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Show Notes

(00:03:10) - (First question) - George’s response since releasing his recent report on Match

(00:04:55) - A general overview of the online dating market

(00:10:55) - Comparing the different brands within the dating app industry

(00:14:10) - The reason for the existence of so many niche brands in the market

(00:18:55) - The different avenues for these brands when it comes to monetization

(00:21:25) - The breakdown of revenue per customer and the different tiers dating apps offer

(00:24:10) - Customer turnover due to the nature of dating and how the retention rate differs between the different apps

(00:28:40) - A snapshot of how the industry has been growing over recent years

(00:29:50) - Determining normalized earning profiles and margins when taking into account the lack of marketing spend historically

(00:32:40) - The historical percentage of revenue that goes into marketing expenses

(00:35:10) - How Bumble’s advertising expenditure differs from Match Group brands

(00:36:40) - Price competition between different brands and a look at Tinder’s introduction of premium monetization tiers

(00:39:20) - Dissecting top-line growth and the percentage due to recent price increases

(00:40:10) - An overview of the business’ capital allocation and how they intend to invest in the growth of the business

(00:42:50) - The new management team’s strategy and how it differs from the previous regimes

(00:46:25) - Potential changes to Apple app store fees and how it could affect the business

(00:51:10) - A forward outlook at where George expects the business to go in the coming years

(00:54:40) - The key risks to the business moving forward

(00:57:20) - The threat that Facebook poses in terms of its entry into the market

(01:02:20) - The lessons learned from researching Match