From match to BFF: dating apps broaden horizonsDating apps are changing, and now they're looking to foster friendships too! Here are the key points:
- Bumble bets on friendship: In addition to dating, Bumble boosts its BFF platform and has acquired Geneva, an app focused on creating communities, to boost friendship among its users.
- Match Group with new options: Match has launched Yuzu, which allows users to switch between “dating” and “social” modes for those looking for connections beyond romance, aimed especially at the Asian community.
- New approaches on other platforms: Grindr and Muzz are also exploring similar features to foster friendships.
- Monetization in testing: While some analysts doubt the profitability of friendships versus love, companies are testing ways to generate revenue through advertising and partnerships.
Here are the tickers of the companies mentioned:
1. bumble Inc. - BMBL (NASDAQ)
2. Match Group Inc. - MTCH (NASDAQ)
3. Grindr Inc. - GRND (NYSE)
Looking at the chart, the three companies are recovering their tone. Match, for its part, comes from a big drop in value in 2021 in which it was trading at $182 and today it is at $37.45, being the pioneer and owner of most of the dating websites in the market. Bumble, being the competing company that is following the model of the market leader despite being in a clear downtrend of $6.5. Grinder is following the trend of the two leading companies in its own niche, currently it seems to be developing a sideways channel that with several resistance zones at $12.95. We will have to see if the financial results accompany them to continue their upward progression started in November 2023.
Apps are redefining the concept of hooking up, adapting to a young audience looking for more than just dating, offering new ways to interact socially.
Ion Jauregui - Analyst ActivTrades
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