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Infographic Timeline: 10 Years of Tinder – Visual Capitalist
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A decade of swiping and over half a billion downloads later, Tinder still leads the market share of online dating apps in the United States at 32%.
What started as a “hook-up” app 10 years ago for college students, is now a mainstream hit that is globally used in 190 countries and 45 languages.
The graphic above highlights key moments that have shaped the app’s success, using data from Match Group’s investor presentations and news reports.
The concept of the app emerged when the original founding partners, Sean Rad and Joe Munoz, won a hackathon in 2012. Their collaboration lead to the development of Tinder (originally named Matchbox).
Marketing the app to college students was a strategic decision that quickly gained the interest of millennials. This young demographic had been traditionally underserved in the online dating world, and with the global adoption of smartphones, a mobile-only dating app hit the right spot at the right time.
Monetization began in 2015 when premium features became exclusively available for paid users. Annual revenue that year was $47 million and by 2021 that grew to $1.7 billion.
Match Group acquired Tinder in 2017, with a $3 billion valuation. But at the time, very few could predict the stellar run Tinder would have, having risen to become the top dating app in the world and one of the most popular apps overall.
This surge in popularity is also reflected in the financials — Tinder is just one of the 30 dating apps that Match Group owns, but it represents over 50% of their overall revenues. In addition, Tinder is closing in on generating $2 billion per year.
Today, Match Group is worth roughly $17 billion, and by some estimates Tinder is worth around $9 billion, over triple the price of the original acquisition.
Note: Tinder’s value is based on the valuation multiples for online dating companies as well as Tinder’s revenues as a portion of Match Group’s total.
The swipe feature was an integral part of Tinder’s design, and it revolutionized the dating world. Gamifying dating was a novel concept when the feature was introduced back in 2012.
From the 1998 film “You’ve Got Mail” to today’s dopamine-inducing hit of “It’s a Match!,” it’s easy to see the influence technology has on the way we date and mate.
Below is a snapshot of app features that have been driven by technology and culture:
Rating people’s attractiveness can be a controversial subject. Websites like Hot or Not and Mark Zuckerberg’s Facemash are cringe-worthy reminders of the internet’s past.
During the app’s early development, the discovery of a new match relied partially on the “Elo” rating system to score desirability. Attractiveness was evaluated by how often people swiped. The more selective you were with swiping, the higher your attractiveness was rated within the algorithm.
But now according to Tinder’s pressroom:
“Elo is old news at Tinder.”
Instead, Tinder’s algorithmic criteria for profile discovery depends on the users:
Tinder now says that proximity is a key factor in how people match on the app.
Today, as the company attempts to target Gen Z, the company’s revenue growth expectations are more lukewarm thanks to shifting cultural preferences,
And keeping the app relevant to a young demographic requires thoughtful consideration that goes beyond just adding new technological features. According to research organization YouthSight, more than 90% of Gen Z’ers report having frustrations with dating apps.
Only time will tell if technological incentives such as features for the metaverse, or virtual coins that further gamify the dating app, are attractive enough for Tinder to compete against the allures of meeting people IRL.
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Looking to start a business? This map reveals America’s best states to do business in, analyzing everything from workforce to infrastructure.
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The United States often ranks as one of the best countries to start a business in, but the ease with which one can do business varies state by state. There are many considerations that factor into starting a business like the available workforce, the condition of local infrastructure, access to investors, a culture that’s open to business, and so on.
This map ranks America’s best states to do business in based on a study from CNBC which measured 88 factors across 10 broad categories.
Here is a further breakdown of the weight given to each of the 10 categories:
North Carolina—coming in first place in the ranking—attracts an extremely talented and innovative workforce, largely thanks to the state’s investment in its Research Triangle Regional Partnership (RTRP).
Notably, there are three ties in the ranking: New York and South Carolina had the same score, tying for 36th, Connecticut and Nevada tied for 39th, and Hawaii and New Mexico tied for 46th.
Other states ranking high on the list are Washington, Virginia, and Colorado. One of the newest individual metrics CNBC took into consideration was an openness to the cannabis industry, likely playing into Colorado’s move up from 8th to 4th compared to last year.
Some states that perhaps surprisingly don’t crack the top 10 include California and New York, both often considered centers of finance and entrepreneurship. But with the high costs of living and of starting a business in those states, their overall score is reduced.
To better understand how this ranking works we’ve broken down three different states and how they ranked in all 10 categories that gave them their overall spot. Here’s a brief look at their place in each category:
While North Carolina is the number one state to do business in and has an extremely strong economy, they are 26th when it comes to the Cost of Doing Business.
Whereas California ranks low overall, the state ranks first in terms of Technology and Innovation, as well as Access to Capital.
Although Nevada scored highly in the Infrastructure and Business Friendliness categories, the state scored poorly in Technology and Innovation, and was dead last in the Education category.
New business applications have actually decreased 4% this year in comparison to the same timeframe in 2021.
Here’s a look at new business applications by region as of July 2022:
New business applications in July were the highest in the retail trade industry, numbering around 69,000 new applications, according to the U.S. Census Bureau. Applications for professional service businesses were the second highest at 53,000, followed closely by construction businesses at 43,000.
Here’s a closer look at the industry breakdown:
A potential looming recession, alongside rising interest rates and inflation, may be creating a sense of cautiousness among businesspeople, leading to the lower rate of business applications compared to last year. And, at existing companies, the economic situation has lead to cuts in growth forecasts and subsequently, major layoffs.
But overall, the U.S. is a country which values entrepreneurship—even during the pandemic, massive spikes in new business formations were recorded—and certain industries and states will continue to flourish in any business environment.
This infographic highlights the accelerating pace of layoffs so far in 2022, as businesses cut costs ahead of a potential recession.
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Hiring freezes and layoffs are becoming more common in 2022, as U.S. businesses look to slash costs ahead of a possible recession.
Understandably, this has a lot of people worried. In June 2022, Insight Global found that 78% of American workers fear they will lose their job in the next recession. Additionally, 56% said they aren’t financially prepared, and 54% said they would take a pay cut to avoid being laid off.
In this infographic, we’ve visualized major layoffs announced in 2022 by publicly-traded U.S. corporations.
Note: Due to gaps in reporting, as well as the very large number of U.S. corporations, this list may not be comprehensive.
Layoffs have surged considerably since April of this year. See the table below for high-profile instances of mass layoffs.
Here’s a brief rundown of these layoffs, sorted by industry.
Ford has announced the biggest round of layoffs this year, totalling roughly 8,000 salaried employees. Many of these jobs are in Ford’s legacy combustion engine business. According to CEO Jim Farley, these cuts are necessary to fund the company’s transition to EVs.
We absolutely have too many people in some places, no doubt about it.
– Jim Farley, CEO, Ford
Speaking of EVs, Rivian laid off 840 employees in July, amounting to 6% of its total workforce. The EV startup pointed to inflation, rising interest rates, and increasing commodity prices as factors. The firm’s more established competitor, Tesla, cut 200 jobs from its autopilot division in the month prior.
Last but not least is online used car retailer, Carvana, which cut 2,500 jobs in May. The company experienced rapid growth during the pandemic, but has since fallen out of grace. Year-to-date, the company’s shares are down more than 80%.
Fearing an impending recession, Coinbase has shed 1,100 employees, or 18% of its total workforce. Interestingly, Coinbase does not have a physical headquarters, meaning the entire company operates remotely.
A recession could lead to another crypto winter, and could last for an extended period. In past crypto winters, trading revenue declined significantly.
Brian Armstrong, CEO, Coinbase
Around the same time, JPMorgan Chase & Co. announced it would fire hundreds of home-lending employees. While an exact number isn’t available, we’ve estimated this to be around 500 jobs, based on the original Bloomberg article. Wells Fargo, another major U.S. bank, has also cut 197 jobs from its home mortgage division.
The primary reason for these cuts is rising mortgage rates, which are negatively impacting the demand for homes.
Within tech, Meta and Twitter are two of the most high profile companies to begin making layoffs. In Meta’s case, 350 custodial staff have been let go due to reduced usage of the company’s offices.
Many more cuts are expected, however, as Facebook recently reported its first revenue decline in 10 years. CEO Mark Zuckerberg has made it clear he expects the company to do more with fewer resources, and managers have been encouraged to report “low performers” for “failing the company”.
Realistically, there are probably a bunch of people at the company who shouldn’t be here.
– Mark Zuckerberg, CEO, Meta
Also in July, Twitter laid off 30% of its talent acquisition team. An exact number was not available, but the team was estimated to have less than 100 employees. The company has also enacted a hiring freeze as it stumbles through a botched acquisition by Elon Musk.
Layoffs are expected to continue throughout the rest of this year, as metrics like consumer sentiment enter a decline. Rising interest rates, which make it more expensive for businesses to borrow money, are also having a negative impact on growth.
In fact just a few days ago, trading platform Robinhood announced it was letting go 23% of its staff. After accounting for its previous layoffs in April (9% of the workforce), it’s fair to estimate that this latest round will impact nearly 800 people.
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