Following a poor recent earnings report, Match Group has announced plans to scale back Tinder's metaverse dating program.
The Verge reports that following a poor earnings report for the last quarter, Match Group has announced that it is scaling back Tinder's metaverse dating plans and scrapping the redevelopment of an in-app Tinder Coins currency. Tinder CEO Renate Nyborg is also leaving the position after being appointed the app's first female CEO just last September.
Nyborg previously had plans to take Tinder into the metaverse and acquired a company called Hyperconnect last year which focuses on video, AI, and augmented reality technology. Nyborg previously described an avatar-based "Single town" experience as a way for Tinder's users to meet and interact in virtual spaces.
Now, Match Group CEO Bernard Kim says that he has instructed Hyperconnect to scale back. "Given uncertainty about the ultimate contours of the metaverse and what will or won't work, as well as the more challenging operating environment, I've instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time," Kim said. "We'll continue to evaluate this space carefully, and we will consider moving forward at the appropriate time when we have more clarity on the overall opportunity and feel we have a service that is well-positioned to succeed."
Match Group cited the acquisition of Hyperconnect as contributing to a $10 million operating loss in the second quarter of 2022. The company is also reportedly scrapping its plan for Tinder Coins, an in-app currency that would encourage more spending on the app.
"After seeing mixed results from testing Tinder Coins, we've decided to take a step back and re-examine that initiative so that it can more effectively contribute to Tinder's revenue," he wrote in the earnings release.
Read more at the Verge here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan
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