BBC – Nearly half of UK adults report feeling lonely at times, and 62% of young people say loneliness lowers their confidence, according to the Campaign to End Loneliness and Co-Op Foundation. Apps like Bumble BFF and Meetup are becoming popular as young people seek friendships online. Professor Andrea Wigfield, director of the Centre for Loneliness Studies at the University of Sheffield, predicts that these apps could soon be as common as dating apps, helping people build meaningful connections in the same way.
Category: Bumble
Dating App Ad Spending in 2024 Set to Surpass 2023, With Bumble Leading the Charge
Younger Daters Are Tired of Swiping
by Caroline Petrow-Cohen
See full article at Los Angeles Times
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Dating Apps Revive In-Person Connections With Real-World Events
by Magdalene Taylor
See full article at Slate
Mark Brooks: Singles events on dating apps are window dressing and a means of generating buzz if they're done exceedingly well. They are a pain to manage and execute well but should be in every dating app's arsenal to show to the world that they can, indeed, draw a crowd.
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Dating Apps Shift Focus to Friendship Amid Growth Challenges
FINANCIAL TIMES – Bumble, Match Group, and Muzz are expanding into friendship and community-building to boost growth as dating app usage slows post-pandemic. Bumble is scaling its BFF app and recently acquired Geneva, a community-building product. Match launched Yuzu, allowing users to toggle between social and dating modes. Muzz introduced Muzz Social, connecting users by location and interests.
See full article at Financial Times
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Bumble Faces Proposed Securities Class Action
BLOOMBERG LAW – Bumble is facing a securities class action lawsuit, alleging that the company made false and misleading statements about its business operations, specifically regarding the relaunch of its dating app and the growth of its Premium Plus subscription tier. According to the lawsuit, these misstatements inflated Bumble's stock price, causing losses for investors when the truth emerged through a series of corrective disclosures starting on Feb. 27, 2024. The complaint cites violations of Sections 10(b) and more.
Activists Push for Change at Match Group Following Post-Pandemic Slowdown and Valuation Drop
FINANCIAL TIMES – Starboard Value revealed in July that it had built a 6.6% position in Match Group. Elliott Investment Management, according to S&P Global Market Intelligence, amassed a stake of 4.5% earlier this year and got Match to add two new board members and sign an information-sharing pact. Anson Funds Management, a smaller fund, also has a stake. Activists have good reasons to push for change. Dating apps enjoyed a surge in popularity during Covid-19 but have struggled with a post-pandemic slowdown in growth. At its 2021 peak, Match was worth ~$50B. Its value now stands at just $9.3B. Bumble, which went public in 2021, is down 90 % since its IPO. Match still remains highly cash-generative, with $829M in free cash flow last year. Starboard thinks there is an upside if Match can turn around Tinder, cut costs and ramp up buybacks. The activist sees potential in Hinge. However, it also urged Match to consider selling itself if it cannot revitalize the business.
See full article at Financial Times
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Bumble Funds Screenings of Hillary Clinton’s Pro-Abortion Documentary Ahead of Election
BREITBART – Bumble is funding free screenings of Zurawski v. Texas, a pro-abortion documentary produced by Hillary Clinton, ahead of November's presidential election. The documentary, which opens on September 24 in Austin, follows women suing Texas after the Supreme Court overturned Roe v. Wade. Bumble, known for its role in modernizing dating culture, is backing this initiative as part of its ongoing social advocacy efforts.
Bumble to Leverage AI to Help Users With Profile Creation and Conversations
TECH CRUNCH – Bumble is increasing its focus on AI, introducing new features like an AI-assisted photo picker and conversation tools to help users create profiles and engage confidently. The new AI-powered features will launch on the app this winter.
Dating Apps Develop AI ‘Wingmen’ to Generate Better Chat-up Lines
