Hinge, another popular dating app from Match Group, recently confirmed testing a costlier premium subscription plan. The new plan could cost users around $50 to $60 per month.
While the current premium Hinge membership plan costs around $35 per month, the upcoming premium plans will be more expensive. The platform gave the first sneak peek of the new premium plan in November during Match’s Third Quarter earning in 2022.
Match Group regards this new subscription plan as an equivalent of the “Platinum” subscription on Tinder, which happens to be one of the most expensive premium membership plans. The company banks on this feature to significantly enhance the revenue per payer.
Match Hopes for Increased Revenues With the New Hinge Subscription Plan
A spokesperson for Match Group has confirmed the rumors of the new Hinge premium plan. As per the sources, the new Hinge premium plan is intended for so-called “highly motivated daters” that are enthusiastic enough to pay extra bucks for enhanced exposure on the platform.
With this new subscription plan, Hinge promises to offer subscribers with better recommendations as well.
We like subscription monetization opportunities with Hinge — with the Hinge user base. As with any big changes to tiers, we’ll continue to optimize the offering throughout 2023.Bernard Kim, Match CEO
At present, Tinder brings the highest revenue for the Match Group. Nonetheless, given Hinge’s performance in the past quarter, Match strongly believes that the app could drive revenues for the company in the future.
In contrast to Tinder’s YOLO philosophy, Hinge is more inclined to offer dating solutions to those interested in relations and not hook-ups. The app is currently the third most popular dating app in the US in terms of downloads.
Moreover, with launches in Germany and other European countries in recent months, Hinge seems to find traction in markets outside the US.
It all points out that the Match Group is counting on Hinge to offset the disinterest that’s been seen in the popularity of some of its ventures, including the acquisition of Hyperconnect, which couldn’t work out as planned for the company.
Match Will Enhance Investment in Hinge
The sources confirmed that the company is willing to invest more, particularly in marketing and advertising, in the fourth quarter for Hinge in the US and overseas.
With the expansion of the new premium Hinge membership plan, the Match Group eyes bagging an additional revenue of at least $100 million for the year.
As per sources, Match Group also confirmed testing a $500 monthly plan for Tinder. However, they didn’t provide any details on the same.
Match has shared a few more details about the subscription plan and confirmed that the same should be rolled out globally anytime after the new year 2023. The company also seems that, with the substantial user base, the new subscription monetization opportunity will favor them.
Nonetheless, Hinge was reported to be lacking behind its 2022 target by some $15 million. The company says the volatile foreign exchange scene, especially with the Pound, is the reason behind this shortfall.
They also said that they would share Hinge’s revenue for the fourth quarter with the investors during the February earning call.