Grindr Surpasses Expectations with 33% Revenue Growth in 2024
Grindr, a leading social networking app, has announced impressive results for the fourth quarter and full year 2024. In a conference call held on March 25, Grindr's CEO, George Arison, and CFO, Vanna Krantz, revealed that the company had achieved significant milestones in revenue growth and adjusted EBITDA margin.
According to Arison, Grindr's revenue for 2024 grew by 33% year-over-year, reaching $345 million. This marks a notable achievement, as it surpasses the initial guidance provided on the Q4 call last March. Additionally, the company's adjusted EBITDA margin was 43%, which is 3 percentage points higher than the initial guidance.
The results are attributed to Grindr's relentless focus on user experience, commitment to delivering great products, and continued expansion of its advertising business. The company has also been working to address technical debt and long-term vision issues left behind by prior Chinese ownership. As a result, challenges such as significant technical debt have largely been resolved.
User engagement with the app remains high, with users spending over 130 billion chats, sharing more than 2 billion albums, and averaging over 70 minutes on the app per day in 2024. This demonstrates the effectiveness of Grindr's efforts to enhance user experience and deliver innovative products.
Looking ahead, Arison emphasized that strong momentum from 2024 is continuing into 2025. The company has released its first annual product road map, which was shaped by user input. In February, Grindr announced plans to clean up its balance sheet, and today it unveiled a $500 million share repurchase program.
Furthermore, the CEO outlined four key priorities for 2025: shipping products as Grindr elevates itself to world-class app status, strengthening its global brand through creative content and better global understanding, expanding into new product categories such as health and wellness, and further increasing talent density. These initiatives are aimed at maintaining strong product-led growth in the years to come.
With confidence in its team's ability to execute on these plans, Arison expressed enthusiasm for what lies ahead. He closed by thanking shareholders and the community for their support, encouraging them to read the shareholder letter for greater detail on the points discussed.
