Operator: Our next question comes from Dan Salmon with New Street. Please go ahead.
Dan Salmon: Great. Good morning, everyone. Thanks for taking the questions. I guess it’s a two-parter, and BK highlighted a piece of it there. And so, I’d like to just ask about the Tinder Super — premium tier a little bit more. So, you’re rolling it out in the U.S. this fall. Just any color that you can give us on how impactful it will be? Is that going to be impactful, let’s say, weekly subscription sounds like they’ve been so far? Or the number of power users or the so-called whales, is that too small to be material? And then just the second part, you’re rolling it out in the U.S., any early thoughts on the potential for the product — a product like that on a global basis? Thanks.
Bernard Kim: Thanks for the question, Dan. The general concept is that we are providing an experience for a small percentage of our Tinder members. And the value proposition is basically give these members a better way to get high-quality matches faster and sooner and make the experience overall even more fun. We’ve been actually testing multiple components of this experience with our members today, and we’re seeing actually real benefits. So I’m personally really excited about these testing results. It’s really early right now, so we don’t know what the final pricing is yet. But at a high level, if you actually take a small fraction of our payers at higher price points, you actually get a number that’s in the tens of millions of dollars on an annual basis. So I think that’s actually pretty impactful. This is an area that I have a lot of experience in, where a small segment of users drive a high amount of monetization. So, this I see as a real opportunity for us.
Dan Salmon: Very helpful. Thanks, BK.
Operator: Our next question comes from Benjamin Black with Deutsche Bank. Please go ahead.
Benjamin Black: Hi, thanks for taking my questions. I have a follow-up on Tinder payer trends. But with international pricing now sort of off the table for the time being and the disruption from U.S. pricing seemingly coming to an end, when you pair that with improved conversion trends from weekly packages, I’d be curious to hear about your outlook for Tinder payer net additions for the fourth quarter. I mean, should we anticipate positive sequential growth there? And I know it’s early, but how should we be thinking about the balance between RPP and payer growth as we look forward to 2024? Thank you.
Gary Swidler: So, I think the way to think about the rest of ’23, first of all, Ben, is that the year is largely about increasing RPP. As I mentioned earlier, we saw a dramatic increase in Q2. We’re expecting even greater increase in Q3, and then continued acceleration into Q4 because of the weekly packages and the price optimizations. On the payer side, as a result of all these things playing through the payer base, we’re seeing year-over-year declines in the mid-single digits in terms of payers, and that’s something that I expect to continue for the next couple of quarters. And there’s a few different drivers of that. Obviously, the decisions we’re making around weekly subscriptions and pricing is part of that. And the other part of it, of course, is what we’re seeing on new user growth.
And so, new user growth is getting stronger, but it’s not to the point yet that we’d like to see it at, but we’re driving that up further and further. And so, we continue doing that with marketing initiatives and with product initiatives. I think as that turns more positive, we’ll be able to drive improved year-over-year payers growth as well. So, as we think about 2024, as I mentioned in an earlier answer, a lot of the volatility from the initiatives we’re doing this year around revenue, around pricing and weekly subscription packages should have rolled off. And then, we expect to see a more balanced impact from payer increases next year as well as from revenue per payer increases. But I would caution that it really does depend on what we roll out from a product standpoint.
So, for example, we’re going to roll out — we’re intending to roll out the new premium tier late this year. That will be a driver of 2024 performance, and that is clearly a revenue per payer play, not specifically a payer play. So, we have to look at kind of what the product roadmap is to make some determinations. It’s too early for us to kind of go through the whole product roadmap for 2024. We will provide more color on all of that in the upcoming quarters. But again, I would like to see, and we’re targeting a more balanced contribution of payers and RPP to drive overall strong Tinder revenue growth next year. We’re encouraged by the progress we’ve made on top-of-funnel, and that’s clearly something we have our eyes squarely on. And we want to keep improving, which is what will help enable us to drive stronger year-over-year payer growth next year after this year being more of an RPP story.
I hope that helps answer your questions.
Benjamin Black: It does. Thank you.
Gary Swidler: Okay. Great.
Operator: Our next question comes from John Blackledge with Cowen. Please go ahead.