TECH TIMES - Bumble President Tariq Shaukat is stepping down from his position after three years, and the dating platform is now searching for his replacement. Shaukat played a significant role in Bumble's successful IPO and global expansion. While the reason for his departure remains unclear, Bumble continues to focus on expanding margins and investing in future growth. CEO Whitney Wolfe Herd expressed confidence in the company's roadmap and is committed to maintaining business momentum throughout the year.
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Bumble's President Tariq Shaukat Resigns After Three Years of Service
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Bumble's Successful Growth Strategy
FORTUNE - Anu Subramanian, the CFO of Bumble, emphasizes that all employees must use the Bumble app to fully understand its operations, as it's the company's main product. Subramanian, who joined Bumble in 2020, has a career background at the intersection of media and technology. Bumble's Q1 2023 report shows a revenue growth of 25.9% to $194.3M and an increase in paying users by 31% to 2.3M. The company's focus is on optimizing the user journey to convert users to paying customers and adding new features like "compliments" to drive engagement. Subramanian believes that women making the first move is one of the app's unique features and notes that, despite economic challenges, people continue to invest in finding relationships.
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Bumble Acquires Official, an App That Helps Couples Strengthen Their Relationship
FAST COMPANY - Bumble has acquired Official, an app designed to strengthen relationships for couples. Official offers features such as mood check-ins and date planning to help couples build stronger connections. This acquisition is part of Bumble's broader strategy to enhance the overall "ecosystem of love," which includes various stages of relationships from friendships to long-term partnerships. With Official's presence in over 45 countries and a user base of ~368K couples, Bumble aims to provide comprehensive support and resources for couples to nurture and deepen their relationships. Official will continue as a standalone app though Bumble says there are opportunities for Official and Bumble to collaborate.
by Jessica Bursztynsky
See full article at Fast Company
This post also appears on InternetDatingInvestments.com
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Bumble Updates Spotify Feature to Encourage Musical Compatibility
MASHABLE - Bumble has updated its Spotify feature to enhance musical compatibility among users. With this update, users can share their "Top Artists" with potential matches, making it easier to identify common interests. Since 2016, Bumble has offered Spotify integration, and a majority of U.S. users have linked their accounts. The feature is particularly popular among Gen Z users, and those with linked accounts are more likely to receive right swipes.
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Bumble President: AI Integration Can Help 'Remove Some of the Friction' in Online Dating
YAHOO FINANCE - Bumble's Q1 2023 earnings exceeded revenue expectations, reaching nearly $243 million, a 16% annual increase. Bumble app revenue grew 26% since last year, and total paying users increased to 3.5M, a 15% annual jump. Bumble is testing a new premium paid feature called "Best Bees" that leverages machine learning to improve the curation of compatible matches. Bumble President Tariq Shaukat emphasizes that the company's main goal is to foster real-life connections and that AI is meant to complement and assist the dating experience, rather than alter a user's authentic self. Shaukat envisions AI helping users make better choices in their profiles, improving match compatibility, and promoting kinder and safer connections. AI can also help detect bots, maintain the authenticity of profiles, and facilitate better communication within the app, supporting Bumble's focus on "kind connections."
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Russia's VK Developing Homegrown Tinder Alternative
THE MOSCOW TIMES - Russian tech giant VK is developing its own dating service that could launch this summer following Tinder's planned exit from Russia. Match Group announced this month that it plans to exit Russia by June 30, citing its commitment to "protecting human rights" amid Russia's war in Ukraine. Tinder's competitor Bumble announced its Russia exit in March 2022, days after Russian forces invaded Ukraine. VK Znakomstva's user base has seen a year-on-year surge of 81% to 22.1M unique users. VK CEO Vladimir Kiriyenko is the son of the deputy head of President Vladimir Putin's administration, Sergei Kiriyenko.
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Bumble Announces First Quarter 2023 Results
BUSINESSWIRE - Bumble's Q1 revenue increased 16% to $243M. This includes an unfavorable impact of $7.2M from foreign currency movements year over year. Bumble app revenue grew 26% to $194.3M. Badoo app and other revenue declined 12.6% to $48.7M. Total Paying Users increased to 3.5M YOY, compared to 3M in Q1 '22. Net loss was $2.3M, compared to net earnings of $23.7M last year's Q1. Adjusted EBITDA was $59.3M.
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Tinder to Pull out of Russia, Citing Human Rights Concerns
EURONEWS - Match says it will withdraw from the Russian market altogether by 30 June in an effort to uphold its stated commitment to respecting human rights. Match has previously come under pressure to store Russian users' data and messages in Russia in compliance with intelligence service requirements, raising concerns that LGBTQ users in particular could see their data shared with a notoriously hostile government. Like several other western social media giants, the company has refused. Last summer, it was fined 2M roubles (€22,868) by a Moscow district court in a case brought against several platforms including WhatsApp, Snapchat, Spotify and Hotels.com. Match's withdrawal from Russia has been relatively slow compared to some other players in the online dating marketplace. Bumble announced it was blocking app downloads in both Russia and Belarus in March 2022.
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Bumble Launches Mental Health and Self-care Badges
MASHABLE - May is Mental Health Awareness Month, and dating app Bumble is kicking it off with a new set of Interest Badges and Prompts about self-care and mental well-being. Interest Badges on Bumble let users signal to other users what they care about, while Prompts let them show a little personality and can be good conversation starters. Six new Badges to choose from are "Therapy," "Mindfulness," "Deep chat," "Nutrition," "Sleeping well," and "Time offline." New Prompts include, "My mental health game changer was..." and "I'm prioritizing my mental health by..." According to a Bumble survey, 55% of respondents said it's important to be open about mental health when connecting with others.
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Bumble Survey: Gen Z Prefers Active First Dates Over Bar Scenes
NEW YORK POST - Younger singles are increasingly choosing to go on active first dates, such as exercising, attending a fitness class or going for a bike ride, instead of going out for drinks. A survey by Bumble found that 46% of Gen Z and millennial singles in the US have gone on an active first date. This trend dovetails with younger people drinking less alcohol, with a report revealing that they consume significantly less booze than older generations did when they were young. Hinge found that 30% of its users prefer sober dates.
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Bumble Says UK Cyber Flashing Bill Isn't Enough
MASHABLE - Bumble, along with UN Women UK, TV personality Amy Hart, and the magazine Grazia, are calling for a change in the UK's proposed Online Safety Bill (OSB). The current legislation concerning cyber flashing, or sending unsolicited nude images without consent, is based on whether the sender had harmful intent. This is difficult to validate and prove, Bumble and supporters say, and would give room for those who cyber flash to claim it was a "joke." Instead, Bumble's campaigning for the cyber flashing portion of OSB to be consent-based. Almost half (48%) of UK adults aged 18-24 have received a sexual photo they didn't ask for, according to a 2021 survey of 1,800 respondents in England and Wales.
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47% of Gen Z Daters Think Men Should Take the Lead in Relationships
CNBC - According to data from Bumble's State of the Nation 2023 survey, 40% of Americans believe that men should take the lead in a relationship, and 47% of Gen Z respondents subscribe to this belief. The survey also found that only 11% of respondents believed women should make the first move on a dating app. Jessica Small, a marriage counselor and therapist, explains that despite progress towards gender equality, traditional gender roles and beliefs still influence the dating landscape, especially in the early stages of dating when women may not feel comfortable being forward. However, once a couple is in a defined relationship, Small feels women usually take the lead in household and social matters.
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Bumble Launches New Speed Dating Feature
DNA INDIA - Speed Dating is part of a bundle of new features that also includes Recommend to a Friend, which allows the Bumble community to play cupid and help find their friends new connections. Speed Dating allows users to go in 'blind' and prioritise personality over physical attraction. It requires people to start conversations without seeing any pictures of the other person, with profile photos hidden for the first three minutes of messaging. Once the time is up, each person will be asked if they would like to continue the conversation and if both people choose to match, their chat will live in their Date Mode queue and their profile will be available to view following the event. Speed Dating pairings are based on location, age and gender preferences.
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Creative Minds: Bumble's Naomi Walkland
LITTLE BLACK BOOK - Naomi Walkland, the VP EMEA marketing at Bumble, discusses what makes a "creative mind" and how to inspire creativity in others. She believes that curiosity is the key to creativity and that creativity can take many different forms. Naomi thinks creativity can be developed and nurtured over time, and she finds time for creativity even as a new mother. The modern world is changing what creativity looks like, and technology like GENIE can democratize opportunities for creatives. Naomi cites the Nike and Tiffany partnership as an example of how two completely different brands can come together and create something new and unique.
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Dating Apps Seeing "Some Upside Limit" to User Growth"
THE GLOBAL HERALD - Citi Director of Internet Equity Research Ygal Arounian joins Yahoo Finance Live to analyze Bumble's position in the online dating space and how the dating app and competitors like the Match Group may be experiencing slowing user growth.
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