Dating app giant Match has a new CEO. Just over two years later take a senior leadership position, Match’s CEO and 16-year-old Shar Dubey employee is retiring. Company announced today, along with the first quarter earningsShar Dubey will retire as an employee of Match Group, but will remain on the company’s board of directors and continue to serve as an advisor. Bernard Kimthe current president of Zynga, will become CEO effective May 31 and join Match’s board of directors.
Kim has been president of Zynga since 2016 and has overseen a number of key functions including global marketing, user acquisition, revenue, consumer insights, data science, product management, mergers and acquisitions, and communications, Match said in announcing the news. Kim has also been instrumental in the company’s expansion into new markets, including blockchain and hyper-casual games, as well as new platforms such as the Nintendo Switch, Snapchat, and smart home devices. He also helped Zynga quadruple its market capitalization. Acquisition of Take-Two for $12.7 billion in January 2022. Prior to Zynga, Kim spent almost 10 years at EA as SVP of Mobile Publishing and previously worked at The Walt Disney Company.
The decision to bring in a mobile gaming executive to head up a dating app company is an interesting choice, especially as Match is looking to expand its business beyond traditional swipe-based dating into what it calls the “metaverse.” Match previously talked about his plans for the dating metaverse, complete with a virtual goods economy, real-time audio, and the ability for online dating to meet in a virtual social space. In addition, the flagship Match app for Tinder dating is launched. experimented with interactive social experiences last fall in a new Tinder Explore section designed to help push the boundaries of the intersection of dating and socializing within the app. And Match is HyperConnect’s largest acquisition, which now supports various products across Match, Meetic, Pairs, and POF, is taking Match further into online social media. Given Kim’s experience at Zynga — the company that initially built its empire as a social gaming platform on top of the Facebook platform — the new executive can offer ideas on how to guide Match as it expands into new, interactive and social spaces. .
“I am honored to join the talented Match Group team at such a pivotal time as the company continues to see strong momentum, strong user engagement and a passionate workforce committed to bringing joy to millions of users from all walks of life.” Bernard Kim said in a statement. “I have immense admiration for Shar Dubey’s leadership and Match Group’s powerful mission to create meaningful connections for every person around the world today and in the future.”
“I am honored to be able to step away from day to day duties and have the time and space to focus on what will hopefully be the focus of my life with ‘giving back’,” said Shar Dubey. “As a director and advisor, I will have the opportunity to stay close to the aspects of the business that I love, the product and the strategy. I leave the company in safe hands. Bernard’s energy, fresh thinking, extensive experience in mobile technology and consumer business, combined with over 70 years of institutional knowledge and industry experience of Match Group CEOs and executives in categories, makes me look forward to the next phase of the company’s development. and category.
The company reported the first quarter earnings $799 million, up 20% from last year. above Wall Street is valued at $794 million, while operating income was up 10% year-over-year to $208 million, representing an operating margin of 26%. Tinder’s direct revenue grew 18% year-over-year thanks to a 17% increase in paid subscribers to 10.7 million. Across dating app brands, Match’s monthly active users approached 100 million by the end of the quarter. The company, however, warned that Google’s move to forced payments through its own system would result in an estimated $6 million in negative impacts starting June 1. Match shares fell 6% after the earnings announcement.
Credit: techcrunch.com /