May 30, 2023 The Newspaper Serving LGBT Los Angeles

A straight owned, Chinese based tech firm buys Grindr, yes

Móchuáng, ah, errr, Grindr, is downloaded and deleted repeatedly by thousands of users everyday, LOL. PNP?
Móchuáng, ah, errr, Grindr, is downloaded and deleted repeatedly by thousands of users everyday, LOL. PNP?

BY TROY MASTERS  |  It’s hard not to notice that Chinese investment companies are on a huge spending spree in Los Angeles.  Just last week Universal Pictures Legendary Entertainment group was snapped up by Wanda Group for nearly 3.5 billion dollars. Chinese cash has made Beverly Hills and Bel Air richer than ever.  But who would have imagined the spree would extend to gay sex hook-up apps? Grindr, of all things.

Whatever you are looking for — bears, twinks, meth, NSA, quickies, muscles, daddies, cuddles — you can find it on Grndr, where more than 2 million folks sign on everyday looking for something like love.  PNP anyone?

But Grindr, like everyone in a surface relationship, has worried users are looking for something more and that it’s value may dwindle unless it offers more.  Grindr just wants to be part of your life, and so is seeking ways to give users incentives to spend less time with apps like Scruff and Tinder.

Last year it was revealed that Grindr expected to generate about $38 million in cash flow from advertising and subscription revenues.  Perhaps not enough to sustain the company. 

Grindr has allegedly sought investments from a number of sources in the past year. Enter the $93 million facelift.

Grindr, an app that single-handedly reinvented sex in the geo-locating modern age, has given majority ownership to Chinese gaming company Beijing Kunlun World Wide Technology Co. for a reported $93 million. That investment places a valuation of $155 million on the company.

Grindr claims 2 million daily users and has sought to expand — beyond sex — the role it can play in users day to day life.  The the investment is said to be sought for such expansion. Grindr, which launched in 2009, has faced unexpectedly stiff competition from Tinder since then.

Grindr claims to have generated $38 million in 2015 advertising and subscription revenue.

“For nearly seven years, Grindr has self-funded its growth, and in doing so, we have built the largest network for gay men in the world,” founding Chief Executive Joel Simkhai said in a blog post announcing the funding Monday.

The cash investment, it is hoped, will mean “business as usual,” with “a renewed sense of purpose and additional resources.”

Beijing Kunlun World Wide Technology Co. went public on the Chinese stock market in 2015 and sells mobile gaming applications for various smart-phone platforms.

The company has also invested in a grocery delivery company, livestreaming apps and an online shopping.

The investment is noteworthy because it is the first LGBT organization to have ever get financing from a Chinese firm and because LGBT people are largely shunned in China.

in NEWS
Related Posts

LA Pride Announces Three Grand Marshals For The 2023 LA Pride Parade

May 25, 2023

May 25, 2023

Comedian Margaret Cho, Actor Leslie JordanThe ACLU Named As Grand Marshalls Christopher Street West Association (CSW), the esteemed 501(c)3 nonprofit...

The Dodgers Reinstate LGBTQ+ Group’s Invitation and Honor At Dodger Pride Night

May 25, 2023

May 25, 2023

The Sisters Of Perpetual Indulgence Accepted The Baseball Team’s Apology By Dolores Quintana This morning, The Los Angeles Dodgers issued...

Disneyland Welcomes Official ‘Pride Nite’

April 28, 2023

April 28, 2023

Part Of The Park’s Disneyland After Dark Series Of Events By Susan Payne Disneyland is holding its first official LGBTQ...

Latino Equality Alliances Awards $20,000 To College-Bound Students

April 28, 2023

April 28, 2023

Eight Scholarships Went To Low-Income LGBTQ+ Scholars By Susan Payne Throughout the nation, LGBTQ+ and trans rights are being challenged...

Drag March Rally in Weho Amasses Thousands

April 28, 2023

April 28, 2023

Inclusivity and Diversity Take Center Stage at Weho’s Drag March, Drawing Thousands to the Streets By Susan Payne Santa Monica...

Coalition of Faith Communities Stand Against Anti-Transgender Agenda

April 14, 2023

April 14, 2023

By Susan Payne At an All Saints Church in Pasadena lrecently, a coalition of faith communities discussed concerns about a...

Ricky Martin presents 2023 GLAAD Vanguard Award to Bad Bunny

April 14, 2023

April 14, 2023

By Susan Payne During the GLAAD Media Awards this spring, Bad Bunny was honored with the Vanguard Award presented by...

Timothy Dean Family Seeks Wrongful Death Lawsuit Against Ed Buck

April 14, 2023

April 14, 2023

By Susan Payne Judgment before trail is at request of the three sisters of Timothy Dean, who died in the...

Food, Music, and Philanthropy: Taste of Home Festival Hits Los Angeles on April 29th

April 13, 2023

April 13, 2023

Food festival planned for April 29 in Hollywood The Taste of Home Festival offers a unique experience that goes beyond...

Los Angeles LGBT Center Hosts Drag March in Protest of Anti-LGBTQ+ Legislation

April 6, 2023

April 6, 2023

Over 1,000 Angelenos to rally for rights on Easter Sunday Los Angeles, April 04 – The Los Angeles LGBT Center...

WeHo ‘Rainbow Mile’ Runners Amass 20K in Marathon

April 2, 2023

April 2, 2023

By Susan Payne Nearly 20,000 runners gathered in West Hollywood for the 28th Annual Los Angeles Marathon, referred to as...

Outed MMA Fighter Jeff Molina Comes out as Bisexual

April 2, 2023

April 2, 2023

By Susan Payne UFC bantamweight Jeff Molina, known as “El Jefe,” in the octagon, was outed on social media and...

House Digest Reports Best LGBTQ+ Friendly Cities in California

April 2, 2023

April 2, 2023

By Susan Payne California, with its exceptionally high LGBTQ+ populations and progressive economic, educational and social policies, was rated by...

High-Profile Prosecutor Jonathan Hatami Enters Race for Los Angeles District Attorney

March 31, 2023

March 31, 2023

Hatami, a prosecutor in the Complex Child Abuse Unit at the Hall of Justice in downtown LA, has been vocal...

Long Beach Businesses with LGBTQ Flags Vandalized

March 24, 2023

March 24, 2023

By Susan Payne Three businesses in Long Beach have reported windows smashed in with one common denominator: visible LGBTQ symbols. ...