Life360 Surpasses One Million Paying Members Valuing the Company at Over $1 Billion for the First Time
Annualized Monthly Revenue surpasses $100 million marking record quarter for leading family safety app; Acquisition of Jiobit in final stages
SAN FRANCISCO–(BUSINESS WIRE)–Life360, Inc. (ASX:360) today announced a milestone quarter for the company surpassing 1 million subscribers (Paying Circles), $100 million in Annualized Monthly Revenue, and the company crossed the $1B market valuation on strong share price growth. Life360 also announced the signing of definitive agreements for the acquisition of Jiobit, the Chicago-based provider of wearable location devices, strengthening the company’s position as the leading family safety platform and accelerating its entrance into new markets, namely children under ten, small pets, and seniors.
“The last 18 months have shed a bright light on the need for family safety. Our confidence that a COVID recovery would drive a return to significant growth is being borne out in these needs,” said Chris Hulls, founder and CEO of Life360. “This incredible growth is a clear indicator that our expanded product offerings and move to a membership model are resonating with families around the world and strengthens our belief that our product roadmap and funding path were the right decisions for our company.”
In addition to the financial milestones, Life360 also reached No. 1 in the App Store charts in more than 11 countries during the last quarter. Driven by a viral surge in downloads from teens primarily through TikTok, Life360 delivered a record quarter of Monthly Active Users (MAU) ending the quarter with 32.3 million.
“The turnaround we’ve had with our teen community is nothing short of amazing,” continued Hulls. “It was risky, but listening, engaging and working with this community to help shape the technology is paying off in spades.”
June 2021 Quarter Highlights
- Underlying revenue growth of 28% year-on-year to $25 million. Annualized Monthly Revenue (AMR) in June 2021 was $105.9 million, a year-on-year increase of 36%.
- Global MAU base of 32.3 million, an increase of 4.2 million from the March 2021 quarter or 15%, driven by the viral surge from teens.
- US MAU base of 20.3 million, an increase of 2.1 million, or 12% from the March 2021 quarter. International MAU base of 12 million, an increase of 2.1 million, or 22%, from the March 2021 quarter.
- 1 million global subscribers (Paying Circles), an increase of 10% for the quarter. US Paying Circles increased 22% year-on-year, benefiting from the launch of the new Membership offering in July 2020. Net subscriber additions of more than 90,000 were an all-time record.
- Cumulative new and upsell subscribers in the Membership plans of 327,000, comprising Silver (14%), Gold (78%) and Platinum (8%).
- Average Revenue Per Paying Circle (ARPPC) increased 21% year-on-year, and 5% versus the March 2021 quarter. ARPPC for new cohort Membership subscribers was a 37% uplift from the first half of 2020.
- Paid User Acquisition spend of $1.3 million compared with $1.2 million in the March 2021 quarter and $0.2 million in the June 2020 quarter when spend was deliberately scaled back to respond to COVID-19. Investment in Paid User Acquisition including TV channel spend amounted to $2.5 million compared with $2.2 million in the March 2021 quarter.
Life360 operates a platform for today’s busy families, bringing them closer together by helping them better know, communicate with and protect the people they care about most. The Company’s core offering, the Life360 mobile app, is a market leading app for families, with features that range from communications to driving safety and location sharing. Life360 is based in San Francisco and had more than 32 million monthly active users (MAU) as of June 2021, located in more than 195 countries.
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