In a recent interview, George Arison, CEO of Grindr said that the platform’s stock price “will take care of itself”. This statement comes after Grindr stock prices have dropped since its first market close.
In an exclusive with Fast Company, Arison said that the market has been “very weird”, and he is confident that the platform’s stock prices will sort themselves out. This confidence may come from Grindr’s big plans for 2023.
For 2023, the LGBTQ+ dating app expects revenue to grow 25%. This is because the platform plans to bring in a host of new offerings, leading non-paying users to start spending money.
One possible change is the launch of a lower subscription tier, a cheaper alternative to the $19.99 model running currently. While Arison shares that some users will spend more as they want more, finding the optimal financing model would be a focus for Grindr in 2023.
Irrespective of stock prices, Grindr finished 2022 by growing revenue 34% year-on-year to $195 million. This included a rise in monthly average users to 12 million, an increase of over 1 million from the year prior. In that time, paying users increased by over 170,000.