The majority of the app's users are born after 1995 and are from China's first-tier cities. Read more: China's LGBTQ online platform BlueCity listed on Nasdaq, hopes to further raise awarenessįinka had over 2.7 million registered users in 2019, and is the top choice for young Chinese gay men to make friends, according to Frost & Sullivan. According to statistics provided by company Frost & Sullivan, the global LGBTQ population is expected to grow to 591 million by 2023, and the LGBTQ market is expected to reach $5.4 trillion by that time, as globally the LGBTQ community's disposable income is higher than heterosexuals'.
The company's IPO and further expansion is supported by the booming 'pink economy'. BlueCity is the first business in the world built on the LGBTQ community that has gone public.īlueCity is the first business in the world built on the LGBTQ community that has gone public. The company also bought LESDO, a dating app focused on China's lesbian community, in August. The transaction is subject to customary closing conditions that are expected by mid-December. It's the second acquisition BlueCity has initiated since the company listed on Nasdaq in July. BlueCity Holdings, the largest LGBTQ platform announced Wednesday it will acquire Finka, a leading gay social networking app in China targeting younger generations for 240 million yuan.
