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Social network Grindr going public at $2.1 bn value

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Gay dating and social networking platform Grindr says it will use some $384 million raised by going public to expand and improve its service. – Copyright AFP Hector RETAMAL

Social network Grindr on Monday said it has hooked up with a special purpose acquisition company to become a publicly traded company valued, out of the gate, at $2.1 billion.

Los Angeles-based Grindr expected to raise $384 million when it combines with Tiga Acquisition Corp and becomes Grindr Inc.

“Grindr is the leading platform focused on the LGBTQ+ community for digital connection and engagement,” said chief executive Jeff Bonforte.

“Grindr is well positioned to be a public company and will continue to expand the ways it serves the LGBTQ+ community.”

Grindr had an average of 10.8 million users monthly last year, most of whom are age 35 or younger, the company said in a release.

The startup founded in 2009 said it is profitable.

Grindr’s union with the SPAC pends regulatory approval and is expected to be consummated in the second half of this year, the company said.

“This transaction is a milestone event,” said Grindr board chair James Lu.

The Grindr app early this year disappeared from multiple app stores in China as authorities tightened control of the country’s already heavily policed internet and purged online behavior the ruling Communist Party disapproves of.

The country’s cyber authority conducted a campaign to root out illegal and sensitive content during the Lunar New Year holiday and February’s Winter Olympics.

Although the world’s most populous nation decriminalized homosexuality in 1997, same-sex marriage is illegal and LGBTQ issues remain taboo.

The Chinese former owner of Grindr, Beijing Kunlun Tech, sold the app to investors in 2020 under pressure from US authorities concerned that the potential misuse of its data could present national security risks.

Norwegian authorities in December said that they were fining Grindr more than six million euros for illegally sharing users’ personal data with third parties.

“Our conclusion is that Grindr has disclosed user data to third parties for behavioral advertisement without a legal basis,” said Tobias Judin, head of the Norwegian Data Protection Authority’s (DPA) international department.

Grindr, which bills itself as “the world’s largest social networking app for gay, bi, trans, and queer people,” is accused of sharing GPS coordinates, elements of its users’ profiles such as age or sex and the very fact that they use the app, thus giving indications of their sexual orientation.

The lack of clear information about this practice given to users and lack of explicit approval on this point from them violates the General Data Protection Regulation (GDPR) adopted by the European Union in 2018, according to the Norwegian DPA.

Grindr has appealed the fine, the Norwegian regulatory authority said in an online post in February.

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How to Successfully Use Social Media: A Small Business Guide for Beginners [Infographic]

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How to Successfully Use Social Media: A Small Business Guide for Beginners [Infographic]

Are you a small business owner or marketing manager, just getting started on building your social media strategy? Need to learn the basics before launching your first social media campaign?

In this infographic, Sprout Social shares social media tips broken down as follows:

  • Who uses social media?
  • What does social media do for you?
  • Define your goals
  • Targeting your audience
  • Choosing a platform
  • Social media metrics

Check out the infographic below to learn more.

How to Successfully Use Social Media: A Small Business Guide for Beginners

Sprout Social

 

 

 

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Moore Digital Names Two Executives To Serve Nonprofit Fundraisers 02/07/2023

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Moore Digital Names Two Executives To Serve Nonprofit Fundraisers 02/07/2023

Moore Digital, which assists nonprofit clients with fundraising, has named Adva Priso as chief strategy officer and Bonnie Huey as senior vice president of
digital media.

They are joining a team of “more than 70 top digital experts from across the for-profit and nonprofit industries, including strategists,
media planners and …



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Pinterest Now up to 450 Million Active Users, Posts Solid Numbers in Latest Performance Report

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Pinterest Now up to 450 Million Active Users, Posts Solid Numbers in Latest Performance Report

Pinterest has posted its Q4 and full-year earnings for 2022, showing steady increases in both users and revenue, as it continues to build out its various offerings.

First off, on users, Pinterest added five million more active users – most of them coming from Europe – within the final measurement period of last year.

That’s a good sign for Pinterest, which actually lost users in early 2021, after the COVID-induced boom in eCommerce activity of the previous year, which saw the platform post record high usage numbers.

Many analysts and businesses seemed convinced that the COVID boost to online shopping would hold, even after the pandemic ended. That lead to companies like Meta, Google, Amazon and Twitter investing big into commerce solutions – but many of the staff they put on were eventually culled in the most recent round of lay-offs, because once physical stores re-opened, people actually did go back to shopping as normal, as opposed to continuing to rely on online options.

Pinterest felt that the most, but now, it’s steadily building back up again, as it continues to refine its solutions around evolving shopping behaviors. Which includes video content.

Pinterest’s big winner on this front has been Idea Pins, its Stories-like option which presents uploaded video in a swipeable, full-screen display.

Pinterest Ideas Festival updates

The emphasis on this format has helped boost the platform’s appeal with younger audiences, with Pinterest reporting that Gen Z was the fastest-growing demographic on the platform, increasing double digits year over year.

“Gen Z sessions grew much faster year over year than sessions from older demographics, while nearly half of all new videos pinned in Q4 were from Gen Z users.”

Pinterest also says that sessions continued to grow faster than MAUs, an indicator that it’s driving better engagement overall, while it also increased its overall video supply by 30%, another marker of the popularity of Idea Pins.

Because you can’t post video as a native pin anymore, only in Idea Pins (or paid ads), underlining the focus on the format, and Pinterest’s evolving usage.  

On the revenue front, Pinterest posted a 4% year-over-year increase, after bringing in $877 million Q4.

Pinterest Q4 2022

As you can see in this chart, Pinterest’s revenue is climbing steadily, though its revenue splits remain concerning:

Pinterest Q4 2022

Or maybe you see this as an opportunity, with Pinterest still able to potentially eek out a lot more revenue from regions outside of the North American market. Definitely, it’s got some work to do in that ‘Rest of World’ bracket.

But Pinterest is still developing, and is still expanding its ad and business offerings into new regions. So there is, indeed, potential there – yet the size of the gap here is a concern.

Still, there is growth, slowly but surely, and maybe, if you’re a believer, you can see more ways for Pinterest to generate much bigger revenues moving forward.

Pinterest remains focused on shopping, and highlighting relevant products to users, with its ever-evolving recommendation engine providing better content matches to more users every day. It’s also investing in live-stream shopping, a trend that all platforms hope will catch on in western markets, while it’s developing more presentation tools for Idea Pins to capitalize on that engagement.

In combination, these approaches are working – but at the same time, usage growth in your local market may have stalled, going on these charts.

And of course, while overall growth is interesting, what marketers want to know is whether their customers are there.

For this, you can use Pinterest Trends, which enables you to search for the most popular Pin trends by region.

Pinterest Trends

Tap into these with Idea Pins and you’ll likely be on the right path, based on these latest insights from the app.

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