As online dating became as easy as swiping a finger across your phone screen, the companies who own apps like Tinder and Bumble became Wall Street darlings.
But about a decade later, those platforms are now struggling to live up to expectations, and investors have grown frustrated and eager for something new.
Match Group and Bumble — which make up nearly the entire industry by market share — have lost more than $40 billion in market value since 2021.
Even in an age when the apps are a staple on people’s smartphones, the two companies are laying off workers and reporting lackluster revenue growth.
Both companies have recently brought on leaders who have vowed to experiment with new features, hoping to capture the growth investors crave.
Persons:
Bumble, daters, TikTok, they’re
Organizations:
Match