Tinder is preparing to launch a ‘high-end membership’ and product refresh for a better app-using experience for Gen Z users. “Gen Z is approaching dating differently than Millennials. they seek inclusivity as well as greater authenticity and more dimensionality. with this in mind, Tinder is testing a refreshed core experience that moves directly caters to the expectations of today’s younger generation,” Match Group said in its Q2 2023 earnings release on Tuesday.
The new Tinder membership was confirmed earlier this year by Tinder CPO Mark Van Ryswyk, who had then dubbed the $500-per-month-offering”Tinder Vault” in an interview with Fast company. As an inspiration for the new product, cited leaning from Match Group’s other popular dating app, The League that would cost users up to $1000 per week.
“While the core Swipe feature will remain central to the Tinder experience, the changes are meant to make the app more dynamic and engaging. We expect these features to begin rolling out in select markets later this month,” the company said.
What is the price of the new Tinder membership?
The company expect the initial pricing for new membership to be ‘substantially higher’ than current Tinder’s offering, with extra benefits. In addition, the product would have limited availability to make it even more exclusive. The company also stated that Tinder would roll out an “important” product refresh for even more better services for their Gen Z users. the product refresh would include new features like prompts, quizzes, and conversation starters as well as leverage AI to surface the right content to the right people.
In the quarter Match Group generated a Revenue of $830 million, 4% more than last year, and forecasts next quarter to be around $875 million.
Tinder was responsible for a direct revenue of $475 million in Q2, which increased by 6% as compared to last quarter’s revenue.
With the help of a new marketing campaign company was able to attract new users and encouraged lapsed users including women to rejoin.
The company also referenced new U.S. pricing optimization to increase the number of users by the end of Q1.
The new membership and product refresh would be released by this fall according to the company.