Shares of Tinder parent company Match Group Inc MTCH ticked lower Thursday morning after Facebook, Inc. FB announced the launch of a rival dating service.
What Happened
Facebook introduced its new Facebook Dating service, which is meant to make it "easier to find love through what you like."
The new platform is already live and a Facebook user can opt into Facebook Dating and create a Dating profile, which is separate from the main profile. Users can browse the Dating platform and find connections based on preferences, interests, and other things a user does on Facebook.
Facebook's desire to enter the dating business was first teased over a year ago.
Why It's Important
Facebook's description appears to take aim at Tinder as it states its platform "isn't about swiping or having to wait for someone" as it gives users a chance to reach out first.
Rival dating apps forces users to "make a decision" off one profile that never changes and is "extremely curated," Charmaine Hung, a Dating product manager at Facebook, told Wired.
What's Next
Facebook's new initiatives in dating could give the social media company access to new information about how people connect with others, according to Wired. This would create a new advertising opportunity in the future although Facebook confirmed for now it has no desire to monetize the new platform through ads.
Facebook Dating is available to multiple countries across the Americas and Asia and a launch in Europe will take place early next year.
Related Links:
Match Group Turns In Strong Quarter With Tinder, Overseas Success
Tinder CEO: Meeting New People Shouldn't Be Limited By Type Of Mobile Device
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