REUTERS - Last week, Match Group filed a letter with Dutch competition authorities saying it believes the regulator has reached a decision in a complaint against Apple and asked for the decision to be made public. Match Group filed a complaint with the Netherlands Authority for Consumers and Markets (ACM) in 2020 alleging that Apple had violated Dutch antitrust laws by forcing Match to use Apple's in-app payment systems and pay commissions to Apple.
152 posts categorized "Outlets - Reuters"
Match Group Asks Dutch Regulators to Reveal Possible Apple Antitrust Decision
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Tencent-backed Soulgate Halts U.S. IPO Plans
REUTERS - June 23 - Soulgate, the Chinese social networking app backed by Tencent Holdings, has halted plans for its IPO in the U.S. because it received other offers to raise capital. The Shanghai-based company, which launched its mobile app in Nov 2016, was looking to raise ~$198M. In March, the company had 9.1M daily active users on average.
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Dating Apps Say Sex Isn't Everything in a Post-pandemic World
REUTERS - June 22 - "There's a really interesting trend that has been taking place in the connection space, which is this desire to have platonic relationships," said Bumble founder and CEO Whitney Wolfe Herd. Her company is investing in its Bumble BFF (best friends forever) feature, which it said comprised ~9% of Bumble's total monthly active users in Sep 2020. Meanwhile Match Group paid $1.7B this year for South Korean social media firm Hyperconnect, whose apps let people chat from across the world using real-time translation. Hyperconnect's revenue jumped 50% last year. Gay dating app Hornet, meanwhile, aims to be more of a social network focused on users' personal interests, rather than solely a hook-up service.
by Aniruddha Ghosh, Subrat Patnaik & Sarah Morland
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Grindr's US Security Review Disclosures Contradicted Statements Made to Others
REUTERS - Mar 29 - When Grindr's Chinese owner sold the app to an investor consortium last year to comply with a U.S. national security panel order, the parties to the deal gave information to authorities that contradicted disclosures to potential investors and Chinese regulators. They told the Committee on Foreign Investment in the United States (CFIUS) that James Lu, a Chinese-American businessman who is now Grindr's chairman, had no previous business relationship with a key adviser to the seller, a man named Ding'an Fei. Fei, a former private equity executive, was acting as an adviser to Beijing Kunlun Tech Co Ltd, Grindr's owner at the time, on the deal, the documents show. The duo had also done business together in other ventures. This could lead to civil penalties and criminal charges under the false statement provisions of the U.S. penal code.
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AI Company Escapes Lawsuit Over Use of OkCupid Photos
REUTERS - Mar 18 - An Illinois federal judge has tossed a proposed class action against AI company Clarifai over its alleged unlawful use of dating profile images to train facial recognition technology, finding the court lacks jurisdiction.
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Tokyo to Help Fund Japanese AI Cupid Upgrades-report
REUTERS - Dec 7 - The Japanese government plans to step up efforts to stem the country's tumbling birth rate by helping to fund more sophisticated AI matchmaking systems. The number of births in 2019 was down 5.8% to 865K, the lowest annual figure ever: a drop in the number of marriages and a rise in the age of marriage both played a part. In a country with a long history of human matchmakers, local governments have already moved on to AI matching systems to pair people up, but many only consider criteria such as income and age and only produce results if there is an exact match. The latest funding will allow access to systems which pair people with a potential partner even if those income or age wishes do not match.
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Match Says DOJ Closes Probe Into FTC Complaint
REUTERS - Sep 8 - Match Group said the U.S. Department of Justice has closed its investigation relating to a lawsuit filed by the Federal Trade Commission on the dating apps owner's business practices. The FTC last September sued Match, alleging that it knowingly sent automated advertisements via Match.com with expressions of interest from accounts which it knew were likely fake to draw in potential subscribers.
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Parent Company of Blued Buys Lesbian Platform
REUTERS - Aug 26 - BlueCity, the owner of China's biggest gay men dating app Blued, has bought a Chinese lesbian dating app LESDO, marking the first ever deal within the country's LGBT market. Launched in 2014, LESDO is an app for lesbians. It is believed to be the second most popular lesbian social app in China after Rela. BlueCity raised $84.8M in a Nasdaq IPO in July that valued it at $614M.
by Colin Qian & Brenda Goh
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Chinese BlueCity Focused on Asia After IPO
REUTERS - July 9 - China's biggest gay dating app's owner BlueCity is focused on expanding in Asia, its founder said after it made its Nasdaq debut despite a U.S. securities regulator warning against investments in Chinese firms. BlueCity, which says its Blued app already has the largest market share in China, India, South Korea and Vietnam, raised $84.8M in an IPO which valued the Beijing-based company at $614M. Blued claims 49M registered users in 210 countries, and 6M monthly active users (MAUs), 49% of them outside China.
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Grindr Cleared for Small-business Loan
REUTERS - July 7 - Grindr was approved for a $1M to $2M loan for small businesses suffering from the coronavirus outbreak. China's Beijing Kunlun Tech sold Grindr last month to an investor group called San Vicente Acquisition, after the U.S. government ordered the divestment amid concerns over the safety of personal data stored in the app. Grindr generated net profit of ~$31M in 2019, according to Kunlun's annual report.
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Blued Gay Dating App Plans Nasdaq IPO
REUTERS - June 16 - BlueCity Holdings, owner of China's biggest dating app for gay men, aims to raise $50M from an IPO of American depositary shares (ADSs). The offer price for each ADS is yet to be finalised, and it will be traded on the Nasdaq global market under the symbol "BLCT". Founded in 2011, BlueCity says it has 49M registered users in ~210 countries. It added that it has 6M monthly active users, 49% of them from outside China.
by Colin Qian & Meg Shen
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This post also appears on InternetDatingInvestments
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CEO of ProSieben Dismisses Merger Speculation
REUTERS - June 10 - ProSiebenSat.1 Media's new CEO resisted calls for a European TV industry merger. Rainer Beaujean, hired in March to run the German broadcaster after predecessor Max Conze's pivot to digital commerce unravelled, is under pressure to deliver better growth and profits as investors led by Italy's Mediaset circle. Beaujean vowed to chart a course to returns on capital of ~15%, saying he had made the company "storm-proof" in the face of a 40% slump in ad revenues. "A trans-European merger would bring few synergies," Beaujean said. ProSieben was not in strategic talks either with Mediaset or Daniel Kretinsky's Czech Media Invest, both of which have amassed double-digit stakes. ProSieben plans to float its online dating business in 2022.
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Winning Bidder for Grindr Has Ties to Chinese Owner
REUTERS - June 3 - An investor group San Vincente that got U.S. approval to buy Grindr has financial and personal links to the dating app's current owner, China's Beijing Kunlun Tech Co Ltd. The Committee on Foreign Investment in the United States (CFIUS) had cleared the sale of Grindr to San Vicente Acquisition for ~$600M. Grindr spokeswoman said: "The buyers for Grindr were selected after an extensive and unbiased bidding process that complied fully with all applicable regulations, as the receipt of all necessary approvals - including CFIUS - demonstrates." A regulatory filing shows San Vicente was incorporated on Feb. 19, just weeks before the deal with Kunlun. The company is named after the LA street where Grindr has its headquarters.
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LGBT+ People Warned off Casual Sex
REUTERS - Mar 28 - According to Sensor Tower, Grindr downloads fell 19% in Spain and 8% in Italy. Gay app Scruff saw a drop of 7% and 10% week-on-week for Spain and Italy. But although the dating apps were down in terms of new users, operators reported higher usage by those on the site. Lesbian app HER had seen "a pretty heavy spike in usage". Over the weekend of March 14-15, HER reported its highest day of the year for "likes" on posts, with the overall number of likes rising by 16% over the weekend.
by Hugo Greenhalgh
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ProSieben Shares Rally After CEO Conze's Departure
REUTERS - Mar 27 - Shares in ProSiebenSat.1 Media rallied by 9% on Friday after the departure of CEO Max Conze. ProSieben announced that Conze was leaving with immediate effect and CFO Rainer Beaujean would assume his responsibilities. Conze had sought to accelerate a pivot to digital commerce and advertising to offset a relentless decline in ProSieben's core commercial TV franchise, but while this preserved top-line growth it squeezed profitability and pushed up debt. The recent announcement of the $500M takeover of The Meet Group incurred the disapproval of Italian broadcaster Mediaset, which took advantage of a precipitous decline in ProSieben's share price to up its stake to 20%. Mediaset wanted ProSieben to change course and concentrate on its core media business. Analysts at Citi said it was possible that Mediaset could partner with Czech investor Daniel Kretinsky, who owns a 10% stake in ProSieben, to make a takeover bid.
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