Tinder might be the app that’s become synonymous with online dating, but the news that Facebook is planning on getting into the dating game sent its parent company’s share price into free fall last night as investors feared the company would be squeezed out by the new competitor.
Prior to Facebook’s announcement, Tinder parent company Match Group Inc’s stock was trading at $46.22, but quickly crashed to $36.71 by the end of the day, a fall of just over 20%, reports PhoneArena.
The crash marks fears that Facebook’s large userbase, combined with the sheer amount of data it holds about each of them, could make for a terrifyingly effective matching service.
After all, if Facebook has enough data about you to be able to swing your voting preferences, then surely it has enough to find your soulmate.
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New areas for Facebook
However, Facebook hasn’t proved too effective at copying its competitors in the past. In response to Snapchat’s investment in augmented reality filters, Facebook started building similar functionality into its Messenger app, but it’s failed to stem the tide of Snapchat’s growth.
So too has the social network attempted to imitate Snapchat’s stories feature, but anecdotally the feature is still barely used across much of Facebook’s userbase.
The amount of user data it holds might make Facebook’s dating service very effective, and it’s also important to remember that most apps have people sign in with Facebook to pull user data from the service already.
But with Facebook increasingly getting a reputation as the social media network of middle-aged parents and grandparents, it might not have the youthful reputation to convince hordes of singletons to sign up.
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