Tinder owner buys Korean developer Hyperconnect for $1.73 billion
Match Group Corporation announced the acquisition of the Korean company Hyperconnect, which is engaged in the development of various video services. The transaction amounted to 1.73 billion dollars, and it became the largest in the portfolio of the American corporation.
As noted in Match, the main purpose of the purchase of the company was the intention to use the technology Hyperconnect to improve the dating service Tinder and others, which owns the corporation.
The main products of the Korean developer are two applications for video and audio chatting. The first, called Azar, is a service that allows instant translation of voice and text messages through an interpreter. The second application, Hakuna Live, is designed for streaming in social networks and helps to search for users who are nearby. In addition, through it you can give virtual gifts to other people.
Hyperconnect is actively developing, the developer’s revenue last year was more than 200 million dollars, which is 50% higher than it was in the previous period. The Azar app was launched in 2014, and since then it has been downloaded more than 540 million times. The Hakuna Live service has been in operation since 2019, and in that time it has been downloaded 23 million times. The revenue share of 75% is achieved thanks to users from Asian countries.
Video chat and streaming apps have already been added to the functionality of Tinder and other dating services owned by Match. The latter runs the world’s most popular online dating apps. In total, Match has about 45 services designed for different categories of users: representatives of the LGBT community, older people and others. Last year, the company had more than 10 million users, most of them from North America. Match was part of the IAC corporation until 2020, but after that it became a separate public company.
The most famous app in the world, Tinder, appeared in 2012. It was developed by the startup Hatch Labs, which is part of an incubator from IAC. The online dating service, where you could choose a couple by swiping a photo of your partners aside, quickly gained popularity, and in 2017 a Tinder Gold variant appeared. This version of the app made it the most profitable service among non-gaming products. At the same time, Match bought another popular dating site, Bumble, for a deal of $450 million. A year later, the company added another app, Hinge, to its portfolio, and during the following time, the number of services owned by Match grew rapidly.