THE MOTLEY FOOL - June 17 - Soulgate, which operates one of China's most popular social networks, Soul, has filed early-stage plans for an IPO. The Chinese tech giant Tencent owns a 49.9% stake in Soulgate, making it the largest shareholder in the company. While Soulgate makes every effort to say Soul is not a dating app, it's often described as such. That's because Soul's main attraction is an AI algorithm that helps users find their perfect match. This feature sets it apart from other dating apps, where users scroll through reams of profiles to find someone they like. Soul is now China's fifth-most-popular social media app according to Sensor Tower. This puts it in a great position to grow its share of China's mobile social networking market, which it estimates to be worth $18B. Soulgate's $78M in 2020 revenue is just 0.4% of this opportunity. Soul had 1.7M monthly paying users in March, up from 929,300 in 2020. But that's only 5.1% of its 33.2 MAUs.
by Lawrence Nga
See full article at Nasdaq
See the top news on Soul
| |
