Match, the operator of dating apps Tinder, Hinge and OkCupid, along with its Match namesake, has announced its biggest ever acquisition – of the Seoul-based company Hyperconnect for $1.73 billion.
What it means
The purchase marks a new direction for Match triggered by big growth, hugely fuelled by the pandemic, in tech that simply helps people connect with others, without necessarily looking for a partner.
- Hyperconnect’s app Azar focuses on live one-to-one video chats, while its Hakuna Live offers live broadcasts. A key feature of the company’s tech is that it breaks down language barriers by instantly translating voice and text for users. The tech also allows audio and video to perform without lag, even on more basic phones and less powerful networks – seen as key for growth in developing markets.
- Income comes from offering extra features to users, some of which give them control over who they meet online. Revenue was $200 million in 2020, up 50% on the previous year.
- Up to now, 75% of income has come from the Asian market.
Match Group Chief Executive Shar Dubey says the “social discovery” element will be twice the size of dating. And the kind of augmented-reality and virtual-reality tech Hyperconnect is developing, she says, “will fundamentally change the way humans connect online”.
Sourced from PR Newswire