When Foursquare cleaved off the location-sharing portion of its app last May in an effort to make its main app more Yelp-like, many in the tech press speculated that the company was doomed.
Now, 11 months later, it seems those critics may have spoken too early.
In an interview with GeoMarketing Foursquare’s CRO Steven Rosenblatt says that Foursquare revenue is at least doubling every year and marketers couldn’t be happier with the results the company is delivering.
“They understand that we’re a conduit to help drive people into their establishment and to help them communicate what is great at their establishments. That’s what we’re seeing from them,” he says.
He explains that splitting the app in two was beneficial because it allowed Foursquare to more clearly communicate its value proposition to local businesses.
It makes sense that companies might be interested in marketing themselves on Foursquare, the company’s namesake app which allows users to search and review locations and businesses. But, according to Rosenblatt, marketers are also still showing interest in Swarm, Foursquare’s location-based check-in app.
“The question for marketers is always, what part of the funnel do you want to reach a consumer at? With Swarm, it’s really at the bottom of the funnel. Someone’s checked in at a place; they’re at a restaurant or a bar. They’re at a store. What do you want to serve them when they’re at that place?”
Rosenblatt remains optimistic about the company’s revenue growth though he doesn’t discuss monthly active users, a figure the company has refused to release since launching in 2009.
“We’ve heard this for six years now, that we’re ‘never going to make it.’ But revenue is in triple-digit growth. Business is going great [with the division of Foursquare and Swarm],” says Rosenblatt. “You kind of just ignore it, because [we believe our users and our clients] know what we’re doing.”
Rosenblatt shared similar information with VentureBeat last month, saying the company has had triple-digit revenue growth each year for the last three years.