This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – Match Group is in the early stages of developing a $500 subscription service for its Tinder app which it’s tentatively calling Tinder Vault, Fast Company reported Tuesday, April 4.
Tinder’s chief product officer, Mark Van Ryswyk, said the company is still in “learning mode” when it comes to building Tinder Vault up, and may choose to adjust pricing for the service or shelve the potential product entirely.
Fast Company, in its report, noted how the development of such a system came about during a period of change, as Bernard Kim took over Match Group in May 2022 and became Tinder’s interim CEO in August. Tinder Vault is one possible way of revitalizing the Tinder brand.
“We’re really looking at a whole range of additional value-add services to Tinder overall,” said Van Ryswyk. While Tinder already has some paid premiums – profile boosting and unlimited liking and swiping, to name a few – he declined to comment on what new features they could add to Tinder to make people spend even more on the service.
That said, he also mentioned how Match Group’s acquisition of The League, an exclusive dating app with membership costing up to $1,000 a week, was indicative of a cadre of what he called “high intent members” looking for quality matches and who were willing to pay for the opportunity.
In a time of increased uncertainty, however, where job cuts in various fields like the technology sector have made people more wary of spending on exorbitant luxuries, it begs the question: can Tinder find a new wrinkle in the dating world that would incentivize ultra-premium services? – Rappler.com