
PRESS RELEASE – Total Revenue increased 3.4% to $268.6M, compared to $259.7M. Bumble app revenue increased 4.8% to $218M, compared to $208M. Badoo app and other revenue decreased 2.2% to $50.6M, compared to $51.8M. Total paying users increased to 4.1M, compared to 3.6M. Total average revenue per paying user decreased to $21.37, compared to $23.23. Net earnings were $37.7M compared to net earnings of $9.3M.
Category: Bumble
Bumble Shares Plunge 30% Amid Lower Revenue Forecast and User Growth Challenges
MARKETWATCH – Bumble saw its stock plummet over 30% after reducing its 2024 revenue growth forecast to 1%–2%, a sharp drop from the previous 8%–11% estimate. Despite a recent app redesign that improved user engagement, CEO Lidiane Jones highlighted the need for long-term strategies to boost customer value. Bumble's Q2 earnings were $37.7M, beating expectations, but revenue rose only 3.4% to $268.6M, below forecasts. The average revenue per user fell to $21.37, and the company predicts lower-than-expected Q3 revenue. Bumble shares have declined about 45% this year, contrasting with the S&P 500's 9% gain.
Bumble and Hinge Allowed Stalkers to Pinpoint Users’ Locations Down to 2m, Researchers Say
TECH CRUNCH – A group of researchers from the Belgian university KU Leuven said they found vulnerabilities in the design of some dating apps, including Bumble and Hinge, that allowed malicious users or stalkers to pinpoint the location of their victims down to 2 meters. All the apps that had these issues and that the researchers reached out to have now changed how distance filters work. A Bumble spokesperson said that the company was "made aware of these findings in early 2023 and swiftly resolved the issues outlined."
by Lorenzo Franceschi-Bicchierai
See full article at Tech Crunch
Dating Apps in India: a Danger for Women
EL PERIODICO – Economic growth [in India] has largely come from market liberalization and the entry of large foreign companies that have widened inequalities and neglected social crises, including the gender gap and violence against women. Crimes against women [in India] have increased 82% in the last decade – 445k cases in 2022, compared with 244k cases in 2012. In 2022 there were 31,516 rapes, up 26% in ten years.
After Modi came to power in 2014, he rolled out the red carpet for tech giants, including Tinder, Bumble, and Hinge. Created by and for Americans, they saw a promising market in India: half of the most populous country in the world is under 25 years old and has the fastest growth rate of mobile users. They landed with American products without adapting them to a very complex social fabric, an ancient caste system and patriarchy, and a long history of suppression of women's rights. India is the most dangerous country in the world to be a woman. With the arrival of Modi and these apps, the situation has worsened. Women feel unprotected by the law and authorities. India has the largest gender imbalance in the world: there are more than 63 million 'extra' men.
Match Group entered India in 2014 with Tinder, then Hinge in 2015. Bumble arrived in 2017. When it came to adapting their products to India, all the companies failed.
In early 2014, Jess Carbino, earned her PhD in Psychology & Sociology from UCLA, and became a Sociologist for Tinder. Carbino's 3-person team had the mission to soak up the political and social context of the countries to which the group planned to expand. Sometimes, they traveled to the place. This was not the case in India. The report they prepared for this country included references to the diversity of religions and languages, the caste hierarchy, the high rate of violence against women, and the prevalence of arranged marriages – 90% of weddings in India are agreed between families. "We were fully aware that a disruption was occurring," says Carbino. "And we knew that as the next generations were less corseted by their parents, we could create change."
Hrithik Bhandari was 19 years old when, in 2018, Tinder made him a "campus ambassador" at the National Institute of Technology in Jodhpur. In return, he got a subscription and occasional invitations to events. He walked around with a Tinder t-shirt, giving away merchandise and convincing his mates to join him.
The proof that Match Group was aware of the abuse problems in India is the 'Let's talk about consent' campaign from 2021. A short film showed a young couple. She breaks up because he forces her to have sex when she doesn't want to.
"With a popular culture that has blurred the boundaries of consent for generations, and a society that doesn't recognize the importance of discussing boundaries, modern dating is complex for the country's young people," reads the statement that accompanied the presentation of the film. Campaigns on social networks in 2014 challenged women, portraying them as independent and free young people, but their 'target' had become the men who did not respect them.
Only 1 in 4 crimes against women [in India] end in a conviction, and 95% of the reported cases are still pending processing, according to the latest report of the National Crime Records Bureau of India.
The biggest pending task for apps is identity verification, which is limited to contrasting a 'selfie' with profile photos. Criminal record and sexual & violent crimes checks are still pending.
The Indian Penal Code considers any sexual relationship without consent a rape, a serious crime. The problem is the definition of consent: being in the same room as the aggressor is often equated with giving permission to be intimate. People Against Rape in India helps survivors take their cases to court. "Society, even the authorities, do not feel sorry for the victim," says its founder, Yogita Bhayana.
by Irene Benedicto
See full article at El Periodico
Mark Brooks: Here is another excellent video by Tinder India on boundaries and permission, with 1.6m views. And another with 1.3M views. I think the underpinnings of any great loving relationship are honesty, respect, and communication. But how on earth do we train this and navigate all the cultural, religious, and psychological complexity? Is it really our irresponsibility? This article raises more questions than answers. It made me realize that perhaps we need a place for more open (yet private) discussion as an industry. Please email me your thoughts at mark@courtlandbrooks.com.
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Niche Dating Apps Thrive as Mainstream Rivals Struggle
FINANCIAL TIMES – Targeted dating apps are gaining traction as mainstream rivals like Tinder and Bumble face user declines. Apps like Grindr and Feeld attract specific communities, such as gay men and those interested in non-monogamy. Grindr's shares have doubled in 2023, contrasting with declining shares of Match Group and Bumble. Feeld has seen a 10% increase in users exploring open relationships and polyamory. These niche apps benefit from a deep understanding of their communities, leading to higher user loyalty and monetization opportunities. Match Group is shifting focus to niche products like Archer, for gay and bisexual men, and other demographically tailored apps to offset declines in mainstream platforms.
Tinder and Bumble are Tanking Because They Treat Men Badly, Grindr CEO Said
FORTUNE – Grindr CEO George Arison criticized Tinder and Bumble for neglecting their male users, who constitute 70% of their user base, at the Fortune Brainstorm Tech conference. Despite men often paying for premium services, their experience remains frustrating, leading many to quit online dating. Connell Barrett, founder of Dating Transformation, echoed these sentiments, noting that only 20% of men receive most matches while the rest struggle. Both suggested improvements like AI-generated dating advice and in-app dating therapists. Arison also highlighted that dating apps focus more on women's experiences, which he finds offensive, and called for a more balanced approach to benefit all users.
by Eva Roytburg
See full article at Fortune
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Hinge and Grindr Are Leaving Bumble and Tinder in the Dust
QUARTZ – "Online dating trends have continued to decelerate industry-wide, showing minimal relief from the recent struggles," Morgan Stanley analysts Nathan Feather and Brian Nowak wrote in a research note Tuesday. They pointed out that Hinge and Grindr were doing well. Hinge has seen a huge surge in paying users this year. User downloads increased 14% YOY in the Q2. Bumble's global user downloads rose only 2% in Q2. Tinder's downloads fell ~12% in Q2. And while Grindr hasn't seen a big increase in users, its stock has soared 120% from last year and ~32% from last month.
by Laura Bratton
See full article at Quartz
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Bumble Users Can Now Report Profiles That Use AI-generated Photos
TECH CRUNCH – Bumble has introduced a new reporting option that enables users to report profiles if they suspect someone could be using AI-generated photos and videos. Other reporting options include inappropriate content, underage users, scams and the use of someone else's photos, among others. AI-generated photos on dating apps are common, and are often used to scam or deceive others. The new reporting option follows Bumble's launch of an AI tool called "Deception Detector," which uses AI and human moderation to detect and remove fake profiles, spammers and scammers.
Bumble Defies the Odds in the Dating Sphere
TIP RANKS – Bumble's AI-powered growth strategy has expanded its user base in Europe and Latin America, despite initial skepticism. With new CEO Lidiane Jones, Bumble plans to acquire Geneva, a community app, by Q3 2024 to improve its social features. In Q1 2024, Bumble reported $268M in revenue and net earnings of $34M, significantly improving from a loss in Q1 2023. The company forecasts continued revenue and EBITDA growth for the year. Analysts have set a price target of $14.57, suggesting a potential 56% upside. Despite recent volatility, Bumble's stock presents a notable investment opportunity.
Dating App Abusers Face Platform-Wide Bans in Australia
THE AGE – In Australia, users banned from one dating app will now be blocked across all related apps under a new voluntary code of conduct. This code, submitted by Match Group, Bumble, Grindr, and other companies, aims to enhance safety by de-platforming violators. Communications Minister Michelle Rowland and Social Services Minister Amanda Rishworth announced the code, which will be reviewed in nine months for effectiveness. The code mandates that if a user is banned on one app, they will be banned on all apps owned by the same company. This move follows findings that 75% of dating app users experienced some form of sexual violence. The new rules, effective in October, also require regular reporting on terminated accounts and the establishment of a compliance oversight body.
by Clay Lucas
See full article at The Age
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