REUTERS – Blackstone's investment in Bumble has proved to be lucrative despite the company's decline in share price since the IPO in 2021. Blackstone bought a majority stake in Bumble in 2019, valuing it at ~$3B. Bumble's enterprise value is now closer to $4B, and Blackstone still owns 40% of its equity. The private equity firm has made back its investment and more, selling ~$2B in stock in the public offering, nabbing another $1B in a secondary offer, and receiving ~$300M in dividends. Blackstone's current stake, including a minority interest, is worth ~$2B based on public market prices.
Category: Bumble
Bumble Q4 Financial Results
BUMBLE – Bumble, the parent company of Bumble, Badoo, and Fruitz, reported its Q4 and the full year 2022 results. In Q4, the total revenue increased 16.7% to $241.6M, while its Bumble App revenue grew 27.7% to $190.8M. Bumble App paying users grew 133K sequentially in Q4; added 502K paying users in FY22 compared to FY21. Badoo and other revenue declined 11.9% to $50.8M, compared to $57.6M. For the full year, Bumble's revenue increased 18.7% to $903.5M. However, the company's net loss for the year was $(114.1)M, compared to net earnings of $281.7M in 2021. The company's CFO expressed confidence in their ability to scale the business and deliver profitable growth in 2023.
Bumble Expected to Post 4Q Profit as Revenue Grows
MARKETWATCH – Bumble is set to post its Q4 results today after the market closes. Bumble is expected to report $235.7M in revenue, up from $208.2M in the year-ago period. Bumble is expected to report $1M in net income, compared with a loss of $14.7M.
The Dating App Revolution Has Hit Japan
JAPAN TIMES – In a recent survey of 20- to 40-year-olds in Japan, 80% of unmarried men and women said they wanted a relationship. But a majority of that number, 55%, said they were moderately or very passive in their approach to dating. In addition to internationally known apps such as Tinder and Bumble, popular Japanese dating apps include Omiai, Pairs, Tapple and YYC (in order from least to most casual). Despite their popularity, users still report complaints about the dating app method in Japan. Men lament getting regularly stood up, and women describe a frequent expectation of sex on the first date that can sometimes turn aggressive. Both men and women have also complained about ghosting. "72% of Tinder members say they want to meet someone who understands exactly what they're looking for," says Kyo Cho, the country manager at Tinder Japan. To address that, Tinder recently introduced a "Relationship Goals" tab for user profiles that lets them display what they're looking for, with the options of "long-term partner," "long-term, open to short," "short-term, open to long," etc.
Bumble Is Bringing Back IRL Events for 2023
STYLIST.CO.UK – Bumble has announced its first lineup of London dating events for the year, kicking off on February 14 and running until the end of March. All events are free and tickets are available via the Bumble app.
Bumble Sued Over ‘Misused’ Public Offering
LAW360 – An investor in Bumble has sued the company's CEO and its controlling shareholder, private equity company Blackstone, claiming they "misused" a September 2021 secondary public offering to allow Blackstone affiliates to offload Bumble shares before the market learned about an adverse trend affecting one of the company's key performance metrics.
Could Mandatory Background Checks Curb Trust Issues on Dating Apps?
GIZMODO – A roundtable discussion was held in Sydney to come up with ways to curb harassment on dating platforms. Ministers, victim-survivors, tech companies, and authorities met online with representatives of Bumble and Tinder. Australia's eSafety Commissioner, Julie Inman Grant, has warned dating apps that they need to make significant changes and improvements to protect users or face a mandatory code. She's calling on dating apps to be more transparent with their data and what additional safety measures they will implement. Bumble said it had implemented security measures in recent years including a block and report tool that allows users to report any suspicious behavior, photo verification, and Private Detector, which uses AI to detect and blur potentially crude images. The company has also released Private Detector on GitHub, allowing other apps to access the tool. Tinder has photo verification, anti-harassment prompts, and a Trust and Safety team to mediate any reports of concerning behavior on the app. The company also created the Match Group Advisory Council in 2018 to advise Tinder on preventing sexual assault, sex trafficking, and harassment.
by Nikki Main
See full article at Gizmondo
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Netflix Teams up With Bumble so Users Can Bond Over TV Shows
TECH CRUNCH – Bumble is launching a weekly in-app Netflix-themed question game called "Netflix Nights In" that asks users questions about a popular Netflix show. Users can play against their match to see who can answer all the questions correctly. According to a recent Bumble survey, 78% of users think it's easier to talk to matches when they have similar TV and movie tastes. 72% of the survey respondents said they've talked about TV shows and movies on a date. "Netflix Nights In" will start on January 30 and ends on March 13. The question game is available to Bumble users in the US, Canada, and the UK.
Apps Like Tinder Are Changing From Dating Tools to Party Places
ACN NEWSWIRE – According to a study by Bumble, 53% of respondents said it is OK to be single. People are more cautious about dating and building a relationship. Despite this, humans' desire for social connection will never wane. Dating apps like Tinder are actively incorporating interactive and immersive features to attract users to congregate. In Sep 2021, Tinder launched "Explore" to diversify social networking experiences, including Hot Takes, Vibes, and Swipe Night. With these new features, Tinder has become more of an entertaining and companionable app. According to Tinder's "Year in Swipe" report, Tinder saw a 49% increase in members adding the phrase "situationship" to their bios in 2022.
Hong Kong Watchdog Takes Swipe at Tinder’s Age Based Fees
THE STANDARD – The Consumer Council claims Tinder has an "unfair" pricing mechanism that charges users an annual subscription according to age. The council registered accounts for users aged 18 to 68 with intervals of 10 years. The highest fees are for 38-year-olds, followed by for 18-year-olds and 58-year-olds. The cheapest are for those whose ages are 28, 48 and 68. The app charges 38-year-old platinum account holders HK$1,318 annually, which is 42% higher than users from the lowest-priced group. The watchdog urged Tinder to make rectifications. The council also found dating apps reveal users' personal information for marketing and advertising after a trial of nine popular ones in Hong Kong between October and December. The nine tested were Bumble, Coffee Meets Bagel, Goodnight, Heymandi, OkCupid, Omi, Paktor, SweetRing and Tinder. All were found to have preset permission to use account owners' data, including name, gender, sexual orientation, date of birth, location, e-mail address and phone number for marketing or advertising. Only three apps allowed users to opt-out. Age is not covered under Hong Kong's anti-discrimination laws, an Equal Opportunities Commission spokesman said.
by Eunice Lam
See full article at Teh Standard
Mark Brooks: Do you think Tinder, and nay, the industry at large, make rectifications? Is age-based pricing logical and justifiable, or just wholly unfair? Your comments, please.