Hinge dating app made under $1 million in 2017. Its projected to rake in $400 million this year: Were setting up a date every 2 seconds
Helping people find love can be a financially lucrative business.
Hinge, the dating app thats designed to be deleted, has seen a sizable revenue jump in the last six years.
In 2017, the company raked in less than $1 million, according to CEO Justin McLeod. Fast forward to 2023. The company expects to hit well over $400 million, McLeod tells Fortune Executive Exchange. Were setting up a date every two seconds now. And were the number three dating app globally.
The CEO attributes the companys growth to word-of-mouth marketing and a focus on authenticity. While there wasnt some grand, catalytic moment that changed the companys fortune, McLeod says, the company has invested in enhancing its technology, creating an overall better product. On the old hinge [pre-2017], youd have to send 1000 likes in order to get to a date. And on the new hinge. It was like 50. So were 20 times more effective.
Thats of particular importance, McLeod says, because it not only refutes a widespread theory that Hinge gatekeeps top matches for members on its free tierand gives each user a so-called attractiveness scorebut is the lifeblood of its expansion efforts and advertising strategy.
When we help people get on more dates, we grow faster, and people tell their friends more, says McLeod. If we were to trade that off by limiting your experience [or] by getting you to just pay more money, that wouldnt be good for our overall long-term trajectory.
Like most tech CEOs, he sees AI becoming an increasingly disruptive yet positive force for the companyone that makes dating more efficient.
It unlocks a lot of opportunity, both in terms of effectiveness and becoming that matchmaker that can really deeply understand you and other people and make much more curated, targeted matches, McLeod says. As cold as the word efficient is when it comes to dating, ultimately, were trying to get you to have to do less work and go through fewer people to find your person and move off [the app] faster.
Watch the full interview and subscribe to Fortune Executive Exchange, a new series in which influential business leaders discuss their rise to fame, fortune, and challenges along the way.
2023 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.
