Why Did Match Group Just Spend $1.7 Billion Buying a South Korean Social Media Company?

After the market closed on Feb. 9, Match Group (NASDAQ: MTCH) announced that it was acquiring the South Korean social discovery company Hyperconnect for $1.725 billion. Match Group plans to embed the company’s video and audio technology into its existing portfolio of brands and also hopes to use this deal to get a foothold in the South Korean market with its 50 million citizens. Here are some more details on the acquisition and how Hyperconnect fits into Match Group’s business strategy.
Image source: Getty Images.
Hyperconnect has two flagship products. One, Azar, is an app that allows users to meet and video chat with people around the world who have similar interests to them. The idea is not groundbreaking, but the app has 500 million cumulative downloads and was the ninth highest-grossing non-gaming app on Google Play in 2020. Azar brings in the majority of Hyperconnect’s revenue.
Continue reading

Join the Discussion

Back to top