Horny queer men help Grindr rake in huge profits in 2023
Grindr has reported huge growth in profits in 2023. (Credit: Getty)
LGBTQ+ dating app Grindr has recorded a huge growth in revenue for the first quarter of the year, easily exceeding expectations.
It has credited improvements such as faster load times and higher-quality pictures for the massive growth, but it’s also due to so many horny queer men using the app to hook up.
In a report to its shareholders, published on Monday (14 August), Grindr’s chief executive officer, George Arison, announced the app’s “strong performance”.
The app’s success also follows the rolling out fresh features, including a newly designed home screen and a subscription plan called “weeklies”.
On the privacy and safety of users, Arison said features such a private album, that enables the secure sharing of photos between users, are being built in to safeguard users.
‘Incredible user engagement’
“We continue to make progress on our strategic priorities, as demonstrated by our strong financial performance and incredible user engagement through the first half of the year,” Arison said.
“Our recently launched weekly subscription offering was met with high demand and contributed to a great top-line result for the quarter. In addition to improving monetisation, we added new features to the core app and continued serving our community throughout the second quarter.
“Due to the strength of our results in the first half of 2023, we are raising our full-year outlook to 28 per cent or greater revenue growth and 41 per cent or greater EBITDA [earnings before interest, taxes, depreciation and amortisation] margin, up from 25 per cent and 38 per cent, respectively.”
He added in the report: “We are never done working on behalf of our users. The team is dedicated to creating a really wonderful experience for them and, overall, we know the better we perform as a business, the more we can do in the world.”
The app, which launched in 2009, claims to be “the world’s largest social network for the LGBTQ community”, and is usually used for hook-ups or dates, but in April one man – when faced with an emergency – turned to the app for help to get his plumbing fixed.
Bristol-based Kieran Greenhook changed many of the misconceptions about the app being often viewed for purely for “sex and nothing else”, and said, after his experience, the platform is much more than that.
Grindr will host its second quarter earnings call today (15 August).
