Bumble redefined the dating market as it allowed the women to make the first move. That was its major differentiator when it was launched in 2014 by Whitney Wolf Herd, who was the co-founder of Tinder but parted ways from the company on a bitter note.
In a recent podcast with the New York Times, Whitney clarified that her being back at the helm of Bumble did not come after a tiff with her predecessor Lidiane Jones who headed the company for only 1 year before citing burnout.
Bumble obtained great share of dating market around 2020 however, its userbase has declined significantly in the recent years. And the returning CEO has now not shied away in admitting that there were fundamental flaws in their approach which might have repelled its users.
Overhyping Bumble’s Feminist Impact
Whitney Wolf Herd, who is now back at the helm of Bumble admits that the company overhyped the functionality of women making the first move implying improved gender equality through marketing. She admits that the app alone may not be able to solve such decade-old problem.
“A woman sending a message on an app is not going to save the world… maybe we’ve oversold ourselves along the way in certain ways and I’m okay to say that. We are a part of the problem in this bigger cultural landscape of online love.” said Whitney
Focusing Too Much on Growth Metrics
The Covid era was a boon for digital ventures and Bumble was no exception. However, the company may have went overboard in order to acquire the users without contemplating whether the customers were getting meaningful output or not.
“The world started focusing… even our team started focusing on outputs… A good business does not focus on outputs. A good business focuses on the core inputs that matter most.” Whitney said in a podcast with the New York Times.
Failing to Adapt to Gen Z’s Needs
Bumble may have gotten popular with the millenials but the same couldn’t be said for the Gen Zs who are placing strong priority on emotional well-being and authenticity rather than on swipe-heavy, superficial interactions.
“Gen Z is fatigued and burnt out on feeling bad… They are feeling rejected and judged.” She says.
The company which peaked at nearly $15.1 billion in its IPO shortly after Covid in 2021 has now plummetted to $4.4 billion valuation. Dating apps like Tinder and Hinge have also experienced a major reduction in its valuation since 2021.
The company has recently announced of using AI in order to improve security, verfication which will enhance the user experience Ref..
