BlueCity Announce Q3 Financial Results

BlueCity has launched its financial results for the third quarter of 2021. China’s biggest gay dating app released an update on the total revenue, net loss, adjusted net loss, monthly active users, and total paying users.

BlueCity announced revenue of $41.9 million USD for Q3’21, a decrease of 9.3% for the same period in 2020. The leading gay dating app also announced a net loss of $11.5 million USD for Q3’21, but this is compared to a $21.5 million USD loss for the same period in 2020.

In terms of monthly active users, BlueCity’s apps reached 7.5 million people during Q3, which represents an increase of 19% compared to the same period in 2020. BlueCity’s total paying users also increased by 57% during Q3’21 compared to 2020, with 776,000 users paying a premium for the service.

Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive Officer, commented: “As we continued to execute our growth strategies and enrich our product offerings while improving user experience, we made multiple stages of solid progress across our strategic priorities in the third quarter. Total MAU reached 7.5 million, up 19.3% year over year, with 57.1% increase in our paying users. Most excitingly, we continued to see strong performance for our membership services and He Health, with a 93.1% and 136.8% year over year revenue growth respectively.

Ma added, discussing the developments of He Health : “In addition to the achievements mentioned above, we are especially excited with our progress in developing He Health. In the early of this month, we officially launched our first male consumer health brand, Mr. heer, dedicated entirely to male personal care and sexual health products and services. This is a huge step forward for He Health as it complements He Health’s original services by providing users with vital items alongside online sexual health consultation, as well as HIV-related services. Looking ahead, we will continue to leverage BlueCity’s resources in exploring and understanding the multi-faceted needs of male users and our community to provide the most optimal products, services, and user experience.”

The past twelve months have been significant for BlueCity, growing He Health and their online health consultation service, as well as being granted an internet hospital license. They also recently launched their range of men’s health products, ‘Mr Heer’, and resources to support members on World Mental Health day.

Junchen Sun, BlueCity’s acting Chief Financial Officer commented on the Q3 results: “In the third quarter, we posted our total revenues of RMB270.0 million, down 9.3% from the same period of last year. The decrease in total revenues was due to a slow down in the domestic talent show live streaming industry. However, our relentless efforts to diversify our revenues structure powered robust growth in our membership services and He Health. The revenue contribution from our membership services increased to 13.0% in this quarter versus 6.1% from the same period last year. Looking ahead, we remain committed to our growth strategy of further developing membership services and He Health, which we believe will solidify our foundation for sustainable, long-term profitability.”

Read the full financial results here.