11/10/2023 0 Comments Dating bumble junemckeevercnbcThe company is also also interested in building out a part of the platform to focus more on dating, with the potential for artificial intelligence to play a role down the road.īut Arison noted that doesn't mean the company will lean away from other uses of the app, such as for hook-ups or for information related to the community. Grindr also recently launched a web offering, which may offer more features at an additional cost in the future. There were about 866,000 paying customers in the first quarter, representing less than 7% of the total monthly users.Īrison said Grindr has an opportunity to grow in international markets: As other countries become more welcoming of LGBTQ+ people, this can encourage members of the community to feel safer on the app.Īn advertisement-free offering is one idea for getting more paid users, though the company also sees the potential to get more focused advertising for companies that specifically want to reach LGBTQ+ people.Īnother idea is to add a function that will allow users to "move" their profile to other locations and be found in different areas, which can appeal to regular travelers. comes even close to this level of engagement," he said.īut he also sees an opportunity to further monetize, with the amount of paying customers lower than peers. "When people see the engagement levels on Grindr, which are out of this world, they are like 'Wow, there's no way you can be used as purely a dating product,' because nobody. The average user spends 58 minutes per day on the platform, as of the end of 2022. Grindr has about 13 million monthly active users, with representation worldwide, company data shows. Arison called the product a "total open book" and said there's the potential to be a "super-app" for the community it serves.Īrison has been pleased with the extensive free functionality to make it a social network and a community space. Grindr is also busy planning the future of the app. "If we deliver that quarter after quarter after quarter, the stock's gonna take care of itself." "The reality is that what I can control, and what my team can control, is, execute to a plan and exceed people's expectations," he said. The firm noted that demand is rising, with 65% of online daters planning to increase usage over the next year.Īrison said he's confident the stock will perform well as long as the company stays on its path of innovation. Online dating penetration is still growing despite concerns the market was oversaturated, according to a Morgan Stanley report released earlier this month. Some see an improving environment for dating apps as a whole, though Grindr leadership is quick to note the platform offers more than just that. A new competitor has also joined the field: Match Group launched its Archer dating app on June 1, focusing on gay, bisexual and queer men. The stock has attracted the attention of the Wall Street Bets Reddit page, which rose to fame in the investing world as it became a primary discussion forum for meme-stock action. Grindr does not yet have any coverage from Wall Street firms, with its last earnings call consisting of questions from retail investors inquiring into topics such as if any board members use the app or if web-based competitors are a concern. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower "By focusing deeply on product, brand, and trust and safety, we believe Bumble has created a business that can garner a meaningful user base across geographies.Best Debt Consolidation Loans for Bad Credit "We believe Bumble is benefiting from a secular trend toward online dating globally, and a search for more meaningful relationships," Patterson said. As demand for online dating holds up, Patterson expects the company to benefit from further expansion in international markets, moderating foreign exchange headwinds and growth within its compliments offering. It trades at 12.4 times 2024 enterprise value to EBITDA, with opportunities for high-teens to 20% margin growth. He also views Bumble's valuation as attractive relative to peers like Match. Patterson established a $27 price target on the stock, implying nearly 35% upside from Monday's close. international ramps, and moderating FX headwinds, we are increasingly confident the core Bumble app can sustain 20%+ annual revenue growth," he said in a Monday note. Analyst Justin Patterson upgraded shares of the mobile dating company to overweight from a sector weight rating, citing increasing conviction in Bumble's ability to capitalize on online dating trends. It's time for investors give shares of Bumble a little more love, according to KeyBanc Capital Markets. Best Debt Consolidation Loans for Bad Credit
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