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“[With the deal,] we also aim to be a world leading social media company in the future, and to expand our platforms into film, streaming and animation,” it said.
The takeover comes at a time when China, the world’s most populous nation but lagging the West in achieving equal legal status for its homosexual citizens, is cultivating a lucrative industry catering to the social needs of the gay community.
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“These companies are only going to see their valuations rise in the coming five to ten years, as reflected by the soaring share prices of Weibo, Momo and other Nasdaq-listed social media companies.” While it is uncertain how the marriage between a Chinese game developer and an American gay dating app will bolster each other’s prospects, Grindr’s founder and chief executive Joel Simkhai described the deal in a blog post as “a huge vote of confidence in our vision to connect gay men to even more of the world around them.” ARMY LIFE: MORE GAY-FRIENDLY IN CHINA THAN UNITED STATES OR BRITAIN?
China’s gay dating and hook-up industry is still in its infancy, partly because homosexuality has long been a cultural taboo.
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