Path: Sino-US >> Business>> Companies >>
Chinese game company to buy out US Gay Dating App Grindr
Photo: Visual China
 
Beijing Kunlun Tech Co., a Chinese Internet games company, said yesterday it will offer $152 million for the remaining 38.47 percent stake of Grindr Holding Company, the world’s biggest gay social-networking app. Once the deal is down, Kunlun group would fully own the popular app for gay men. 
 
It is reported by the National Business Daily that the estimated value of Grindr may have increased 1.6 times to $395 million, considering that Kunlun spent merely $93 million on 61.53 percent of the company’s shares last year.  
 
According to Kunlun’s statement, Grindr has 27 million registered users in 196 countries, with average daily use of over 50 minutes, beating Facebook. Now, Grindr has outperformed all of its competitors in the US to occupy the biggest market share. The Los Angeles-based mobile app was launched in 2009 and matches users based on personal photos and location. 
 
Kunlun disclosed that it wants to buy the remaining shares in a bid to construct world-class social networking and content platform. With the acquisition of all Grandr shares, Kunlun is to step in its operation and management. The board of directors regards social networking services as good assets that are usually scarce.   
 
It is predicted that the service will continue to grow, with the asset value accumulating in the long term. Over the past year, listed social networking services like Match, Weibo, and Momo in the US have all seen stock prices shoot up.   
 
It was previously reported by Bloomberg that China’s attitude toward homosexuality has undergone a radical transformation in the past decade. Once a facet of Chinese culture among the elite, it was pushed underground during the Communist era, and the Chinese Psychiatric Association officially classified homosexuality as a psychiatric disorder until 2001. Recent years have seen China’s attitude toward homosexuality shift, with considerably improved social tolerance. 

 


Related Stories
Share this page
Touched Sympathetic Bored Angry Amused Sad Happy No comment

Chinese game company to buy out US Gay Dating App GrindrDeepMind is on the 'charm offensive' for Google in ChinaA letter to Ms. Yang: You are just a targetDo non-virgins deserve to be loved?WeChat eyes search business to rival BaiduIowa Governor Terry Branstad confirmed as U.S. Ambassador to ChinaChinese media cheers NYT report that US spies were killedFacing death: Palliative care for children and familiesChina’s ZJU with the richest alumni gets paid backChinese state councilor holds phone conversation with US Secretary of State
< Prev Next >