Love gets costly: Tinder set to launch $500-a-month subscription plan

Finding love and companionship is one of the most innate desires of any human being. Preying on this weakness, the popular dating app Tinder is all set to launch a 'new high-end membership, called 'Tinder Vault', which will set back the usersas much as $500 a month.

The representatives of the company told The Guardian that the new service will provide an“even more fun experience” and “quality matches” for “exclusive” users.

The dating giant is going through a turbulent period at the moment, which might explain the $ 6,000-a-year subscription model. Match Group, which owns Tinder, reported a first-ever quarterly decline in the fourth quarter of 2022. In the earnings call that took place on August 2, the company and its executives somberlypondered on a revival strategy.

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When quizzed about how successful the new Tinder offering might be, Match CEO and Tinder interim CEO Bernard Kim took an optimistic view.

“If you actually take a small fraction of our payers at higher price points, you actually get a number that’s in the tens of millions of dollars on an annual basis," said Kim.

“A small segment of users drive a high amount of monetisation,” he added.

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The company’s Chief Product Officer, Mark Van Ryswyk states that it is still unclear when the company will release the offering broadly but added that it remains a part of the refresh of Match's star brand.

“We’re really looking at a whole range of additional value-add services to Tinder overall,” Van Ryswyk said, adding that the idea may have found inspiration from the July 2022 acquisition of The League, an exclusive dating app that costs $1,000 per week.

According toRyswyk, Tinder Vault will be an amplification of the platform's current technology, rather than being an entirely new segment.

Tinder uses AI

In order to retain consumers and drive up revenues, Tinder, which has over 75 million active users, is now employing the use of artificial intelligence (AI) as well.

Tinder is testing an AI tool that selects the most flattering photos from a user's album, effectively transforming the dating experience, as reportedbyThe Guardian.

Tinder's AI innovation involves an intricate algorithm that meticulously examines a user's photo collection and curates a selection of five images that best encapsulate their personality.

(With inputs from agencies)

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