This Match Is Going Public
An IPO for Those Who Think Love and Money Is a Match
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The Match Group, home of the hugely popular dating apps and sites Tinder, Match, Chemistry, OurTime, and OkCupid, will issue an IPO in the fourth quarter. Mashable is calling it “the world’s flirtiest IPO.” Barry Diller’s InterActive Corp. (IAC), which owns the Match Group and a slew of other Internet brands, also appointed Joey Levin, formerly the CEO of IAC’s Search & Applications, CEO of IAC.
Back in 1995 when Match.com first debuted, people were skeptical of online dating, but today, dating apps and sites are big business. According to IBISWorld, dating sites are expected to bring in $1.17 billion in revenue this year, with apps totaling another $628.8 million. Online dating accounts for 48.7 percent of the revenue from U.S. dating services, but mobile dating apps such as Tinder are on the rise with 26.2 percent of the market.
Related: The Startup That Turned Down $30 Million from Mark Cuban
The largest dating service companies are the Match Group, eHarmony, Zoosk, Plenty of Fish, and Spark Networks. The Match Group leads the category, with nearly 22 percent share of the market. The Wall Street Journal reported the Match Group accounted for nearly one-third, or 29 percent, of IAC’s overall revenue in 2014. In the most recent quarter, the Match Group’s revenue was $239.2 million, or 30 percent of IAC’s revenue of $772.5 million.
With their portfolio of dating sites in more than 200 countries the Match Group is well positioned to market to the large generation of millennials worldwide. More than 7 million people sign up for their products every month.
Related: Love at First Byte: The Magic of Online Dating
As for what the Match Group’s ticker symbol might be on the stock exchange, the company’s lips are sealed. Many of the good ones are already taken. LOV belongs to rival Spark Networks, owner of JDate.com, ChristianMingle.com, and BlackSingles.com. DATE is the ticker symbol for Jiayuan, China’s largest dating site. LUV is taken by Southwest Airlines. Arrythmia Research Technology has HRT.
Apparently KISS is still available—if the Match Group gets lucky.
Quote of the Day - October 16, 2017
Speaking at a cabinet meeting on Monday, President Trump said:
"Obamacare is finished, it's dead, it's gone ... There is no such thing as Obamacare anymore."
Click here for the video.
Poll: Trump Tax Cuts Favor the Wealthy; Deficit Should Be Higher Priority
Trump and the GOP still have work to do if they want to convince Americans that their tax plan won’t mostly help the rich. A CBS News Nation Tracker poll released Sunday finds that 58 percent say the tax reforms being discussed favor the wealthy, while 19 percent say it treats everyone equally and 18 percent say it favors the middle class.
The poll also found that 39 percent say that cutting the deficit should be a priority, even if it means taxes stay the same. About half as many people said cutting taxes should be prioritized even if the deficit rises.
The poll, conducted by YouGov, surveyed 2,371 U.S. adults between October 11 and 13. Its margin of error is 2.5 percent.
Coporate Tax Cut Could Be Phased In
House tax writers (at least some of them) are worried that slashing the corporate tax rate found will push the deficit higher in a hurry – an analysis by the Tax Policy Center found that cutting the rate to the stated goal of 20 percent would cost $2 trillion over a decade. One way to soften the fiscal blow would be to phase in the reduction over three to five years. House Republicans say such an approach would reduce the size of the lost revenue by half.
Larry Summers: GOP Tax Claims Are 'Made-Up'
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Former U.S. Treasury Secretary Lawrence Summers isn't happy with the Republican tax plan, and it's not just because he has a different set of ideas as a Democrat. More fundamentally, he says Republicans are making false claims: “When you have -- and I hate to be in a position of using this word about our government -- when you have senior economic officials making claims that are made-up ... it’s very hard to have a dialogue, and compromise, and get to a good place.”
Summers is also worried about the effects of a tax cut for the rich during a time of considerable social turmoil: “There’s a lot of unhappiness and anger out there … It’s really hard to see why focusing a corporate tax cut on those at the very high-end is going to do much to assuage that anger.”
How Much Did Mike Pence’s NFL Walkout Cost Taxpayers?
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Vice President Mike Pence’s decision to attend an NFL game between the Indianapolis Colts and San Francisco 49ers yesterday and then leave after some 49ers players kneeled during the national anthem was quickly criticized by some as a planned piece of political theater — and a somewhat expensive one at that. “After all the scandals involving unnecessarily expensive travel by cabinet secretaries, how much taxpayer money was wasted on this stunt?” Rep. Adam Schiff (D-CA) tweeted Sunday afternoon.
The answer, CNN reports, is about $242,500: "According to the Air Force, flying a C-32, the model of plane used for Air Force 2, for one hour costs about $30,000. Pence's flight from Las Vegas to Indianapolis Saturday took about three hours and 20 minutes, so it cost about $100,000. Pence then flew from Indianapolis to Los Angeles on Sunday, which took about four hours and 45 minutes, costing about $142,500."
President Trump defended Pence’s trip, tweeting that it had been “long planned.” CNN also reports that some of the costs of Pence's flight from Indianapolis to Los Angeles will be paid back by the Republican National Committee because the vice president is attending a political event there.