In fact, even the August 2019 document had two different models, “CPI” and “LTV,” and one model suggested that even Tinder’s value was not negative.

Google took $83M in revenue share from Tinder that year, while providing $98M in value under one estimate and $54M in value in the other.

Marchak also says the model has had “numerous evolutions” since 2019 and that while Tinder was likely paying 28 or 29 percent in 2019, it would be paying 15 percent today due to Google’s reduced fee for subscription services.