BlueCity acquired leading lesbian app LESDO
BEIJING, Aug. 26, 2020 -- BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT), a world-leading online LGBTQ platform, today announced that it has completed the acquisition of LESDO, a leading location-based social networking service provider targeting the lesbian community in China.
Launched in 2014, LESDO enables users to connect and express themselves via text messages, photos sharing and live streaming. The acquisition marks a significant milestone in implementing BlueCity’s strategy to serve subgroups within the broader LGBTQ community.
Mr. Baoli Ma, BlueCity’s founder, chairman and chief executive officer said: “We continue to execute our strategy to expand services to serve other sub-groups of the broader LGBTQ community. This acquisition represents our determination to better serve more members of the LGBTQ community.”
“In China, the lesbian market is fragmented, with many small service providers lacking the ability to do sustainable product development or provide consistent services. LESDO represents a great opportunity for us to enter and consolidate the lesbian market. We will continue to enhance and improve services and deepen the connections within the community.”
Ma said BlueCity will fully leverage on its financial and technological resources, as well as operational experiences to refine and enrich service offerings to expand our addressable market and drive further monetization opportunities.
According to the Frost & Sullivan Report, the global LGBTQ population was approximately 450 million in 2018, and is expected to grow to 591 million by 2023. Lesbian and bisexual women combined account for 38.5% of the LGBTQ population, representing a population of nearly 200 million globally.
The market size of the global LGBTQ market was US$3,860.3 billion in 2018 by consumption expenditure and marketing expenditure, and is expected to reach US$5,425.9 billion by 2023, representing a CAGR of 7.0%, the report said.
BlueCity is a world-leading online LGBTQ platform, providing a full suite of services aimed at empowering the LGBTQ community in every aspect of their daily lives. As a central hub of BlueCity’s services and platforms, the Blued mobile app allows our users to connect with each other, express themselves, and access professional health related services and family planning consulting services at their fingertips. Blued has connected more than 54 million registered users worldwide as of Jun 30, 2020 and has a leading foothold in many markets.