Match Group ends livestreaming, cuts 6 per cent of workforce

Match Group has ended livestreaming services across its dating apps, resulting in a 6 per cent reduction in its workforce.

This strategic shift, revealed during the company’s second-quarter earnings report, will impact apps like Plenty of Fish (POF) and BLK, which introduced live-streaming features in 2020 to facilitate virtual dating during the COVID-19 lockdown.

The livestreaming feature on BLK will end on August 19, while POF users will lose access after August 31. Additionally, Match Group is shutting down the Hakuna app, acquired through its 2021 purchase of Hyperconnect, which featured livestreams popular in Korea and Japan.

Read Also:

Afrobeats star Davido launches new social media App “Chatter”

Apple launches AI features in iOS 18.1 developer beta

Match Group’s decision to end livestreaming aligns with changing user behaviours post-pandemic. Match Group CFO Gary Swidler explained that revenue sharing complexities and competition from platforms like TikTok made sustaining and growing the livestreaming revenue base challenging. The discontinuation is expected to result in a $60 million annual revenue loss but will save the company approximately $13 million annually.

Match Group plans to redeploy some Hyperconnect employees with AI expertise to its popular apps, Tinder and Hinge, as the company increases its focus on AI-driven features. Despite these advancements, Tinder has seen a decline in paid users for the seventh consecutive quarter.

In February 2023, Match Group laid off 8% of its staff, equivalent to about 200 employees, as part of its ongoing restructuring efforts.