Finding love and friendship is one of the most basic human desires. Tinder, the popular dating app, is about to launch a ‘new high-end membership, named ‘Tinder Vault,’ which would cost users up to $500 per month.
According to corporate spokespeople, the new service would deliver an “even more fun experience” and “quality matches” for “exclusive” consumers.
The dating giant is currently going through a hard patch, which could explain the $6,000-a-year membership plan. Tinder’s parent company, Match Group, recorded its first-ever quarterly decline in the fourth quarter of 2022. On the August 2 earnings call, the corporation and its leaders reflected solemnly on a revival strategy.
When asked how successful the new Tinder product might be, Match CEO and Tinder temporary CEO Bernard Kim was upbeat.
“If you take a small fraction of our payers at higher price points, you get a number that’s in the tens of millions of dollars on an annual basis,” said Kim.
“A small segment of users drive a high amount of monetization,” he added.
According to the company’s Chief Product Officer, Mark Van Ryswyk, it is still unknown when the offering will be widely available, but it is still a part of Match’s star brand update.
“We’re looking at a whole range of additional value-add services to Tinder overall,” Van Ryswyk said, adding that the concept was inspired by The League’s July 2022 acquisition, which costs $1,000 per week.
Tinder Vault, according to Ryswyk, will be an enhancement to the platform’s present technologies rather than a whole new area.
Tinder employs AI in Vault
With over 75 million active users, Tinder is now using artificial intelligence (AI) in its marketing strategy to retain customers and increase revenue.
According to The Guardian, Tinder is testing an AI tool that selects the most flattering photographs from a user’s album, effectively altering the dating experience.
Tinder’s AI breakthrough entails a complex algorithm that methodically evaluates a user’s photo collection and curates a selection of five images that best represent their personality.