Match Group has revealed it is reducing Tinder’s metaverse dating goals and abandoning plans to provide an in-app Tinder Coins currency amid dismal profitability for the most recent quarter. CEO of parent business Match Group Bernard Kim said that Tinder CEO Renate Nyborg, who just last September became the first female CEO of the dating app, is also resigning from her job.
Prior to this, Nyborg outlined bold goals for Tinder’s strategy to the Metaverse. According to The Verge, Kim claims that he has now instructed Hyperconnect to cut back. Hyperconnect, a business that specializes in video, artificial intelligence, and augmented reality technology, was acquired by Tinder last year.
“Given uncertainty about the ultimate contours of the metaverse and what will or won’t work, as well as the more challenging operating environment, I’ve instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time,” Kim said.
Kim added that the company is rethinking its plan for Tinder Coins. “After seeing mixed results from testing Tinder Coins, we’ve decided to take a step back and re-examine that initiative so that it can more effectively contribute to Tinder’s revenue,” he wrote in the earnings release.