LGBTQ+ online dating app Grindr and Tiga Acquisition, a special purpose acquisition company (SPAC) have closed their previously announced business combination. The plan has been in the works since May, and according to Bloombergthe dating app’s stock is up 214%.
In an interview with WSJVanna Krantz, Grindr’s chief financial officer, said most of its growth is funded internally, and Krantz plans to review subscription pricing. Currently, a paid account starts at $19.99 per month. Additionally, 80% of Grindr’s revenue comes primarily from subscriptions.
Founded in 2009, Grindr is an iconic global brand within the LGBTQ+ community. As a public company, Grindr will focus on expanding its platform through user growth, introducing additional features and monetization streams, and further international expansion.
CEO George Arison said, “Today marks an important milestone not only for the Grindr team, but also for the LGBTQ+ community we serve. We’re entering the public markets with momentum, thanks to our market leadership , strong financial performance and a significant growth track as we step up investment in our core products and services. I’m excited to work with our team and investors as we continue to expand our platform and enhance the critical social infrastructure for a traditionally underserved community.”
According to CNBC reportsGrindr’s debut also comes at a turbulent time for other apps in the dating community, with Bumble and Match down 31.7% and 64.9% year-to-date.
In a May 2022 statement, Grindr said it seeks to improve the core user experience to drive engagement and retention, leverage the industry playbook to drive monetization and add revenue streams, and expand product offerings to attract new users and provide additional use cases.
The release also said it had 10.8 million monthly active users as of December 2021, with an average of 61 minutes of daily time per user as of December 2021. About 80% of profiles are 35 years old or younger. Its annual sales and marketing spend in 2021 is about 1% of revenue.
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