  52. ↑ "Tinder swipes left on Russia a year after invasion". BBC.
  53. ↑ "Match Group, Dec 2023, annual report" (PDF). Retrieved Nov 1, 2023.
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