Leading online dating platforms such as Match Group Inc (NYSE:MTCH) owned Tinder and Hinge, Bumble Inc. (NASDAQ:BMBL), and Grindr Inc. (NYSE:GRND) are turning to AI-powered wingmen.
What Happened: Dating apps are either developing or testing AI tools and chatbot assistants that are designed to generate conversation starters, build user profiles, and provide feedback on user interactions, reported Financial Times.
Grindr’s chatbot assistant, the Grindr Wingman, aims to alleviate user burnout by generating conversation prompts based on users’ unique profiles and chat histories.
“AI is going to help people make better connections,” said AJ Balance, Grindr’s chief product officer. He compared the AI to a friend at a bar who assists you in asking someone out but in a virtual context.
See Also: Elon Musk Questions Legality Of OpenAI Going From Non-Profit To For-Profit Amid Apple, Nvidia Investment Buzz: ‘OpenAI Is A House Of Cards’
Tinder has also announced plans to use AI to support users throughout their dating journey within the next year.
The company has already begun a limited rollout of an AI profile-building tool, which selects the best images from a user’s photos. Bumble is also reportedly developing a similar feature.
The introduction of AI ‘wingmen’ comes as online dating platforms struggle to attract new users.
A survey by OnePoll in March found that over 75% of dating app users had experienced burnout, with 40% attributing their exhaustion to repeated failures to find a good match, the report noted.
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Why It Matters: In its second quarter, Bumble reported a modest 3% increase in total revenue to $269 million.
Meanwhile, Match Group, the parent company of Tinder and Hinge, second-quarter earnings were in line with estimates, with revenues of $864.07 million, a 4% year-over-year increase.
Grindr reported revenues of $82.35 million for the quarter ending June 2024. This figure exceeded the Zacks Consensus Estimate by 6.39%.
Last year, in December it was revealed that Grindr has partnered with Ex-Human to power the in-house AI capabilities and improve user experience.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
