Tinder CEO Renate Nyborg quit after less than a year on the job. She left after the company showed bad results for the second quarter.
Tinder’s parent company, Match Group, also said that it will stop using virtual currency and dating in the metaverse.
Bernard Kim, CEO of Match Group, said, “I’ve asked the Hyperconnect team to iterate, but not to invest a lot in metaverse right now, because it’s not clear what metaverse will look like in the end or what will or won’t work, and the operating environment is harder.”
Kim said in a letter to shareholders that came out late Tuesday that the dating app hasn’t been making as much money as usual in the last few quarters.
In addition to changes to the structure and management team, he also said that Nyborg was leaving.
Kim says that while we look for a permanent Tinder CEO, I will be in charge of a brand-new team of executives who will run day-to-day business and make sure the Tinder organization is well-coordinated, releases great new products more quickly, and lives up to Tinder’s promise.
Kim has asked Amarnath Thombre, CEO of Match Group Americas, to give advice to the senior team about “the Tinder product roadmap and growth drivers.”
“Thombre has more than 15 years’ experience across Match Group. He was heavily involved in Tinder’s key successes, especially in designing high impact monetisation features such as the Boost feature and Tinder Gold subscription, and more recently has overseen the phenomenal success of Hinge following our acquisition, Kim said.
Over the same time last year, total sales went up by 12 percent, to $795 million.
“Tinder Direct Revenue grew 13% over the prior year quarter driven by 14% Payers growth to 10.9 million,” the company said.
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