BODY+SOUL – Bumble has partnered with Kodex to launch a tipline, allowing victims to report harmful individuals on the dating app. The initiative aims to provide a secure and easy way for victims to report bad behavior, with reported individuals potentially receiving warnings or having their profiles permanently removed. The partnership is being piloted in Australia with a focus on supporting victims of violence. Bumble's efforts align with its commitment to safety and promoting gender equality.
Category: Bumble
Bumble’s President Tariq Shaukat Resigns After Three Years of Service
TECH TIMES – Bumble President Tariq Shaukat is stepping down from his position after three years, and the dating platform is now searching for his replacement. Shaukat played a significant role in Bumble's successful IPO and global expansion. While the reason for his departure remains unclear, Bumble continues to focus on expanding margins and investing in future growth. CEO Whitney Wolfe Herd expressed confidence in the company's roadmap and is committed to maintaining business momentum throughout the year.
Bumble’s Successful Growth Strategy
FORTUNE – Anu Subramanian, the CFO of Bumble, emphasizes that all employees must use the Bumble app to fully understand its operations, as it's the company's main product. Subramanian, who joined Bumble in 2020, has a career background at the intersection of media and technology. Bumble's Q1 2023 report shows a revenue growth of 25.9% to $194.3M and an increase in paying users by 31% to 2.3M. The company's focus is on optimizing the user journey to convert users to paying customers and adding new features like "compliments" to drive engagement. Subramanian believes that women making the first move is one of the app's unique features and notes that, despite economic challenges, people continue to invest in finding relationships.
Bumble Acquires Official, an App That Helps Couples Strengthen Their Relationship
FAST COMPANY – Bumble has acquired Official, an app designed to strengthen relationships for couples. Official offers features such as mood check-ins and date planning to help couples build stronger connections. This acquisition is part of Bumble's broader strategy to enhance the overall "ecosystem of love," which includes various stages of relationships from friendships to long-term partnerships. With Official's presence in over 45 countries and a user base of ~368K couples, Bumble aims to provide comprehensive support and resources for couples to nurture and deepen their relationships. Official will continue as a standalone app though Bumble says there are opportunities for Official and Bumble to collaborate.
by Jessica Bursztynsky
See full article at Fast Company
This post also appears on InternetDatingInvestments.com
Bumble Updates Spotify Feature to Encourage Musical Compatibility
Bumble President: AI Integration Can Help ‘Remove Some of the Friction’ in Online Dating
YAHOO FINANCE – Bumble's Q1 2023 earnings exceeded revenue expectations, reaching nearly $243 million, a 16% annual increase. Bumble app revenue grew 26% since last year, and total paying users increased to 3.5M, a 15% annual jump. Bumble is testing a new premium paid feature called "Best Bees" that leverages machine learning to improve the curation of compatible matches. Bumble President Tariq Shaukat emphasizes that the company's main goal is to foster real-life connections and that AI is meant to complement and assist the dating experience, rather than alter a user's authentic self. Shaukat envisions AI helping users make better choices in their profiles, improving match compatibility, and promoting kinder and safer connections. AI can also help detect bots, maintain the authenticity of profiles, and facilitate better communication within the app, supporting Bumble's focus on "kind connections."
Russia’s VK Developing Homegrown Tinder Alternative
THE MOSCOW TIMES – Russian tech giant VK is developing its own dating service that could launch this summer following Tinder's planned exit from Russia. Match Group announced this month that it plans to exit Russia by June 30, citing its commitment to "protecting human rights" amid Russia's war in Ukraine. Tinder's competitor Bumble announced its Russia exit in March 2022, days after Russian forces invaded Ukraine. VK Znakomstva's user base has seen a year-on-year surge of 81% to 22.1M unique users. VK CEO Vladimir Kiriyenko is the son of the deputy head of President Vladimir Putin's administration, Sergei Kiriyenko.
Bumble Announces First Quarter 2023 Results
BUSINESSWIRE – Bumble's Q1 revenue increased 16% to $243M. This includes an unfavorable impact of $7.2M from foreign currency movements year over year. Bumble app revenue grew 26% to $194.3M. Badoo app and other revenue declined 12.6% to $48.7M. Total Paying Users increased to 3.5M YOY, compared to 3M in Q1 '22. Net loss was $2.3M, compared to net earnings of $23.7M last year's Q1. Adjusted EBITDA was $59.3M.
Tinder to Pull out of Russia, Citing Human Rights Concerns
EURONEWS – Match says it will withdraw from the Russian market altogether by 30 June in an effort to uphold its stated commitment to respecting human rights. Match has previously come under pressure to store Russian users' data and messages in Russia in compliance with intelligence service requirements, raising concerns that LGBTQ users in particular could see their data shared with a notoriously hostile government. Like several other western social media giants, the company has refused. Last summer, it was fined 2M roubles (€22,868) by a Moscow district court in a case brought against several platforms including WhatsApp, Snapchat, Spotify and Hotels.com. Match's withdrawal from Russia has been relatively slow compared to some other players in the online dating marketplace. Bumble announced it was blocking app downloads in both Russia and Belarus in March 2022.
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Bumble Launches Mental Health and Self-care Badges
