Bumble is planning to enhance its non-dating social features with a further investment into its Bumble BFF feature, first launched in 2016. This friend-finding feature currently uses the same swiped-based mechanics to connect people looking for platonic relationships but will soon expand to include social networking groups where users can connect with one another based on topics and interests, not just via “matches.”
It’s been reported that Bumble was venturing more into the social networking space, and Bumble recently hinted at this development during its first-quarter earnings, announced this month.
On the earnings call, the company referenced a Bumble BFF “alpha test” that had been performing well.
It described the test as offering new ways for “people to discover and get to know each other around shared joys and common struggles.” Bumble founder and CEO Whitney Wolfe Herd added that, so far, over 40% of “active BFF users” were engaging with the new experiences being tested and the feature’s one-month retention was upward of 75%.
Bumble didn’t, however, describe the product in much detail, beyond noting it offered a “new group format” for networking.
Bumble recently announced their financial results for Q1’22.
Some of the results highlights are listed below:
- Total Revenue increased 23.7% to $211.2 million compared to $170.7 million. This includes an unfavourable impact of $5.1 million from foreign currency movements year over year.
- Bumble App Revenue grew 38.0% to $155.4 million.
- Badoo App and Other Revenue, including Fruitz which was acquired in January 2022, declined 4.0% to $55.8 million.
- Total Paying Users increased to 3.0 million.
- Total Average Revenue per Paying User (“ARPPU”) increased to $22.76, compared to $19.99.
- Net earnings were $23.9 million and net earnings margin was 11.3%, compared to net earnings of $323.4 million and net earnings margin of 189.5%.
- Adjusted EBITDA was $49.8 million, or 23.6% of revenue, compared to $46.1 million, or 27.0% of revenue.
Whitney Wolfe Herd, founder and CEO of Bumble Inc. said: “I am pleased by our strong first quarter results. Bumble App drove substantial revenue growth across the U.S. and international markets and delivered a significant sequential increase in paying users by continuing to focus on a woman-first experience built upon trust, kindness and safety. Our compelling brands, product leadership, and operational excellence position us well to capture a growing share of the global dating market.”
Anu Subramanian, CFO of Bumble Inc. said: “We are off to an excellent start for fiscal year 2022, exceeding our outlook for revenue and adjusted EBITDA in the first quarter. Total revenue grew 24% year over year in Q1, propelled by Bumble App, which saw growth in both paying users and average revenue per paying user. We also continued to deliver strong economics, including adjusted EBITDA of $50 million and net earnings of $24 million. Even amid the current dynamic operating environment, we believe the underlying momentum in our business remains robust.”