"As Tinder teetered toward becoming out of touch, the platform's revenue plateaued in 2024 with 1% growth year over year and a 7% decline in paying users. Then came Spencer Rascoff, the bright-eyed Zillow cofounder who planned to reinvent Match Group as CEO. Within months of Rascoff taking the reins, Match Group laid off 13% of the company in May. Tinder CEO Faye Iosotaluno stepped down, and Rascoff chose to lead the property himself."
""Tinder needs a lot of work, and it is therefore my primary focus," Rascoff said on Match Group's second-quarter earnings call. Rascoff has shaken up Tinder. Company leaders told Business Insider why they think the company is headed for a turnaround as product timelines narrow and the app's messaging gets updated. Their golden goose: Gen Z. "We are absolutely, with Spencer's arrival, going through a bit of a cultural reset," said Hillary Paine, Tinder's VP of product. "It's reinvigorated the energy at the company.""
Tinder relies heavily on Gen Z, whose dating patterns include drinking and hooking up less and possible fatigue with dating apps. Tinder's revenue plateaued in 2024 with 1% year-over-year growth and a 7% decline in paying users. Spencer Rascoff became Match Group CEO and the company cut 13% of employees; Tinder's CEO stepped down and Rascoff assumed direct leadership of the product. Rascoff declared Tinder his primary focus and pushed accelerated timelines. Company leaders describe a cultural reset and reinvigorated energy while accelerating features like Double Date and increasing code shipping cadence to stay competitive.
Read at Business Insider
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