BlueCity Shows Strong Growth in Q3 2020 Financial Results

BlueCity Shows Strong Growth in Q3 2020 Financial Results
(Source: Capital Watch)

Online LGBTQ platform BlueCity reported a yearly revenue increase of 47.3% and a 43.8% year-over-year total paying user growth in its unaudited financial results for the third quarter ending on September 30, 2020. The company recently completed the acquisition of the gay social networking app Finka.

The data are broadly positive. Besides reaching 297.6 million yuan ($45.38 million) in revenue, monthly active users on the Blued mobile app touched 6.3 million – up 7.0% from the same period in 2019 – and total paying users grew to 494,000, an increase of 43.8% compared with 344,000 in the third quarter of 2019.

The company gained 255.2 million yuan ($38.9 million) in revenue from live streaming services and 18.2 million yuan ($2.78 million) from membership services, representing a 42.9% and 56.4% year-over-year increase, respectively.

The company’s adjusted net income was 7.1 million yuan ($1 million) compared with an adjusted net loss of 6.5 million yuan in the third quarter of 2019.

“In the third quarter we devoted resources to optimizing our service and product offering and identified opportunities to accelerate our global expansion,” said Baoli Ma, BlueCity’s Founder and CEO. “This includes the promotion of marketing campaigns and the introduction of an all-new ‘Community’ feature to the China version of the Blued app to foster a greater sense of community, and the launch of a new version of the LESDO app.”

The Blued app also introduced updates tailored to local users in Latin America.

The recent acquisition of Finka complements BlueCity’s portfolio of apps and services designed to help members across geographies and demographics, with Finka targeting younger generations.

SEE ALSO: Online LGBTQ Platform BlueCity Announces Acquisition of Gay Dating App Finka

“Looking ahead, we will continue to drive growth through rapid expansion into the key markets and subgroups within the LGBTQ community,” BlueCity’s CFO Zhiyong Li said.