Finances

Dating app Bumble has announced it will donate a “high six-figure commitment” to the National Domestic Violence Hotline’s new “love is respect” initiative, which aims to empower young people to end abusive relationships. According to news site Built in Austin, the partnership will continue for a three-year period, building on the $100,000 donation Bumble made to the organization back in March. 

When the pandemic progressed and stay at home orders went into effect, many women were placed at risk, because they were essentially trapped with their abusers. Domestic violence is a problem in the U.S., where guns are pervasive and far too often women are the victims in domestic assaults.

Match Group shared in an exclusive interview with Marketwatch that they expect its dating app Hinge to triple its revenue by the end of the year.

Analysts shared that they are optimistic about the dating app’s prospects too, with 6 million monthly active users and about 400,000 subscribers. Hinge has the opportunity to add more paid features and can raise subscription prices as ways of increasing revenue among its so-called “premium” customer base of high earners. According to Marketwatch, Morgan Stanley analyst Lauren Cassel said, “we believe Hinge is Match’s next major revenue and earnings growth driver.”  

Match Group criticised Apple's App Policies

Match Group CEO Shar Dubey recently voiced criticism of tech giant Apple’s policies in regard to their app store.

In an interview with Axios, she claimed that the way the store operates is “inconsistent and unfair” in terms of the percentage of revenue Apple takes from every app store purchase (30%). While this is definitely a disadvantage for Match Group’s revenue stream, Dubey pointed out that consumers lose, too because they don’t have as much choice as they otherwise would have.

When Match Group customers have issues with subscriptions or billing, they have not been able to help them directly either, and instead have to refer them to Apple for any refunds or payment issues. In other words, it creates a big headache for customers who would rather just deal with one company in one interaction, rather than going back and forth.

Popular feminist dating app Bumble is preparing for an initial public offering early next year, and is reportedly talking with banks about the plan.

The timing is still tenuous, but it was reported by Bloomberg News that the company’s valuation could be between $6 billion to $8 billion dollars. Bloomberg also noted that private equity firm Blackstone Group bought a majority stake in Bumble last year, when it was known as MagicLab. Blackstone valued the company then at $3 billion.

MacigLab was recently rebranded as Bumble by its new CEO and Bumble founder Whitney Wolfe Herd, who took over after Andrey Andreev resigned. Herd has made some changes including significant rebranding and folding in gay dating app Chappy to its signature Bumble dating app. Popular dating app Badoo, also founded by Andreev, is part of the Bumble suite of apps.

BlueCity, parent company of China’s largest gay dating app Blued, has just announced its acquisition of popular Chinese lesbian dating app LESDO, marking the first-ever deal within the country’s LGBTQ market.

LESDO is an app created specifically for Lesbian users and one of the most popular lesbian social apps in China along with Rela. No financial information was disclosed about the deal. 

"We can see the scale of existing lesbian apps are not big enough to meet the demand of a sizable market," BlueCity's founder and chief executive Ma Baoli said in an interview with Reuters. He added that BlueCity could offer algorithm support, marketing, and financing to boost customer retention and visibility as well as increase new subscribers of the app.

The Meet Group’s revenue and profits soared past original milestones for Q2 of this year, thanks in part to so many singles turning to dating apps during coronavirus lockdowns.

The company beat Wall Street estimates, with net income at $10.3 million, up from $2.2 million in the same period last year. This was a huge jump – resulting in a 373% increase in profits for the company. According to Philadelphia Business Journal, The Meet Group did not conduct an earnings call with investors over Q2 results, nor did they speak to the publication about the increase, and what part of its business was generating the most income.