Match, Bumble Fight the Ick

Investors have fallen out of love with tech subscription businesses lately, facing the reality that there is no such thing as infinite growth. From Netflix to Peloton, even the best platforms seem to eventually face commoditization. Dating has been no exception: Match and Bumble shares were down an average of nearly 59% over the last year as of Wednesday’s close. Over that period, the tech-heavy S&P 500 has lost under 5%.

Dating giant Match Group addressed its life-cycle debate head-on in its earnings call last week, pegging its total addressable market excluding China at over 700 million people. Match’s shareholder letter shows its total monthly active users last year nearing 100 million, suggesting a lot of untapped opportunity still to come. Then again, the company also said that in the U.S. and Western Europe, nearly half of its addressable market had already tried a dating app at one time or another.

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