Tinder's stock took a hit when Mark Zuckerberg declared he wanted to help Facebook's 200 million 'single' members find love, and this has led to some brutal responses from the owners of the popular dating app.
Zuckerberg told software developers at Facebook’s annual F8 conference on Tuesday that a dating service for more than “just hook-ups” will be rolled out by the social media network soon.
Facebook’s CEO said, “There are 200 million people on Facebook that list themselves as single, so clearly there’s something to do here.”
“This is going to be for building real, long-term relationships, not just hook-ups,” he added.
— CNN International (@cnni) May 1, 2018
Without revealing specifics, he said the optional service — to be located within the Facebook app — would launch imminently.
He also said a person’s friends would not be aware they are using the service, nor would a user be paired with his or her existing friends.
It is understood the service is being built around groups or events on Facebook, so that people with similar interests can match. Once this happens a new messaging section will open, not WhatsApp or Messenger.
“People already use Facebook to meet new people, and we want to make that experience better,” Facebook said in a statement.
“People will be able to create a dating profile that is separate from their Facebook profile — and potential matches will be recommended based on dating preferences, things in common, and mutual friends.”
The announcement is expected to be followed up in more detail by Facebook product boss Chris Cox later in the day.
But it was enough to scare off investors of Match Group, the owner of Tinder, as shares plummeted by 22% (the biggest one-day drop in its history) at trading close.
Facebook announced it's getting into the dating space.
Match Group investors are freaking out. pic.twitter.com/1tXdPWRZYS
— Kurt Wagner (@KurtWagner8) May 1, 2018
Online dating rivals take aim at Facebook
Match CEO Mandy Ginsberg kicked things off with a thinly veiled swipe at Facebook’s recent privacy scandal.
“We’re flattered that Facebook is coming into our space — and sees the global opportunity that we do,” Ginsberg wrote in an email. “We’re surprised at the timing given the amount of personal and sensitive data that comes with this territory.”
Joey Levin, the head of Match’s largest owner — IAC/InterActiveCorp, took it a step further with this gem.
“Come on in. The water’s warm… Their product could be great for US/Russia relationships,” he said, referring to Russian interference in the 2016 presidential election through the social media giant.