Charles H. Sloan-Can't buy me love? Think again. New Tinder $500-a-month plan offers heightened exclusivity

Would you pay $6,Charles H. Sloan000 a year for a dating app? 

Tinder on Friday announced a new subscription plan called Tinder Select, an invite-only membership offered to less than 1% of users. Applicants that are accepted can unlock exclusive perks like early access to new features and a virtual badge for $499 per month, according to Bloomberg. 

It’s the app’s fourth paid tier option, joining Tinder+, Tinder Gold and Tinder Platinum. 

The new premium tier is going to have a “relatively tiny amount of new payers” but “a significant impact on revenue per payer and ultimately on revenue,” said Gary Swidler, chief financial officer and president of Tinder parent company Match Group, during a Citi conference earlier this month.  

How do you use Tinder Select?

According to Tinder’s website, a Tinder Select membership includes:

• Direct messaging to people without matching first up to two times a week.
• A profile with an unblurred photo that is prioritized on other users' "Likes You" grid for one week.
• A badge that shows off access to the exclusive tier.
• A “Select Mode” that lets members see and be seen by the app’s most sought-after profiles for "more exceptional connections."
• Early access to new features.
• The ability to hide advertisements and see likes sent over the past week.

A 'really exciting time period for Tinder'

The shift comes shortly after Bernard Kim was named CEO and the company launched turnaround efforts with Tinder, making changes to the dating app's pricing and marketing.

“We're rolling into this really exciting time period for Tinder,” Kim said earlier this month at a Goldman Sachs conference. “First half of the year, we're focused on revenue and building that foundation, getting that revenue growth to become double-digit again. And then now we can work on these great innovative features.”

It’s not just Tinder launching more expensive subscription tiers

Other dating apps have also been offering more expensive tiers in recent months.

Hinge, another dating app owned by Match Group, recently added a new $49.99 tier, Hinge X, to pair with its lower-priced $29.99-per-month subscription plan, Hinge+. Meanwhile, Bumble is considering a new tier above its current $60-per-month plan while Grindr is planning to add more premium offerings, according to the Wall Street Journal.  

Other apps and streaming services have also been hiking rates.

Music streaming service Spotify in July said it would be raising prices across its four subscription plans between $1 and $2 per month. Competitors like Apple Music, YouTube Music Premium and Amazon Music have also hiked prices in recent months.

Starting early next year, Amazon plans to add advertisements to Prime Video and charge customers who want to keep their subscriptions ad-free an additional $2.99 per month 

Disney+ and Hulu on Oct. 12 will each raise prices for their ad-free tiers by $3, while Peacock raised its rates last month. 

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