Match Group

Match Group, Inc. is an internet and technology company headquartered in Dallas, Texas.[2] It owns and operates the largest global portfolio of popular online dating services including Tinder, Match.com, Meetic, OkCupid, Hinge, PlentyOfFish, Ship, and OurTime totalling over 45 global dating companies.[3] The company was owned by parent company IAC and in 2019, the company had 9.283 million subscribers, of which 4.554 million were in North America.[1] In July 2020, Match Group became a separate, public company.

Match Group, Inc.
TypePublic
IndustryOnline dating service
HeadquartersDallas, Texas, U.S.
Key people
Joey Levin, Chairman
Shar Dubey, CEO
Gary Swidler, CFO
RevenueUS$2.051 billion (2019)
US$534 million (2019)
Total assetsUS$2.423 billion (2019)
Total equityUS$319 million (2019)
Number of employees
1,700 (2019)
Websitemtch.com
Footnotes / references
[1]

HistoryEdit

In February 2009, IAC incorporated Match Group as a conglomerate of Match.com and other dating sites it owned.[1][4] In July 2009, Match Group's Match.com acquired People Media from American Capital for $80 million in cash. People Media operated dating sites BlackPeopleMeet.com and OurTime, which became part of Match Group's portfolio, and powered AOL Personals.[5]

In February 2010, Match.com acquired dating site Singlesnet.[6] In February 2011, Match Group acquired OkCupid for $50 million. OkCupid was the first free, advertising-based product added to the Match Group portfolio.[7]

In 2012, online dating application Tinder was founded within Hatch Labs, a startup incubator run by parent company IAC.[8] The application allowed users to anonymously swipe to like or dislike other profiles based on their photos, common interests and a small bio.[9] On November 19, 2015, the company became a public company via an initial public offering.[10]

In 2017, Match Group launched Tinder Gold, which established Tinder as the highest grossing non-gaming app globally.[8] In the summer of 2017, the company offered to acquire Bumble for $450 million.[11]

In January 2018, Mandy Ginsberg, formerly the CEO of Match North America, replaced Greg Blatt as CEO of the company.[12]

In August 2018, Tinder co-founder Sean Rad filed a $2 billion lawsuit against Match Group, claiming that Match Group and its parent company IAC purposely undervalued Tinder to avoid paying out stock options to the company's original team.[13] Rad and his co-plaintiffs also accused the former Tinder CEO, Greg Blatt, of sexual harassment.[14] The company said that the allegations are "meritless".[15]

In February 2019, Match Group acquired dating app Hinge.[16][17]

In August 2019, the company acquired Harmonica, an Egyptian online dating service.[18][19][20][21]

In January 2020, Mandy Ginsberg stepped down as chief executive officer due to personal reasons.[22][23][24] Shar Dubey, then President of Match Group, became the CEO of the company effective March 1, 2020.[25][26]

In July 2020, the company completed the separation from IAC. Ryan Reynolds and Wendi Murdoch joined the board of directors.[27][28][29]

In September 2020, Match Group joined others companies like Spotify and Epic Games to form the Coalition for App Fairness. The purpose is to combat Apple over its app store policies.[30][31]

2019 legal actionEdit

In 2019, the company was sued by the U.S. Federal Trade Commission (FTC) for allegations of unfair and deceptive trade practices. According to the FTC's civil complaint, the company used fake love interest ads to encourage free users to pay for premium subscription services on Match.com. Accounts that were flagged as suspicious or potentially fraudulent by the site were prevented from messaging paid subscribers but were allowed to continue messaging free users who were tricked into believing that the suspicious accounts were real users encouraging them to subscribe and connect with them. The company denied the allegations. The FTC further alleged that the company offered false promises of guarantees, failed to provide support to customers who unsuccessfully disputed charges, and made it overly difficult for users to cancel their subscriptions.[32][33][34][35] In September 2020, it was reported that the Department of Justice had closed its investigation into the FTC complaint.[36]

Dating services ownedEdit

As of July, 2020, Match Group owns the following dating services;[37]

ReferencesEdit

  1. ^ a b c "Match Group, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Brown, Christine (2020-05-06). "Oppenheimer Issues a Buy Rating on Match Group (MTCH)". Smarter Analyst. Retrieved 2020-12-26.
  3. ^ Mangalindan, JP (25 June 2018). "How Match got away with buying 25 dating sites — and counting". uk.finance.yahoo.com. Retrieved 2020-12-26.
  4. ^ Brown, Christine (2020-05-06). "Oppenheimer Issues a Buy Rating on Match Group (MTCH)". Smarter Analyst. Retrieved 2021-01-14.
  5. ^ "Match.com Acquires People Media For $80M In Cash". TechCrunch. Retrieved 2021-01-14.
  6. ^ Rao, Leena. "Confirmed: Match.com Acquires Singlesnet". TechCrunch. Retrieved 2021-01-14.
  7. ^ Ehrlich, Brenna. "OkCupid Acquired by Match.com for $50 Million". Mashable. Retrieved 2021-01-14.
  8. ^ a b Grove, Jennifer Van. "Why IAC is 'Perfectly Happy' Ignoring Tinder's 'Faux' Billion-Dollar Value". TheStreet. Retrieved 2021-01-14.
  9. ^ Abrams, Mike (2016). Sexuality and Its Disorders: Development, Cases, and Treatment. Sage Publications. p. 381. ISBN 9781483309705. Tinder is a hookup/dating app primarily for the smartphone.
  10. ^ Plaugic, Lizzie (November 19, 2015). "Tinder parent company Match Group is now public". The Verge.
  11. ^ Tepper, Fitz (August 23, 2017). "Match Group tried to acquire Bumble for $450 million". TechCrunch.
  12. ^ GALLAGHER, LEIGH (June 27, 2018). "Match Is the Sweetheart of Online Dating—But Can It Fend Off Facebook and Bumble?". Fortune.
  13. ^ Carman, Ashley (June 14, 2019). "Tinder co-founder's lawsuit against Tinder parent company moves closer to a trial". The Verge.
  14. ^ Bort, Julie (August 14, 2018). "Tinder founders say former CEO 'groped and sexually harassed' an executive at a company party in a bombshell $2 billion lawsuit". Business Insider.
  15. ^ Ha, Anthony (August 14, 2018). "Tinder founders sue parent companies Match and IAC for at least $2B". TechCrunch.
  16. ^ Tiffany, Kaitlyn (February 11, 2019). "Nearly all of the big dating apps are now owned by the same company". Vox.
  17. ^ Perez, Sarah (February 7, 2019). "Match Group fully acquires relationship-focused app Hinge". TechCrunch.
  18. ^ "Internet Giant Match Group Announces Acquisition Of Harmonica App And A New Leadership Team In Egypt". Africa.com. August 7, 2019.
  19. ^ Salah, Mohammed (August 7, 2019). "Online dating giant Match Group acquires Egyptian dating startup Harmonica to expand into Muslim-majority markets". MENAbytes.
  20. ^ "Match Group acquires Harmonica, the Egypt-based "halal Tinder"". Enterprise. August 8, 2019.
  21. ^ Mpala, Daniel (August 7, 2019). "Tinder parent company Match Group acquires Egypt's Harmonica". Ventureburn.
  22. ^ Wells, Georgia (January 28, 2020). "Match Group CEO Mandy Ginsberg Steps Down". The Wall Street Journal.
  23. ^ Perez, Sarah (January 28, 2020). "Match Group CEO Mandy Ginsberg is stepping down". TechCrunch.
  24. ^ Primack, Dan (January 28, 2020). "Match Group CEO Mandy Ginsberg steps down". Axios.
  25. ^ "Match Group Names Sharmistha Dubey Chief Executive Officer" (Press release). PR Newswire. January 28, 2020.
  26. ^ MURRAY, ALAN; MEYER, DAVID (January 29, 2020). "Our economic picture is unprecedented in modern history". Fortune.
  27. ^ "IAC and Match Group Complete Full Separation" (Press release). PR Newswire. July 1, 2020.
  28. ^ Ha, Anthony (July 1, 2020). "Match Group completes separation from IAC, new board includes Wendi Murdoch and Ryan Reynolds". TechCrunch.
  29. ^ Carville, Olivia (July 1, 2020). "Match Assembles More Diverse Board After Spinoff From IAC". Bloomberg News.
  30. ^ "Apple App Store faces coalition of unhappy developers". BBC News. 2020-09-24. Retrieved 2020-09-25.
  31. ^ Gartenberg, Chaim (2020-09-24). "Spotify, Epic, Tile, Match, and more are rallying developers against Apple's App Store policies". The Verge. Retrieved 2020-09-25.
  32. ^ Drayton, Nicole (September 25, 2019). "FTC Sues Owner of Online Dating Service Match.com for Using Fake Love Interest Ads To Trick Consumers into Paying for a Match.com Subscription" (Press release). Federal Trade Commission.
  33. ^ Ivanova, Irina (September 25, 2019). "Government sues Match.com over fake "love interest" messages". CBS News.
  34. ^ Palmer, Annie (September 25, 2019). "Match Group stock slides after FTC sues the company for placing fake ads on its site". CNBC.
  35. ^ Holson, Laura M. (September 25, 2019). "Match.com Used Fake Ads to Swindle Users, F.T.C. Says". The New York Times.
  36. ^ Reuters Staff (2020-09-03). "Match says DOJ closes probe into FTC complaint". Reuters. Retrieved 2020-11-21.
  37. ^ "Match Group, May 2020, quarterly report" (PDF). Retrieved July 7, 2020.

External linksEdit