What is Bumble?
Texas-headquartered brand founded by former Tinder co-founder Whitney Wolfe Herd in 2014
Today Bumble is the second most populardating app in the US after Tinder. The company claims to have 81 million users in 150 countries, although only 11 million of them use the app at least once a month, according to mobile analytics company App Annie Inc. However, many of these people pay for additional features. For example, for being able to see who liked a user's profile ($ 24.99 per month), or being able to “highlight” their account in other people's feeds ($ 3.60 per month).
Safety for women
Almost every interview that Wolf Heard givesfocuses on how the app is designed to prevent the harassment and verbal abuse women face when they try to find a date partner online or just chat online.
"We want women to feel empoweredsafety and empowerment when using Bumble,” Wolfe Herd told Teen Vogue in 2015. In 2019, CBS This Morning she said Bumble made online dating "safer" and Inc. noted that Wolfe Heard is “on a mission to clean up the Internet.” The Fast Company said it created a “women’s internet.” Bumble's message of empowerment has earned it a nearly impeccable reputation.
Over the years, the name Bumble has become an abbreviation fora company that takes equality seriously. Women who have been harassed or discriminated against in other areas of their lives told Bloomberg that they use Bumble because they find it safer than other dating apps.
In November, the private equity giantBlackstone Group Inc. announced a $ 3 billion acquisition of a controlling stake in Bumble's parent company, MagicLab, and appointed Wolf Heard as CEO to replace its founder, Russian billionaire and tech entrepreneur Andrey Andreev. Upon her appointment, she stated that she “will continue to work towards the goal of changing gender norms and empowering people,” bringing Bumble's feminist mindset to the rest of the company.
Online dating is the most common wayfind a romantic partner in the USA. Nearly 40% of heterosexual couples and 65% of same-sex couples are now online, according to a 2019 poll by researchers from Stanford University and the University of New Mexico. At the same time, the Pew Research Center reports that more than 40% of people in the US have been harassed or threatened online. Women, especially those under the age of 30, are twice as likely as men to be threatened with online sexual violence So far, no online platform has dealt with such abuse, although many, such as Bumble, are trying.
Application criticism
In an interview, Wolfe Heard stated:“Our mission, really, ultimately, is to stop misogyny.” Critics of the app say it's still unclear how Bumble protects women or leads to more equal relationships. Wolfe Heard and others Company representatives talked a lot about how they solved these problems, but no convincing evidence of success was provided.
Based on interviews with more than a dozenpeople who worked for Bumble, Bloomberg experts concluded that the app does not have a system to ensure that its Bumble is safer and its users less sexist than elsewhere. However, this is the first application to take steps in this direction. All users downloading it will have to take into account the rules prohibiting explicit photos, insults and, most importantly, the right of women to take the first step towards dating, avoiding intrusive and offensive messages.
The youngest woman to bring a company to market
Founder and CEO of Bumble WhitneyWolf Heard became the youngest female founder to bring her company to market. However, her online dating career began many years ago and was challenging.
At 23, Wolfe Herd became the firstVice President of Marketing at Tinder. However, she did not stay there long. In 2014, a woman sued the company for harassment. The non-disclosure agreement she signed to settle the lawsuit prevents her from speaking publicly about what happened. There are, however, grim details about her complaint. It is known that the app's co-founders, Sean Rad and Justin Mateen, did not mention her in interviews. In their opinion, having a “girl founder” makes Tinder look bad. The trial taught her how vital feminism and equality are. Wolfe Herd received constant threats online after filing the lawsuit.
When Wolf Heard left Tinder, Andreevoffered her a position as director of marketing for his dating app Badoo. Badoo, based in London and with tens of millions of active users, mainly in Europe and Latin America, was one of the world's largest apps of its kind. She turned down the job and instead offered him an idea for a women-only social network where women could send each other compliments. Andreev was not interested.
Wolfe Herd eventually agreed to launch a dating app for women.
When Bumble launched in December 2014, itwas very similar to existing dating apps, except that it required women to message men first. This rule became a defining characteristic of Bumble, and its slogan “Take the first step” became famous throughout the world.
Bumble has far exceeded stock expectationsmarket, the company is estimated at $ 2.15 billion. Earlier, the company increased the number of shares to be placed from 45 to 50 million at $ 43 per share. Initially, Bumble, which is valued at $ 8 billion, planned to offer 34.5 million shares at various prices ranging from $ 28 to $ 30.
Bumble's IPO has brought it closer to its main competitor - Match Group, the company that owns a portfolio of dating apps, including Tinder.
Future Bumble
In an interview with Bloomberg Businessweek, Wolf Heardstated that in the future, the plan is to continue to emphasize its “respectful approach”. What does it mean? Bumble will continue to position itself as a safe place among dating apps, where women will not be harassed and where privacy comes first. She said this has only grown in importance during COVID-19, as people spend more time on apps getting to know each other. During the pandemic, the number of video chats increased by 90%, and voice calls in the app averaged 30 minutes. However, the company notes: user information is protected: no email addresses or phone numbers are disclosed.
Bumble, whose apps are available on more than 150countries, said it is poised for growth, pointing to rising numbers of single people worldwide, rising adoption of online dating and signs that users are more willing to pay for technology.
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Best friends forever - best friends forever.