PLATFORMER – Since its IPO in 2022, Grindr has been on a rocky road financially. Its stock has fallen 70% since its SPAC. After hitting an IPO-high of $71.51, it currently sits at $10.13. Grindr plans to boost revenue by monetizing the app more aggressively, putting previously free features behind a paywall, and rolling out new in-app purchases. The company is currently working on an AI chatbot that can engage in sexually explicit conversations with users, according to employees with knowledge of the project. In Dec, Grindr announced a partnership with Ex-human, a startup that makes customizable chatbots, including an AI girlfriend and an AI dating coach. Grindr's push to monetize has prompted some employees to take a closer look at how the company calculates the number of paying users. Grindr had ~3.3M monthly active users in 2023, according to financial statements. It has an average of 937K paying users a month, according to its investor relations page. In Nov, an employee filed a whistleblower complaint with the SEC, arguing that the company was inflating the number of paying users. Grindr denied the allegations.
by Zoë Schiffer
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