Dating sites as matching markets: Bumble reimagined

The NYT interviews Whitney Wolfe Herd, who co-founded Twitter in 2012, started Bumble in 2014, stepped down as Bumble CEO and is now resuming that position, amidst some general malaise among dating apps, reflected in stock prices and drop-off in younger participants.  The interview is wide ranging and interesting. I'll excerpt two market design observations, both concerned with congestion--i.e. with the difficulty of curating and finding matches in a large market.

Here's the NYT interview:
Can Whitney Wolfe Herd Make Us Love Dating Apps Again?  By Lulu Garcia-Navarro

"The next era of Bumble, you had a lot of growth during the pandemic when everyone was stuck on their apps. It was a huge moment. You go public in 2021, ring the bell, baby on your hip, and the very next year user growth starts to slow down. What do you think was happening? My opinion is that I ran this company for the first several years as a quality over quantity approach. A telephone provider came to us early on. They said, “We love your brand, we want to put your app preprogrammed on all of our phones and when people buy our phones, your app will be on the home screen, and you’re going to get millions of free downloads.” I said, “Thank you so much but no thank you.” Nobody could understand what in the world I was doing, and I said it’s the wrong way to grow. This is not a social network, this is a double-sided marketplace. One person gets on and they have to see someone that is relevant to them. If you flood the system just endlessly — you’re not going to walk down the streets of New York City and want to meet every single person you pass. Why would you assume that someone would want to do that on an app? This is not a content platform where you can just scroll and scroll and scroll and scale drives results. What happened was, in the pandemic and throughout other chapters, growth was king. It was hailed as the end all be all.

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"You’re quite bullish on A.I. I’ve heard you talk about it. How are you imagining A.I. functioning in this next iteration of the app? Let’s say we could train A.I. on thousands of what we perceive as great profiles, and the A.I. can get so sophisticated at understanding: “Wow, this person has a thoughtful bio. This person has photos that are not blurry. They’re not all group photos. They’re not wearing sunglasses. We can see who they are clearly and we understand that they took time.” The A.I. can now select the best people and start showing the best people the best people and start getting you to a match quicker, more efficiently, more thoughtfully. The goal for Bumble over the next few years is to become the world’s smartest matchmaker. This is beyond love. We have a friend product with a very broad member base, and it’s really beautiful."