Bumble Inc

Dating app Bumble is changing the look of profiles and giving an upgrade to its algorithm to provide a better online dating experience for its users.

The female-focused dating app unveiled its new look in early December. The update prioritizes a person’s pronouns and interests after their primary photo, and according to Axios Austin, this move will help users more easily identify potential matches.

The algorithm changes are aimed at creating a more curated experience. The app will now provide users with recommendations for which picture should be front and center in your profile, which the company said from early reports has already led to more matches. Bumble’s AI technology is also learning more preferences based on user behavior, noting that curating matches this way has helped people spend more time looking at each profile, an indication of heightened interest among users.

Online dating can be time consuming, but it can also lead to burnout when matches are looking for different things, according to a new study by dating app Badoo.

The dating app surveyed its users and found that 78 percent can relate to experiencing burnout from dating, and that it can often feel like a chore because of mismatched intentions about what they are looking for. Dating fatigue happens a lot when dates aren’t honest about what they want from a romantic connection, according to Metro UK.

In addition to the feeling of wasted time spent dating people who aren’t so compatible, there’s also a cost - daters spend roughly 285 GBP per year on what are ultimately failed dates, and on average, daters have about six bad dates per year.

The Bumble Shop

Bumble is moving into the online retail business by opening its first store and selling Bumble-branded apparel.

The Bumble Shop will offer a collection of t-shirts, hats, sweaters, accessories and games, according to WWD, and will be available for purchase at shop.Bumble.com. Featured items will include a varsity sweater, a bucket hat with the company’s tagline of “make the first move” in the lining, pronoun keychains, and a Question Game card game to help people connect by moving past small talk and into deeper conversations.

The Bumble Shop partnered with retro California lifestyle brand Aviator Nation to offer custom limited edition items as well, including the Ninja Hoodie, Ninja sweatpants, and Classic Truck Hat. These will be co-branded and available for purchase on the new site. Bumble plans to offer new collections quarterly, and Aviator Nation is its first clothing partner. Multiple sizes are available as well, ranging from XS to 4XL.

Shares for Bumble Inc, which owns the popular dating apps Bumble and Badoo, fell more than twenty percent after the company’s third quarter earnings call in November. 

The dating app went public earlier this year, with shares taking off out of the gate. In recent weeks however, investors have cooled on the stock, and Bumble has pointed to pandemic lockdowns in strong markets like Japan which have cut into the company’s overall revenue. The latest dip after the earnings call was the stock’s lowest point yet. 

According to Forbes, for the first time since its IPO, Bumble posted a decline in overall user growth, with total paying users dropping to 2.87 million through September, down from 2.93 million in the second quarter.

Bumble announced that it is exploring how to employ the metaverse and Web 3.0 into a relaunch of its Bumble BFF platform. It also added language badges as a new feature to help users connect. 

The move towards interactive experiences seems to be where dating apps are headed, driven by younger Gen Z daters who prefer game-like experiences to swiping. Tinder recently announced that it was testing an avatar-based virtual experience called Single Town where users could meet each other in real time on different online spaces, like “bars” before agreeing to meet in person.

The rising popularity of cryptocurrency is also a factor, as Bumble has indicated it intends to create a crypto goods economy to monetize the new platform, as has Tinder.

Dating app Bumble had a rough third quarter, with total paying users down 2 percent from the second quarter. It was the first time the company saw a decline in its user base since going public in February of this year.

According to Reuters, total paying users fell to 2.9 million as the pandemic surge prompted new lockdowns in hard-hit countries. The company says the pandemic surge caused an overall drop in consumer spending on dating apps and in-app purchases. This news spooked investors and sent Bumble’s stock tumbling 9 percent, a 32 percent total decline since its IPO.

The company owns popular dating app Badoo which was hit especially hard due to its popularity in markets affected by the Covid surges. Badoo accounts for about a quarter of the company’s total revenue according to Barron’s.