Bumble Inc

Bumble beat analysts’ expectations for its first quarter earnings report, with user spending remaining strong despite concerns over inflation and a recession.

According to Reuters, Bumble saw strong user growth during the first quarter of 2023 as more people chose to pay for its features and subscriptions. The news sent the company’s stock up 7 percent in aftermarket trading.

Bumble reported revenue of $242.9 million for the first quarter of 2023, higher than analyst expectations of $241 million, according to Refinitiv data. Total paying users were a bright spot: Bumble reported 3.5 million paying users at the end of Q1, up from 3 million just a year earlier. Total paying users grew 31 percent to 2.3 million for Bumble.

Image: Bumble

Dating app Bumble is dipping into politics again, this time in the U.K. The company has joined forces with Grazia magazine, UN Women UK, and celebrity Amy Hart to encourage legislators to change the proposed Online Safety Bill (OSB), which deals with the issue of cyberflashing.

The proposed bill’s language includes determining whether the cyberflasher (the person sending unsolicited nudes to someone without their knowledge or consent) had harmful intent, which Bumble says would be difficult to prove. Critics say that this also gives a lot of room for the accused to claim they sent these images as a “joke,” according to AOL.com.

In March, Bumble issued a press release acknowledging the milestone that the UK government agreed to make cyberflashing a criminal offense under the OSB. In the same release, they advocated that “to drive societal change, any new law must be based on non-consent.” The company argued that instead of focusing on the intent of the sender, the law should be focused on whether or not the recipient gave prior consent. 

New users are downloading and registering for dating apps every day, and business is booming for the $5.61 billion-dollar industry, despite a recent decline in subscriptions for Tinder.

According to new research gathered from website Cloudwards, 1 in 5 U.S. Internet users are also using a dating app. In fact, the total number of dating app users grew to 366 million worldwide in 2022 alone, up from 240.9 million in 2016 and 323.9 million in 2021.

Gen Z daters seem to have a stronger preference for Tinder, which is the most popular dating app in the U.S. Tinder has a reputation that it’s mainly for singles who aren’t looking for anything serious, and Gen Z daters are on these apps to look for friendships and casual relationships as much as a partner. However, in recent months, Tinder’s new CEO Bernard Kim seems to be taking the app in a new direction and focusing on attracting more serious daters, including testing a new $500 VIP service called Tinder Vault.

Dating app Bumble has partnered with Gymshark to create a UK-based ad campaign centered around fitness, a popular first date activity among younger daters.

According to The Drum, the campaign focuses on compatibility for singles, and how they can bond more easily over shared interests. “For Dates That Workout” includes new interest badges that users can add to their profiles, including weightlifting, HIIT and bodybuilding, which were chosen by Bumble based on what’s most popular with Gymshark members. Yahoo! Life noted that the most popular workout activities for Bumble dates were running, and HIIT, yoga and Pilates classes.

Bumble found that 22 percent of Gen Z and millennials have exercised or attended a fitness class on a first date, according to The Drum. This has been especially popular since the pandemic, where meeting for drinks has taken a backseat to more active dates. According to their research, 32 percent of singles have attended a fitness class with the intention to meet someone.

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.