What’s Next for Social Discovery Group
This article is brought to you by Social Discovery Group’s Content Partnership with Global Dating Insights.
Social Discovery Group, a global tech company uniting more than 40 brands, an investment fund, and a corporate venture studio known as SDG Lab, has revealed that it is expanding its focus beyond dating into the broader social discovery market.
This includes acquiring, developing and investing in platforms that are shaping social life 3.0. And whether it’s via gaming, digital entertainment, video or Web3, the company is exploring all options; as long as they are centered on curing the problem of loneliness.
“While dating is a big part of what we do at Social Discovery Group, we are mindful of the fact that people want to connect virtually for many other reasons,” said Bill Alena, Social Discovery Group’s Chief Investment Officer.
“That’s why we recently invested in SPACES, a rapidly growing platform for building communities that span the entire LGBTQ+ spectrum. The innovative solutions help users make connections, build community and find meaningful friendships safely and respectfully.”
In addition to its market expansion, Alena explained that Social Discovery Group has four major priorities.
1.Continue Growing and Improving Legacy Products
Now that Dating Group and Social Discovery Ventures have been united under the Social Discovery Group umbrella, the company will continue to expand and improve its legacy products, including Dating.com and the platforms associated with Cupid Media.
Founded in 1993, the company introduced the future of the dating industry with Dating.com and other online dating platforms. This pool of products was united in Dating Group, a global group of matchmaking services giving people a chance to chat, match up and find love worldwide. Since then, the company has acquired CupidMedia, DilMil, and other niche dating products, each with a unique platform tailored to different communities defined by interest, geography, and demographics.
Today, united as one entity, the company is serving 250+ million users across 40 brands and 100 countries—with 75+ million messages sent by their users daily. And Alena says he expects those numbers to grow significantly in 2023.
2. Expand SDG Lab
SDG Lab is the corporate venture studio for Social Discovery Group. The overall mission of SDG Lab is to build, acquire, and test ideas for new products that will help shape social life 3.0. It’s currently working on multiple projects in the social discovery space with the hope of growing what could be the next unicorn brand. And rather than simply looking to merge different platforms, SDG Lab is actively developing its own products and working with smaller groups to better develop theirs.
SDG Lab’s current apps include Journey, XOXO, Magnet, Tubit, Bam Bam, and other products based on new communication principles. This includes exploring video streaming, AI technologies, meta-world spaces and game mechanics, which have already been successfully applied to titles like Magnet, a social discovery chat game that welcomes users into a 2D virtual world, is unlike traditional dating apps and games, This innovative platform emphasizes meaningful conversations over swipes and likes to cultivate real relationships between users.
In addition to the debut of Magnet, SDG Lab will soon reveal new apps that foster sex-positive interactions, featuring women-first, women-centric functionality.
3. Continue Investing in Startups
Social Discovery Group will continue to pursue investment opportunities through its Corporate Venture Capital arm. The CVC works with companies in the seed to Series B stage with investments of up to $5 million. The fund was established a few years ago with an initial $50 million. The CVC will also be responsible for certain mergers and acquisitions.
The Social Discovery CVC invests in, develops and supports a range of projects and brands under its investment framework. On the acquisitions side, some of Social Discovery Group’s recent deals include DilMil and Cupid Media. The track record of these deals has been impressive, with platforms nearly doubling their revenue in some cases.
4. Support Ukraine and The Global Community in Creating Peace
“Part of our corporate mission is to help people from across the world come together in peace,” added Alena. “And as part of that, our founder Dmitry Volkov has made it clear that we stand united with the global community against aggressions towards Ukraine. And we condemn any and all acts of violence or war, period.”
Social Discovery Group’s founder Dmitry Volkov, a European citizen, serial entrepreneur, and a member of the American Association of Philosophy, ceased any and all operations in Russia and Belarus and immediately discontinued registering new users from either country to its portfolio of platforms. Through its affiliate marketing network, which is compensated on a cost per lead, cost per action/activation, or revenue share model, Social Discovery Group infuses nearly $20 million into the Ukrainian economy yearly.
Final Thoughts
Overall, Social Discovery Group’s philosophy is seeded in the belief that the future of human connection is digital. And to make this future a reality, the company is innovating existing products, building new platforms for human connection, and investing in and integrating with new platforms through mergers & acquisitions. Looking ahead, those keeping an eye on the industry can expect Social Discovery Group to announce more exciting products and collaborations in the future.
