SAN JOSE, Calif. - Facebook Inc will offer its first dating service, Chief Executive Mark Zuckerberg said on Tuesday, signaling the entry of the worl
SAN JOSE, Calif. – Facebook Inc will offer its first dating service, Chief Executive Mark Zuckerberg said on Tuesday, signaling the entry of the world’s largest social network into a growing market that sent shares of established dating site operators tumbling.
Shares of Match Group Inc, the owner of popular dating app Tinder, fell more than 18 percent on the news. IAC, Match Group’s parent company, dropped almost 14 percent.
Zuckerberg told software developers at Facebook’s annual F8 conference that a dating service would be a natural fit for a company that specializes in connecting people online.
“There are 200 million people on Facebook that list themselves as single, so clearly there’s something to do here,” Zuckerberg said.
A dating service could increase the time people spend on Facebook and be a “big problem” for competitors such as Match, said James Cordwell, an analyst at Atlantic Equities.