Bumble Inc. (NASDAQ:BMBL) Q3 2023 Earnings Call Transcript

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Operator: We will take our final question for today from Ben Black at Deutsche Bank.

Ben Black: Great. I just wanted to double click on AI, and Whitney, obviously, you’ve spoken about AI potentially supercharging safe human connection. Can you just give us some examples of how AI can actually support new innovative sort of product launch at Bumble? And do you also think you could supercharge the velocity of product development as well?

Whitney Wolfe Herd: Thanks for the question. So let’s start with the second part of that. The short answer is yes. Where technology is this next-gen technology and the AI tooling that both exist internally, but externally, velocity is going to be able to ramp exponentially faster. Let’s talk about how this can actually tangibly supercharge love and connection. So I think the reason why AI can be so incredibly value additive and business enhancing to our business, in particular, is because look at what people come here to do. They come to our product to meet people. They want to meet people that are compatible to them, that will make them feel good about themselves, that will have shared passion, shared value, shared desires, dreams and hopes for the future.

Right now, with our very early innings of AI, if you look at the AI algorithm for Best Bees, already the ability to say yes to match, to chat is exponentially higher than just the basic algorithm. And that is the very baseline of what AI algorithms can do. So imagine a world where — and then I’m going to talk about the other facets of this. Let’s just focus on matching for right now. Imagine a world where you don’t have to swipe through dozens, potentially hundreds of people to find your special someone. You don’t have to swipe through endless people to find someone to go out for a fun Friday night with. You can do this seamlessly in just a matter of moment when AI is integrated into this product. Through all the different technology that currently is available and that we’re working on implementing ranging from clip technology, reading photos, voice, all the different ways to detect relevancy, you can deliver someone their perfect person in such an efficient, safe, effective way so much more than what exists today.

So while we’re already driving extremely high rates of compatibility and success stories, right, there’s too many to count, this is just going to be a multiplier of that. Now let’s move to the other facets of this really quickly before we wrap. Expressing yourself is incredibly important in determining relevance with somebody else. The way AI can help you build profiles, understand your personality, extrapolate the best from you and then really just condense that into a short form profile, we are at the very, very, very early innings of what that can do. So those are just two small pieces in the interest of time where I think AI on day 1 can be extremely value additive. The last piece I would say is companionship from an AI bot standpoint. We are not here to replace humans with machines.

We are not here to replace humans with bots. But what we can do is give you a tailored program bot to be your coach, your therapist, your pal, your wing person, your companion while you navigate the quest for friendship, love, business, whatever you’re here looking for. So I think we’re at the very, very early innings of something extremely exciting. And I hope it is reflected in the buyback and my enthusiasm in this brilliant leader joining us how excited we are about the opportunity.

Operator: All right. Thank you, ladies and gentlemen. That concludes today’s call. We appreciate you joining. You may now disconnect.

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