Facts and Figures
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Note: Traffic data was provided on May 09, 2019. Enquire for more recent data.
Why not bring people together who like the same music? If two people have a common interest in music, could it be the perfect beginning to a friendship or romantic relationship? This is the premise of TasteBuds (https://tastebuds.fm/) a dating app which connects users based on their interest in music, differentiating it from competing services like Tinder or Bumble. TasteBuds has its own iOS app and was launched in 2010 by two musicians in London. Users establish their TasteBuds account using Facebook and/or Spotify. The TasteBuds app lets you scan your iPhone music library and matches you with people of the desired gender who have a common music taste. Users are also asked a series of profile-building questions, such as favourite song, band or concert, and are then algorithmically matched to other individuals based on their answers. They can then begin interacting with users by sharing and chatting about their favourite music.
How does your business make money?
Usage of the iOS app is currently free. Roughly 84 people download the app each day and 180 people sign up for the service each day in total. Tastebuds is monetized via subscriptions for its premium offering "Backstage Pass" which allows users (mobile and desktop) to send private messages to users with whom they aren't matched (https://tastebuds.fm/backstage).
Prices are £10 / 1 month, £20 / 3 months and £30 / 6 months.
Why should someone buy this business?
Once considered taboo, the number of couples meeting online has more than doubled in the last decade to about 1-in-5. Meeting a partner online is fast becoming the default and certainly culturally acceptable. Music also brings people together, be it at a bar, gig or via a music-focused conversation. TasteBuds is proven to attract users who may not consider other online dating services. To date TasteBuds has grown organically, acquiring thousands of users each month. The “TasteBuds” brand is well-established, and our two products are built to the highest quality.
How can the future owner improve this business?
The future owner may charge users to download the iOS app. The future owner can invest in marketing within the music sector to attract more music fans and capitalise on the growing popularity and acceptance of online dating. There is scope to introduce new subscription-based services or exclusive features. There is also the opportunity to derive revenue from ad implementation or corporate/event partnerships such as sponsored profiles.
Why are you selling this business?Life circumstances has meant I don't have the resources to invest into the business any more.
- Brand and Community Loyalty
- Large Customer Database
- Length of Operation in Niche
- Passive Revenue
- Low Acquisition Cost for New Customers
Opportunities for a new owner
- Start Selling into New Markets
- Capitalise on the Emerging Market
- Improve Current Marketing Efforts
I spend approximately 4 hours a week running the business as of late. This time is mostly comprised of customer service, user moderation and accounting.
The website is built using Ruby on Rails and the iOS app in Objective C and Swift. Any upgrades to either product would require knowledge in the respective technology. This isn't strictly necessary to run the business but as with any technology company upgrades are necessary over time.
Tastebuds is available internationally. Roughly 35% of users are in the USA, 25% in the UK and the rest divided among other countries.
TasteBuds is a registered trade mark in the UK. The app was developed entirely by the company and it's staff. We own all intellectual property rights.
The majority of expenses are on web hosting (Amazon, Heroku, Compose) and emails (Sendgrid). Growth comes primarily from SEO and word of mouth. We have done paid advertising on Facebook but we haven't done any for maybe a year. All of the growth currently happens organically. Tastebuds has had a lot of press and news articles written over the years and as such is listed on many search terms for dating apps. We had a incurred losses in the past 3 months because we were paying an iOS developer in Hungary to work on a new version of the iOS app. That contract lasted for about 4 months and has now ended.
- Brand assets
- Custom technology
- Customer databases
- Hosting accounts
- Marketing materials and collateral
- Registered trademarks
- Relevant email accounts
- Social media accounts
- Website files, source code and content
- e-Commerce platform accounts
Post sale support
This is support provided by the seller when transitioning the business to a buyer.
About the Seller
I built the Tastebuds website and have managed the Tastebuds iPhone app project and run customer support. For the last 5 years or so I have been running Tastebuds part-time and am looking to offload it now to someone to invest more into growth and marketing.