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Match Group (Nasdaq: MTCH), the corporate that owns courting app Tinder, agreed to amass Hyperconnect, a South Korean maker of apps aimed toward forming friendships, for no small quantity: about $1.7 billion in money and inventory for the proprietor of the Azar and Hakuna Stay apps.
“Coronavirus is accelerating current digital tendencies” could also be a phrase that has grow to be overused at this level—however it nonetheless holds water. And there’s maybe no higher proof than this. The results of loneliness grew to become entrance and middle within the isolating nature of the pandemic. The deal permits Match to broaden past romantic liaisons and into platonic ones, and in addition develop in several geographic areas.
“With greater than 75% of utilization and income coming from markets unfold throughout Asia, their product suite and regional footprint squarely enhances our personal,” Match Chief Government Officer Shar Dubey mentioned of Hyperconnect.
The deal additionally factors to a pattern round social media apps doubling down on video. Hakuna Stay focuses on stay streaming, and Azar matches individuals via video chat. Whereas the corporate didn’t reveal the variety of energetic customers on the platform, the press launch saying the information revealed that Azar has been downloaded some 540 million instances since its launch, whereas Hakuna Stay has been downloaded some 23 million instances.
After I heard the information, I have to say I used to be skeptical at first as as to if the app was actually about friendship. However I attempted out Azar—the bigger of the 2—and those that spoke with me on the app mentioned that a lot of their motivations have been certainly round making associates or an Xbox gaming buddy.
However in my conversations on Azar, it appeared that a few of the content material points that plagued well-known chat web site Omegle stay as challenges for Azar too. It’s maybe why the app is listed at 17+ on the app retailer. I used to be instructed of a number of incidents of individuals exposing themselves after slightly below an hour of chatting on Azar, and personally acquired no scarcity of reminders as to my race. (The app does characteristic a option to report customers for inappropriate content material, and I’ve reached out to Match for his or her remark.)
SPAC ALERT: Former NFL quarterback Colin Kaepernick, recognized for taking a knee through the nationwide anthem in protest of police brutality, is a part of a particular objective acquisition firm that’s searching for to boost $287.5 million. Mission Development says it’s targeted on the patron firms making an influence “financially, culturally and socially.” Learn extra.
Lucinda Shen
Twitter: @shenlucinda
E mail: lucinda.shen@fortune.com
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