Facebook chief Mark Zuckerberg, on Tuesday said that Facebook will launch a dating service to matchmake millions of people and nudge them into spending more time together.
This dating service will most likely help Facebook regain its popularity among younger people and make people visit the platform more often.
"There are 200 million people on Facebook that list themselves as single, so clearly there's something to do here,"Zuckerberg told software developers at Facebook's annual F8 conference.
To convince users that the Cambridge Analytica won't repeat itself, Zuckerberg assured users that Facebook won't take their privacy for granted but very serious in ensuring that their data is kept private and safe.
Facebook's announcement of its entry into the dating service saw its share rose 1.1 percent to close at $173.86 as other dating services shares fell. Facebook now pose a threat to popular service such as Match, Tinder and OkCupid.
According to Atlantic Equities analyst James Cordwell, Facebook pose a threat to big competitors but its entry and success depends how well it executes its plans in the dating arena.
"...the initial functionality looks relatively basic compared to those offered by march's services, so the impact Facebook has on the dating space will be down to how well it executes in this are," Cordwell said.
Facebook said in a statement that potential matches will be recommended based on dating preference, things in common and mutual friends.
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A prototype displayed on screens at the F8 conference showed a heart shape at the top-right corner of the Facebook app. When a user clicks on it, they will be taken to that persons dating profile if they have one setup.
There appear to be two buttons for "pass"and "interested" which is similar to that of Tinders "swipe" left or right to signal interest to a match. Zuckerberg said that optional feature will be for finding long term relationships and not just hook-ups.
Though the Facebook chief didn't give a specific date the feature will be launched, Facebook Chief Product Officer Chris Cox said in a separate statement that more details will be revealed over the next few months.
Facebook has assured users of their privacy safety, noting that dating activity would not show up in Facebook's News Feed.