Let’s shed light on Tinder’s latest move: the introduction of an exclusive, invite-only subscription named Tinder Select. Priced at $499 per month, this elite membership, available to less than 1% of Tinder’s user base, is set to redefine the premium dating experience.
Key Features and Benefits
- Direct Messaging: Members can directly message individuals even without a prior match, twice weekly. Prioritized Profile: For a week, subscribers’ unblurred profile pictures will gain priority on others’ “Likes You” grid.
- Exclusive Badge: A unique badge signifying access to this elite tier can be added to users’ profiles.
- Select Mode: This feature allows subscribers to view and be seen by Tinder’s “most sought-after” profiles. Early Access: Subscribers will be the first to experience new Tinder features.
- Advertisement-Free Experience: Members can hide ads and view the likes received in the past week.
Exclusivity is Key
Mark Van Ryswyk, Tinder’s Chief Product Officer, emphasized the company’s dedication to serving its highly engaged user segment. “We’ve been in close consultation with this audience for months, refining Tinder Select to offer an unparalleled dating experience,” Van Ryswyk noted.
The Application Process
To maintain the subscription’s exclusive appeal, interested users must go through a rigorous “5-point Select Screen”:
- Verified photo
- A detailed biography
- A minimum of five interests
- At least four images
- Clear information about their relationship preferences
Upon approval, members have the choice to display the unique Select badge, which can be hidden if users wish to remain discreet about their elite subscription.
From Inspiration to Implementation
This ambitious step follows Match Group’s acquisition of the invite-only dating platform, The League, which charges users up to $1,000 a week and employs human matchmakers rather than mere algorithms. While Tinder Select adds more features to its three pre-existing plans, starting at $24.99 per month, the app aims to enhance visibility and engagement for its members.
Revenue Impact & Future Prospects
Gary Swidler, Chief Financial Officer and President of Match Group, expressed optimism about Tinder Select’s impact on the company’s revenue. He believes that while the new premium tier might attract a relatively small user base, it will significantly increase revenue per user.
A New Era for Dating Apps
This innovation comes after significant changes in Tinder’s management and business strategy. With Bernard Kim taking the reins as CEO, the focus has shifted to revenue growth and the introduction of innovative features. “We’re entering an exhilarating phase for Tinder, concentrating on robust revenue growth and groundbreaking features,” Kim said.
Furthermore, Tinder isn’t alone in its venture to introduce higher-priced tiers. Match Group’s Hinge recently launched a $49.99 tier named Hinge X. Meanwhile, Bumble is contemplating a tier above its existing $60-per-month plan, and Grindr is also exploring more premium offerings. This trend isn’t limited to dating platforms. Spotify, Apple Music, YouTube Music Premium, Amazon Music, and streaming services like Disney+ and Hulu have all recently announced price hikes.
Addressing the Critics
It’s essential to note that the introduction of Tinder Select hasn’t been without its skeptics. Some argue that the exclusivity attached to a hefty price tag may alienate a substantial portion of Tinder’s user base. The primary concern is that the move might inadvertently create a divide between “elite” members and the general user population.
However, Mark Van Ryswyk counters this argument by emphasizing that the new offering isn’t meant to detract from the standard Tinder experience. “Our goal with Tinder Select is not to differentiate our user base but to provide an enhanced experience for those who seek it,” he says.
The Broader Landscape
In the dating app ecosystem, Tinder’s parent company, Match Group Inc., owns a majority, including big names like Match.com, OKCupid, Hinge, and The League. With Tinder Select, the company aims to edge out competitors with pricier offerings. However, this move isn’t solely about competition; it’s a strategy to increase the company’s market share and appeal to a niche, high-paying customer base.
JPMorgan Chase & Co has already expressed its approval, selecting Match Group’s stock as one of its top picks and recommending a higher target price. Their analysis suggests that this shift will help stabilize Tinder’s user base and return it to growth.
While some may view Tinder Select as an overtly commercial move, its launch signifies the evolving landscape of online dating. With an emphasis on exclusivity and premium features, the hope is that users will find more meaningful connections on the platform. Only time will tell how this new offering will reshape the world of online dating, and the impact it will have on user engagement and overall experience.
For more details, visit Tinder’s official website