*By Alex Heath*
Tinder’s business is exploding.
The dating app is on track to generate $800 million in revenue this year, its parent company Match Group said this week.
That’s double what Tinder brought in for 2017, and with a profit margin greater than 40 percent, the app is set to make roughly $320 million in profit this year.
Tinder makes money through its two subscription plans, Tinder Plus and Tinder Gold. The pricing for both plans is variable, depending on where in the world subscribers live and their age. Earlier this year, a California appeals court ruled against Tinder in an age-discrimination lawsuit for charging users older than 30 double what it charges younger subscribers.
As Facebook is planning to release its own dating features, Tinder is quickly adding new features. The app aims to appeal to its core millennial audience with a feature for connecting college students that should be available in the coming weeks.
Fed Chair Jerome Powell's Jackson Hole speech on Friday is expected to align with market expectations of upcoming rate cuts, likely beginning in September.
The former Microsoft CEO launched "Just the Facts" with USAFacts to provide clear, factual information on key issues, like health, the economy, and immigration.
Research Director at CFRA Research, Ken Leon, joins Cheddar to discuss Disney's earnings plus the shake up happening at Warner Brothers Discovery. Watch!
