While the Tinder business model is based on freemium services, subscribers can pay to access a wide range of premium features and functionality. Tinder is one of the most popular and fastest-growing dating applications and social startups. The app addresses the physical and social hurdles of building new friendships and nurturing them into worthwhile relationships. Tinder won the Best New Startup Crunchies Award from TechCrunch for running an exclusive business and operating model a few years ago. Statistics demonstrate that Tinder is the most popular dating application in the US.
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Jonathan Badeen, Sean Rad, Joe Munoz, Justin Mateen, Chris Gylczynski, Dinesh Moorjani, and Whitney Wolfe founded Tinder. According to Rad, Tinder was established based on the theory that people can approach others comfortably if they are convinced they are interested in approaching them.
Initially, the team incubated the app at Hatch Labs, launching it officially in 2012. The team seeded and tested its application in different college campuses. Tinder made its inaugural acquisition in 2015 when it bought Tappy for an unrevealed amount. The company later acquired Humin in 2016. Tinder evolved fast, processing more than a billion swipes and generating twelve million matches daily by 2014. Tinder is the premier company to utilize the swipe feature in history.
Today, many applications have adopted the functionality. In 2015, Tinder launched new features like the ability to reverse or rewind a “swipe left” decision. The super-like functionality became effective in 2016, followed by the boost feature, which artificially promotes a user’s profile to users within their proximity. According to the then Bank of America Merrill Lynch, Tinder’s value in July 2015 was $1.35 billion. Today, the Los Angeles, California-based company employs more than 1,000 employees.
Match group, an American technology and internet company based in Dallas, owns Tinder. The company bought Tinder from its founders in 2017.
Tinder’s mission statement is “To increase romantic connectivity worldwide.”
Tinder is an easy-to-use application. All you need to do is download it and set up your profile. Here is a guideline to help you understand how Tinder works.
After downloading Tinder for the first time, you should begin setting up your profile. To access the profile screen, press the profile icon and click the pencil button to edit and upload your profile photo. This is the picture people will see when swiping. You can upload other images on your profile as well. You can use the Smart Photos option, which evaluates your pictures and selects the best to appear first.
Click below the photos section at the Edit Profile screen to add details on yourself, such as where you went to school and where you work. You can hide your distance and age and designate your gender from this section.
Click the settings button at the Profile screen to reveal the Settings screen. Here, you can adjust your preferred gender on Tinder, the age range, searching distance, and whether your profile should appear on Tinder’s feed or not. Here, you can declare your username, include your anthem, and enable features like Boosts, Super Likes, Tinder Gold, Tinder Plus, and Tinder Platinum.
Press the Fire icon on the screen in the navigation bar to reveal a feed of people you can either swipe left or right on. Swiping right shows interest, while swiping left indicates a rejection. You can also press the red X button beneath photos to reject an individual, or the green heart to show interest.
Tinder will alert you once a match is identified. To find more details about someone before swiping, press on their profile photo. You will reveal their profile with linked accounts and more comprehensive information, or slide across their photo collection to reveal more photos. If you’re impressed by what you see, you can press the heart button or X button to show disinterest.
If you’re very interested in an individual, press the blue star button under their photos. Suppose you liked or rejected an individual accidentally, press the yellow rewind button beneath their pictures. However, rewinding or reversal is only available for Tinder Plus users.
Buy boosts to increase your profile’s visibility to swipers within your proximity. Press the purple lighting button beneath photos and choose to Boost Me. Buying a boost places your profile on top of other profiles in your region for 30 minutes and gives you more matches. The cost of one boost is £3.99. Worth mentioning is that you can swipe on groups to hang out with groups of people on Tinder.
Once Tinder identifies a match for you with a group or individual, you will get an opportunity to initiate a chat with them, inform your friends, or continue swiping. Press Send a Message to reveal the chat experience. Here you can send GIFs from GIPHY or text responses. Tap the Chat icon to reveal all your chats feed.
Tinder’s free service offers limited features. As a result, it offers premium features through which users can pay to access advanced features. Tinder users can subscribe to premium services monthly, bi-annually, or annually. Tinder generates income through:
Tinder offers three in-app premium purchases. These are super likes, boosts, and super boosts that can give you advantages to find a partner.
Tinder has three subscriptions plans with different prices and benefits, these plans are:
Tinder uses this approach to keep their users informed about the goings on in the world of sports. In return, Tinder earns revenue from the sporting organizations that post sponsored content on the app.
Tinder integrates various advertisement formats such as native ads, video ads, and banners on the platform. Advertisers get to reach a wide audience, attract potential customers, and increase their chances of boosting their revenue. On the other hand, Tinder generates income from charging the advertisers.
Below, there is the Tinder Business Model Canvas:
Tinder’s customer segments consist of:
Tinder’s value propositions include:
Tinder’s channels consist of:
Tinder’s customer relationships consist of:
Tinder’s revenue streams consist of:
Tinder’s key resources consist of:
Tinder’s key activities consist of:
Tinder’s key partners consist of:
Tinder’s cost structure consists of:
Below, there is a detailed SWOT analysis of Tinder:
While Tinder is one of the most popular dating apps globally, there is room for improvement. With technological advancements encouraging new companies to venture into the market, Tinder should focus on developing new features to improve user experience. Doing so is critical for retaining existing users, reaching a wider audience, and attracting new ones.
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