Tinder Layoffs: Match Group, the parent company of dating site Tinder, stated on Tuesday that it will decrease its personnel by around 6% as part of its strategy to phase down live-streaming features on its dating applications. According to Reuters, the corporation made the move in response to pressure from activist investors campaigning for reforms.

The decision was apparently made despite the company's second-quarter revenue report, which showed a 4% increase. Match Group's revenue during this period was roughly $864 million. However, Tinder's paid user base has continued to dwindle, which may have affected these strategic changes.

The online dating business, which includes companies including as Match Group and Bumble, has been under pressure as user growth has slowed since the epidemic. Furthermore, delays in providing new features and improving the user experience have affected these issues.

"While Tinder Y/Y payer growth remains challenged, the improved trends reported by management and that we observe in our data do suggest that user experience and brand perception improvements are contributing to sequential payer growth," Chandler Willison, an analyst at M Science, told Reuters.

In the second quarter, the number of paid Tinder users fell 8% to 9.6 million, compared to a 9% reduction in the previous quarter.

This announcement comes after activist investor Starboard Value purchased a 6.6% interest in Match Group, pressing the business to explore a sale if it is unable to revitalize its operations. Furthermore, Elliott Investment Management and Anson Funds Management have advocated for improvements at Match Group throughout the year.

Tinder downloads fell by 12% globally, marking the fourth consecutive quarter of declines, according to statistics from market research firm Sensor Tower, which was revealed on Monday.

Match Group's second-quarter sales increased by 4% to $864 million, exceeding analysts' average projections of $856.4 million, according to LSEG data. However, the overall number of paying customers declined by 5% to 14.8 million, extending a seven-quarter pattern of decline, according to the study.