Newborn Town Completes Acquisition of LGBTQ Digital Platform BlueCity

Newborn Town Completes Acquisition of LGBTQ Digital Platform BlueCity

Newborn Town, the HK-listed tech company that aggregates social networking and entertainment scenes, announced the completion of its acquisition of BlueCity on August 2. After that, the performance of BlueCity will be incorporated into Newborn Town’s consolidated financial statement. Since then, BlueCity officially became a subsidiary of Newborn Town, and its products, including “Blued” entered Newborn Town’s global portfolio of social networking apps.

It’s reported that Newborn Town’s 10-year experience in digging into the global market has complemented the capabilities of overseas operation and monetization possessed by BlueCity’s social apps. According to one of the latest announcements from Newborn Town, this company has helped BlueCity achieve profitability from August to December last year by promoting refined operations.

Newborn Town is a tech company that gears towards the global social networking and entertainment markets, with the flagship social media apps like MICO, YoHo, and TopTop going viral worldwide. BlueCity, as the leading LGBTQ+ online platform, also eyes the global market by launching a series of social products like Blued.

Newborn Town has been focusing on exploring global business landscapes of social networking. According to its newly released unaudited operating data, the volume of accumulative downloads of Newborn Town’s social networking business reached 540 million as of June 30, 2023, representing an increase of approximately 6.0% compared to March 31, 2023. The average monthly active users of its social networking business amounted to about 22.5 million, achieving a quarter-on-quarter increase too.

Completing the acquisition of BlueCity indicates Newborn Town’s official access to the global LGBTQ+ social networking realm and its continuous moves to expand overseas markets.