"Dating apps' original pitch was to match you with anyone. "Swipe. Match. Chat. Date." That was Tinder's promise when it launched more than a decade ago, forecasting the endless cycle so many of its users now bemoan. Now they want to match you with the one. The giants in the dating space - Match Group's Hinge and Tinder, Grindr, and Bumble - are investing tens of millions into artificial intelligence, hoping to beat each other and the new AI-driven upstarts in the ultimate dating game."
"While, technically speaking, AI and machine learning have been used by dating app algorithms for years, these generative AI features take it further. The result, the companies say, will be meaningful: better matches, fewer swipes. Nothing short of "magical," as Grindr's CEO George Arison put it on a recent earnings call. "We're entering a platform shift with AI," Match Group CEO Spencer Rascoff said during a Los Angeles Tech Week panel in October. AI is "changing everything" about the company's dating apps, he added."
"The space is ripe for change. The big players are struggling. There's frequent churn, the result of " swipe fatigue," and many users are unwilling to shell out for premium features. "It's been a really long time since there's been a new reason - whether technology, platform, brand, whatever - for consumers to be excited about dating," Sam Yagan, cofounder of OkCupid and former CEO of Match Group, told Business Insider."
Match Group, Tinder, Hinge, Grindr, and Bumble are investing tens of millions into generative AI to create better matches and reduce swipe fatigue. Generative AI features extend beyond prior machine-learning algorithms, promising more meaningful outcomes and fewer swipes. Company executives call AI a platform shift and describe its effects as "magical." The dating market faces high churn and reluctance to pay for premium features. Match Group's stock fell over 75% in five years, and its paying customers declined 5% year over year last quarter after missing earnings and revenue estimates. Bumble's share price fell over 50% this year and the company executed large layoffs.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]