Dating apps have revolutionized modern romance. What’s it like building the fastest growing dating app? Justin McLeod, Founder and CEO at Hinge, shares the ups and downs of scaling Hinge from idea to strategic exit.
In Today’s Episode, We’ll Dive Into:
How do you monetize love? Justin discusses with us Hinge’s freemium subscription model and how his team is hyperfocused on supporting meaningful connections between people that lead to great dates. He also shares how data science and constant UX improvements are critical to the app’s success.
How do you approach the ‘churn paradox’? Theoretically, if you or I were to successfully find ‘the one’ on Hinge, then we don’t need to pay for the subscription anymore. So how does Hinge reconcile that lack of alignment? Justin walks through how because the universe of potential users is so large, the more successful Hinge is in getting user off the platform, the more successful the business becomes.
What’s it like selling to a strategic? Hinge recently fully exited to Match Group (owner of Match, Tinder and more). Justin reflects on the key lessons learned in that strategic process and shares what matters beyond the term sheet itself: cultural alignment.
How do you pivot? Business building is never glamorous, and often times it gets really, really hard. What happens when the business starts to flatline or even decline? Justin walks us through his lessons learned in revamping the app when it hit a plateau… including how to approach a painful layoff. But more importantly, Justin shares how he restructured the company to come back swinging and ultimately find immense success.