Social Media Platform Sold: Soon Adds Will Show Up in Your Feed

Written by Kathrine Frich

Jun.12 - 2024 10:32 AM CET

Photo: Shutterstock
Photo: Shutterstock
It was sold for $540 million.

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BeReal, a social media app positioning itself as an alternative to major platforms, is being sold for approximately $540 million after experiencing stalled growth.

Advertising on the Horizon

Users can now expect advertising in the previously ad-free app. In spring 2022, BeReal was valued at around $556 million.

The app, which encourages users to take pictures at specific times, had rapidly gained a large user base.

Decline in Growth and User Base

BeReal was described by its company as follows:

"BeReal will not make you famous. If you want to be an influencer, you can stay on TikTok or Instagram," as previously reported by SvD.

However, the app's success slowed, and the number of users plateaued at around 50 million.

The company also struggled to grow its revenue and could not compete with giants like TikTok and Instagram, according to SvD's Tech Brief.

New Ownership and Monetization Plans

The app is now being sold to the French developer Voodoo for 500 million euros, approximately $540 million.

The new owners plan to introduce advertising to increase profitability. Previously, BeReal was funded by venture capital, raising around $93 million, according to Breakit.