Bumble

Australia’s Communications Minister Michelle Rowland has ordered the country’s top ten dating app services to hand over information on sexual violence reports, including Tinder, Bumble and Grindr.

According to Australian Associated Press, the information will include reports on “the extent of harm being experienced by users” as well as the safety protocols of these apps. Rowland has also requested data on the number of reports the app companies have received in regard to sexual harassment and abuse among users on these platforms, including during a message exchange or after a date.

Each dating app company is also required to share its protocols for preventing banned users from returning to the app under a new name and account, as well as the actions it has taken in response to reports, including police referrals or other services provided to users, according to AAP.

India is now among the fastest-growing dating app markets worldwide, thanks to a growing young population of singles and their changing attitudes towards dating.

In terms of year-over-year growth, India emerged as the fifth largest market in dating app spending in 2022, according to a new study by data.ai Intelligence. Researchers found that Indian users spent $31 million more in 2022 than they did in 2021 despite economic factors like inflation that affect consumer spending.

Match Group, Bumble, and other major dating app companies have made a big investment in India, hoping to capitalize on this attractive market which now brings in millions of dollars in revenue each year to dating app companies.

Dating app company Bumble Inc announced a secondary stock offering by majority stockholders Whitney Wolfe Herd, Bumble’s founder and CEO, and Blackstone. The price set for the secondary offering is at $22.80.

The price of Bumble stock fell 7 percent after this announcement, and after news that the previously announced 12.5 million secondary shares the company was originally going to sell went up to 13.75 million shares. Blackstone offloaded about $313 million in their stake in Bumble at the $22.80 share price, below the previous day’s closing price of $24.54. Another $47 million in stock “has been earmarked for over-allocation purposes,” according to Investing.com.

Blackstone offloaded the majority of shares, with Wolfe Herd cashing out just under $2 million in her shares of the company.

Bumble surprised investors and analysts with its latest earnings report, which showed better-than-expected revenue in the last quarter of 2022. Shares of the company’s stock rose about 2 percent as a result.

According to Seeking Alpha, Wall Street analysts had expected fourth quarter revenue to reach only $235.9 million, but the company reported revenue of $241.6 million, up from $207 million in the same quarter the previous year.

Bumble also reported 3.4 million paying users during the fourth quarter of 2022, compared to 3 million in the same quarter of 2021. Total average revenue per paying user was about $23.01 for the fourth quarter of 2022, compared to 22.68 the year before.

Dating app Bumble found that more singles in India are practicing “dry dating” or dating while sober. In fact, the dating app expects this to be the number one dating trend in the country in 2023, thanks to young daters.

A recent poll taken by the app found that 24 percent of single Indians who drink say they don’t plan to do so on dates this year, even past dry January. When asked why, the majority (56 percent) said they wanted to get to know the other person “without being distracted,” according to The Economic Times.

Forty-five percent said they were choosing not to drink on dates to improve their health and wellness by consuming less alcohol.

Representatives from dating app companies alongside ministers, victim-survivors, government officials and technology companies attended a roundtable in Sydney to discuss safety measures needed for dating apps. They discussed adding background checks and ID verification requirements, as well as increasing transparency and sharing of data between dating app companies.

According to The Guardian, Australian eSafety Commissioner Julie Inman Grant said that “there’s no one law that’s going to fix this issue,” placing the burden of responsibility on dating app companies.

The talks were led by federal communications minister, Michelle Rowland and included representatives for popular dating apps such as Bumble and Tinder. She noted the talks were an “important first step,” according to The Guardian. The roundtable was convened after a report from the Australian Institute of Criminology found that three quarters of survey respondents had been subjected to sexual violence on dating apps in the last five years.