Magic Lab Information, Statistics, Facts and History

Facts Summary for Magic Lab

Magic Lab Logo
Owner:
Blackstone (owns a majority stake)
Headquarters:
London, United Kingdom [2019 #4]
Business Started:
2019
Brands & Partnerships:
3 (2020). Badoo, Bumble, and Lumen
Employees:
NA
Main Service Areas:
United States, Canada, United Kingdom, Australia, Russia, International (190 countries)
Number of Paying Members:
NA

Magic Lab History Summary

Magic Lab is a holding company started in 2019 by Andrey Andreevh and in partnership with a number of dating brands he has founded and invested in. This includes Badoo, Bumble, Chappy, and Lumen. These 4 dating service combined have over 500 million users worldwide. The group of dating services also share in resources including component-based technology infrastructure and employees.

Magic Lab also has committed $100 million to identify, recruit and support the next generation of dating products and their founders visions. The money will be used primarily for marketing and brand incubation.

Late in 2019 Andrey Andreevh sold his majority stake in MagicLab to Blackstone. At this time Bumble founder Whitney Wolfe Herd, was made CEO of MagicLab.

In late February 2020 the gay dating app Chappy was closed with Bumble becoming Magic Labs choice for LGBTQ+ singles to join.

Related Statistic Pages

Magic Lab Facts By Year

2020

  • General Information
    • In the first year, Lumen gained 1.5 million members. Lumen launched in September of 2018. [1]
    • Gay dating app Chappy was shut down on February 28th. Chappy users over the past month have been asked to join Bumble. [2]
    • Co-founder of Chappy, Sam Dumas will continue to work with Bumble as an LGBTQ+ brand adviser. [2]

References

  1. Boomers Are Gravitating to Dating Apps Catering to Older Daters
  2. Bumble Shuts Down Gay Dating App Chappy

2019

  • General Information
    • Andrey Andreev and his partners form Magic Lab as a holding company for Badoo, Bumble, Chappy and Lumen. [1]
    • Forbes did an expose on Andrey Andreevh and Badoo claiming a lengthy history of workplace misconduct, including sexism, racism, drug use, wild parties and a possible tax evasion scheme which Andreevh denies. [2]
    • The voice and video call feature is currently being added to Magic Labs suite of dating apps. It is currently available on Badoo and Bumble, coming soon for Lumen and Chappy. [3]
    • Magic Lab owns 79% of Bumble (valued at more than 1 billion USD). Andrey Andreev has bankrolled the company from the beginning. [4]
    • Magic Lab is headquartered in the United Kingdom. [4]
    • Most of the technology for its different brands of dating apps is developed at Magic Labs in London. [4]
  • Finances
    • Andrey Andreev commits $100 million to Magic Lab to identify, recruit, and support the generation of dating services. [1]
    • Magic Lab saw earnings skyrocket at the end of 2018 to about 270 million pounds, up 51% from the year before. In 2019 quarter 3, Magic Lab reported a loss of about 4.8 million pounds. [4]
    • Magic Lab is rumored to be preparing for a US IPO. [4]
    • Andreev is set to sell his majority stake in MagicLab to Blackstone in a deal that values the company at $3 billion. As part of the transaction, Andreev will step away from the business and Bumble founder Whitney Wolfe Herd will take over as CEO. [5]
    • This pass year MagicLab has had annual revenue growth of around 40%. [5]

References

  1. Owner of Badoo and Bumble Launches New Parent Company Magic Lab
  2. Badoo Employees Reveal Toxic Work Environment in 'Forbes' Expose
  3. Bumble Introduces In-App Video and Voice Calls
  4. Bumble CEO Receives Over 4 Million Pounds from Magic Lab Dividend
  5. Andrey Andreev Sells His Stake in Parent Company of Bumble and Badoo

Return to Online Dating Statistics & Facts

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Last Updated: Tuesday, March 31 2020 @ 09:56 am| Hits: 694 View Printable Version