Finances

The app industry saw revenue spike to $50.1 billion for the first two quarters of 2020, in part due to people isolating at home to prevent the spread of coronavirus. Dating app Tinder topped the list of non-game app revenue earners.

This marks a 23.4% increase from the first half of 2019 according to Tech Crunch, compared with a 20% increase for the same time period between 2018 and 2019. The data seems to also point to a growing new user base. First time app installs were up 26.1% in the first half of 2020 compared to the same time period in 2019, and reached a total of 71.5 billion downloads.

Topping the non-game app list was dating app Tinder, followed by YouTube, and popular social apps TikTok and Tencent. Netflix was the fifth-highest earner.

China-based dating app Blued has filed for an IPO on NASDAQ, expanding its global and financial opportunities. 

The company aims to raise $50 million from the IPO, according to TechCrunch, which will go towards investment in technology and expanding the app in other countries. International users make up about half of its current membership.

Blued is part of a gay dating and lifestyle app called BlueCity founded by Baoli Ma in 2011, who is a formerly closeted gay policeman in China who was looking for a way to connect with others. While Blued originally seemed to model itself after dating app Grindr - (which was bought and later forced by the U.S. government to be sold by its Chinese owner Kunlun Tech) – the company added new features that included in-app video chats and livestream capabilities to distinguish itself.

Dating app Bumble announced a new in-app crowdsource campaign to nominate LGBTQ+ organizations that support BIPOC (Black, Indigenous, People of Color) who experience police violence and racial injustice, a nod to the Black Lives Matter movement. Bumble plans to donate $5,000 each to these selected organizations.

Bumble explained the campaign on its website: “…we can’t support Pride without acknowledging the intersection of the LGBTQ+ movement with the Black Lives Matter movement. Many queer Black activists have been on the frontlines of these fights for fundamental human rights for decades, and the Stonewall Riots—which are widely credited with starting the gay liberation movement—were an uprising in reaction to police brutality against LGBTQ+ people. It was the same kind of unacceptable police brutality and abuse of power that we’re still seeing today, only now more focused on Black, Indigenous, and people of color (BIPOC).”

Beijing-based social app Momo is the latest company to see its revenue fall for the first quarter of 2020 due to the economic repercussions of a global pandemic. Interestingly, while other social networks and dating apps have seen an increase in users over the same period, Momo reported a decline there, too.

According to PanDaily, Momo’s net revenues decreased by 3.5% year over year to $3.59 billion Chinese yuan. The bulk of the revenue  - 64.9% - came from live-streaming services on Momo and its popular dating app Tantan. Tantan on the other hand reported an increase in revenue in the first quarter of 29.3 percent from Q1 of 2019. Tantan contributed 10 percent of Momo’s overall revenue for Q1 of 2020.

Tinder Introduces Global Mode

Image: Tinder

Tinder announced that it will soon be rolling out its new Global Mode feature which allows Tinder users to match with anyone regardless of where they live, with no geographical limitations.

Global Mode will allow users to opt in for their profiles to be visible to users around the world, and will allow them to match with people from other countries, according to The Verge. It differs from Passport, which allowed users to pick a city (typically a travel destination) so that they could match with people in that specific location. Global Mode expands this capability without limits, and it’s free.

Tinder has announced that it will be releasing a new video chat feature in the second quarter of this year. This news comes as people around the world continue to socially distance in the wake of the coronavirus, and as its parent company Match Group shared that the app’s subscriber growth had slowed.

Match Group didn’t give specifics about Tinder’s new video chat feature and what it would look like, but they did indicate they were testing the waters with a new video chat platform on another one of its apps, Plenty of Fish. POF offers a live stream video platform where users can observe and weigh in with likes and comments on other user’s live streams. The app is also offering a virtual speed dating feature called NextDate, which allows users to meet and talk briefly with several matches before deciding whether to take the video chat to a one-on-one conversation.