Grindr Inc. has shared its Q2 financial results, reporting a 32% growth in revenue. The LGBTQ+ dating app saw $61.5 Million in Q2 revenue, citing strong performances across its new subscription model and advertising business.
In a recent letter to shareholders, the company outlined that the rollout of its lower priced premium model ‘Weeklies’ was resonating well amongst users. Offering a lower priced option with a shorter duration helped Grindr grow its paying users and achieve a higher average revenue per paying user (ARPPU).
In its advertising business, Grindr introduced new and more persistent ad formats. This helped serve its brand partners and the upgrade experience for users, it shared.
The company also saw money saved through internal changes. As of June 2023, it had 174 full-time employees, a 15% reduction compared to the end of 2022.
Grindr’s revenue is supported by its 929,000 paying users, representing a 7.1% payer penetration. Grindr has more than 13 million monthly active users across the globe, since first launching in 2009.
“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,” said George Arison, Chief Executive Officer of Grindr.
“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 monetization, we added new features to the core app and continued serving our community throughout the second quarter”, Arison added.
“Due to the strength of our results in the first half of 2023, we are raising our full-year outlook to 28% or greater revenue growth and 41% or greater EBITDA margin, up from 25% and 38%, respectively”, he continued.
You can find Grindr’s full letter to shareholders and Q2 results here.
