The absence of physical touch in a pandemic hasn’t hampered the everlasting human quest of finding love. The statement can be corroborated by Match Group’s Q1 2021 results where total revenue grew 23% over the past year quarter to $668 million, as per Wall Street’s expectations.The average subscribers increased 12% to 11.1 million, up from 9.9 million in the 2020 quarter, across all its platforms. The company’s revenue forecast for the second quarter was better than what analysts expected attracting investors as the shares went up 6% soon after the results were announced. The company expects second-quarter revenue in the range of $680 million to $690 million, 22% to 24% higher than last year In a letter addressed to the shareholders, CEO Shar Dubey wrote, “As we head into summer, with a growing number of people getting vaccinated, we cannot help but be excited about the future… We are pleased with the way 2021 has begun and are optimistic that the rest of the year will continue this momentum.”While Tinder’s revenue grew in the quarter, up 18% year-over-year, revenue from non-Tinder brands grew 30% in the quarter versus last year. The company reported that Tinder set daily average swipe activity records throughout the pandemic, with two of the biggest swipe activity days occurring in Q1 2021.Despite this, Hinge is a more significant revenue driver for Match as it became the third most downloaded dating app in the U.S., with Bumble taking the second spot and Tinder taking the first position. Hinge’s revenue tripled last year and the app is on pace to double it again in 2021.As the pandemic brings everything online, Match is relying on the sense that more social connections will happen online.
