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Tinder is tailoring a premium plan to its most dedicated users with a new VIP subscription tier. Tinder Select, this exclusive service, is priced at a staggering $499 per month and promises a range of “VIP” features designed to enhance the dating experience.
But does this hefty price tag guarantee love?
The VIP Experience
Tinder Select is not for everyone. In fact, it’s only available to the top 1% of the app’s most active users. These elite members gain access to a suite of premium features. These include “Skip The Line” and “Direct Message.”
“Skip The Line” allows your profile to become visible to those you’ve liked, even if they don’t possess a gold or silver membership. “Direct Message” allows users to send up to two messages per week to someone they haven’t matched with yet.
To qualify for Tinder Select, users must pass the company’s rigorous “5-point Select Screen.” This screening process involves verifying your photo, demonstrating a genuine relationship intent, and having at least four images, five interests, and a biography. According to Mark Van Ryswyk, Tinder’s Chief Product Officer, this exclusive offering was developed based on extensive feedback from highly engaged and active users. These users prioritize efficient ways to make meaningful connections.
The Price of Love
Tinder Select comes with a hefty price tag at nearly $6,000 per year. However, Tinder already offers three other subscription tiers with more accessible pricing, starting at $24.99 per month. These tiers include Tinder Plus, Tinder Gold, and Tinder Platinum. They provide a range of features, but they don’t offer the same level of exclusivity and convenience as Tinder Select.
Tinder’s parent company, Match Group Inc., has experience with high-priced subscriptions. This is evident in their acquisition of The League, an invite-only dating app with a $1,000 per week VIP plan. Match Group believes that catering to “high-intent users” with premium offerings can significantly impact revenue.
Gary Swidler, Match Group’s President, anticipates that Tinder Select will attract a relatively small number of new payers. However, he believes it will have a substantial impact on revenue. Research firm Apptopia reports that Tinder’s current “power users” (the top 10% of users by time spent on the app) contributed 53% of total time spent on the platform this year.
A Strategy for Growth
Match Group’s CEO, Bernard Kim, views expensive subscriptions as “low-hanging fruit” to compete with pricier plans offered by rivals. The company has also introduced weekly subscriptions and premium plans for other dating apps under its umbrella, such as Hinge, popular among Gen-Z users.
While Match Group has seen declining subscriber numbers in recent quarters, it has managed to grow average revenue per user. This growth has prompted positive changes and raised expectations from analysts. JPMorgan Chase & Co. analysts, for instance, have raised their price target for Match Group stock. They cite growth opportunities in online dating spending.
Match Group is not stopping with Tinder Select. They have more changes in store, particularly aimed at attracting Gen-Z users. A product refresh for Tinder is on the horizon, showing that the company is committed to evolving and staying at the helm of the online dating industry.
Tinder’s premium offering, Tinder Select, may not guarantee love. However, it offers an exclusive dating experience for a select few willing to invest in finding their match.
