Match Group is the largest portfolio company in online dating, owning and operating a suite of apps that help people form romantic connections. Its two flagship brands are Tinder, the most downloaded dating app globally, built around a swipe-based discovery experience for 18-to-30-year-olds, and Hinge, a relationship-oriented app positioned as "Designed to be Deleted." Tinder accounts for roughly 54% of direct revenue, while Hinge, the faster-growing brand, accounts for roughly 20% and is targeting $1B in annual revenue by 2027. Match Group's remaining revenue comes from legacy brands like Match, OkCupid, and Plenty of Fish (in structural decline), affinity-based apps targeting specific communities, and Asian brands including Pairs in Japan. Match Group earns revenue primarily through subscriptions, where users pay recurring fees to unlock premium features, and secondarily through à la carte purchases like profile boosts. The key revenue drivers are the number of paying users and revenue per payer. Match Group's cost structure is largely fixed, so revenue growth tends to flow through to margins at a high rate. A meaningful tailwind is the ongoing reduction in app store fees as Match Group shifts users to web-based checkout, expected to generate roughly $110M in EBITDA savings in 2026. Under CEO Spencer Rascoff, Match Group is executing a turnaround focused on rebuilding Tinder's user base through product improvements, AI-driven recommendations, and trust and safety features, while aggressively expanding Hinge internationally into Europe, Latin America, and India.