Wednesday’s announcement that Match Group now controls 51 percent of the online dating service Hinge means that the company is now under the same corporate ownership of a myriad of popular other sites in the industry. Match Group now owns Tinder, Match.com, OkCupid, and a variety of other dating apps, giving the company a near monopoly in the ever-growing market sector of online dating.
The roots of Hinge were once similar to the “swipe” technology of Tinder. However, in 2016, the company moved away from that process in an effort to position itself more of a site dedicated to building relationships. This in direct contrast to the premise of Tinder, which is known for its short-term hookup potential.
As part of the agreement, Match Group has the option to buy the remaining 49 percent of Hinge shares within the next year. The company confirmed that it had originally acquired part of Hinge in September 2017 and had gradually added to its stake of the shares, reaching the 51 percent it is at now. The rest of the terms of the deal were not released to the public.
Match Group CEO Mandy Ginsberg said the company is now primed to leverage its expertise in the field to become a major player in the industry. CEO of Hinge Justin McLeod said that the company was excited to be under the umbrella of Match. Because of the vast resources that Match Group brings to Hinge, the company will be able to grow exponentially and greatly expand its existing customer base. The news of the acquisition comes on the heels of a recent Facebook announcement detailing how the social media giant is ready to create and implement its online data features. The announcement was made by CEO Mark Zuckerberg during the company’s annual F8 developer’s conference.