What’s the right price for love?
Hinge, a popular dating app owned by the Match Group, has announced that it is testing a more expensive premium subscription, changing the price significantly from $35 per month to between $50 and $60 per month.
The company teased the higher-priced subscription in November during Match’s Q3 2022 earnings, comparing it to Tinder’s “Platinum” subscription, which costs only $19.99 a month and allows users to attach a personalized note to every Super Like they send, supposedly increasing their match-making potential by up to 25%.In a recent report, Hinge says it is attempting to attract “highly motivated dealers” who will pay for more features to boost exposure on the app and receive better suited recommendations. Subscribers’ “likes,” for example, will be seen faster than others.
Although Tinder is Match’s highest earning app, the company referred to Hinge as a “bright spot” in the past quarter likely due to it becoming the third most popular app by downloads in the US.
Hinge is also finding footing in Germany and various other European markets.
Match plans on further investing in marketing Hinge in the United States and abroad in the fourth quarter to expand the brand’s impact, a move Match hopes will cause Hinge to deliver at least $100 million in incremental revenues in 2023.
Little information has been released on what the subscription model will involve, though during a November investor call, Match said that it would be rolling out globally after the new year.
Hinge, however, fell about $15 million behind its 2022 goal. Match said it would update investors on Hinge’s revenue for this year during its February Q4 earnings call.
Bloomberg, who initially broke the story, also reported that Tinder is testing a $500 monthly plan, news confirmed by Match but lacking specific details.