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|  |
 | |
| Company type | Public |
|---|---|
| Nasdaq: BLCT | |
| Industry | LGBTQ |
| Founded | 2011 in Beijing, China |
| Founder | Ma Baoli |
| Headquarters | Unit B, Building 2, North Pingguo Community, Baiziwan Road, Chaoyang District, Beijing. |
Area served | Worldwide |
| Services | |
| Revenue |
|
Number of employees |
|
| Website | https://www.blue-city.com/en |
BlueCity is a Chinese multinational online LGBTQ company headquartered in Beijing, China. It provides social networking, live streaming, professional health and family planning consulting services.[1] It develops the largest gay social networking app, Blued. As of November 2020[update] the company currently employed more than 500 people worldwide and had a market value of $335 million.[2]
History
editStart up (2000–2012)
editFrom 2000, a police officer, Ma Baoli (aka Geng Le) has previously ran LBGTQ+ online forums Danlan.org.[3] At the time China doesn’t officially recognise homosexuality, nor explicitly ban them, but LGBT content is considered sensitive and blocked by censors.[4] After his superiors discovered website, Ma Baoli lost the job and the support of his family. He spent almost all of his saving, $7,400, to set up a gay dating app called Blued in 2011, in the year later he moved to beijing with seven friends while BlueCity was born.[2] In 2012, The first versions of Blued were developed by college students and a year later Blued had more than half a million users signed up. In 2012, Ma Baoli still goes by the alias Geng Le on Danlan.org.[5]
Bloomding (2013–2018)
editIn 2013, Ma Baoli received $500,000 in angel investment from Shanghai Zhonglu Group and an undisclosed amount of investment from Beijing's Crystal Stream Capital to expand the business. In November the same year, Silicon Valley-based DCM Ventures invested 30 million in BlueCity to explore the gay community in China.[6]
In the next year, the community was subscribed to by 15 million people and reached an average of 3 million daily users.[7] In the period, BlueCity had no revenue, except a trickle of advertising on Danlan.org, as the app is free. Ma Baoli wants to launch a premium version with special features. Also on the drawing board is an e-commerce service specifically for the gay community, in which Blued would take a cut of merchandise sales.[6]
In 2017, BlueCity launched Bluebaby, which provides a range of surrogacy support and advice. It helps gay couples with choosing egg donors, finding surrogates, contract signing and offering ridesharing services.[8]
IPO Listing in US (2019–present)
editIn 2019, BlueCity rolled out HeHealth, which offers access to a range HIV-related medication and consulting services. It has revenues of 759 million yuan while its on an increase of 51.4% in the end of the year.[citation needed]
In the first quarter of 2020, it had more than 49 million registered users in 210 counties and regions as half its 6 million monthly are based overseas. The income structure is concentrated on live streaming which takes 88.5% of its earnings, while the membership services increased by 390.6% year on year. However, BlueCity has yet to achieve profitability as it narrowed the yearly net loss to 3.7%.[9]
In August the same year, BlueCity acquired Chinese lesbian dating app LESDO; as it said in its report, ‘’The acquisition marks a significant milestone in implementing our strategy to serve subgroups within the broader LGBTQ community.”[10]
Since March 31 in 2020, the company filed for $50 million Initial public offering for trading on the NASDAQ with ATMD as lead underwriter,[11] and Baoli Ma claimed that NASDAQ had valued the company at 614 million.
According to BlueCity’s 2020 Q2 report, 85% of its revenue came from its live streaming, and the other 15% diversified across membership fees, advertising, merchandise sales and other services. Most of it was made in China with 11% from its other global users.[12] earnings that showed its total revenue over 35 million.[citation needed]
As of November 2020[update] Bluecity had a market valuation of $335 million, and counted Silicon Valley-based DCM Ventures, Xiaomi investment arm Shunwei Capital and Hong Kong property group New World Development as backers. Once struggling to recruit, Ma now employs more than 500 people worldwide.[2]
References
edit- ^ "BlueCity expands LGTB portfolio with Lesdo (Zephyr)". CompanyNewsHQ. 2020-08-27. Retrieved 2020-11-05.
- ^ a b c "How a Chinese gay dating app blazed a trail to the US stock market". Nikkei Asia. Retrieved 2020-11-05.
- ^ "Transforming Business | 300 People transforming business". Transforming Business. Retrieved 2020-11-05.
- ^ "BlueCity, owner of China's biggest gay dating app, buys lesbian platform". Reuters. 2020-08-26. Retrieved 2020-11-05.
- ^ Wang, Yue. "This Chinese Policeman Built The World's Top Gay Dating App, Now He Wants More International Users". Forbes. Retrieved 2020-11-05.
- ^ a b "World's Largest Gay Dating App, Born in China, Now Attracts Global Investors". Christina Larson, Journalist in China. Retrieved 2020-11-05.
- ^ "China's dating app for gays explores foreign market". China Daily. Retrieved 2020-11-05.
- ^ http://# (2020-06-22). "China's Gay App Blued To Sell Stock & Expand Abroad". Instinct Magazine. Retrieved 2020-11-05.
- ^ Zhao, Lu (2020-06-17). "Gay Dating App Blued Aims at $50M US IPO". Pandaily. Retrieved 2020-11-05.
- ^ "Chinese LGBTQ Dating App Owner BlueCity Buys Lesbian Dating Platform - Caixin Global". www.caixinglobal.com. Retrieved 2020-11-05.
- ^ Ilchi, Layla (2020-06-18). "A Guide to Virtual Events for Pride Month 2020". WWD. Retrieved 2020-11-05.
- ^ Thomas, Shibu (2020-08-28). "Chinese Dating App Raises $84 Million". Star Observer. Retrieved 2020-11-05.