August 2024 Shareholder Update

💡 Sent to shareholders on September 19, 2024

Hi there,

Today I’m sharing Buffer’s August 2024 results and key updates. Send me a reply if there’s anything here that catches your eye, or you have reflections or questions on.

Notes:

• In August, we briefly surpassed $19M in MRR for the first time since April 2022, achieving a significant milestone. Our August revenue also reached its highest level since April 2022. While we closed the month just shy of $19M MRR, early September results have already pushed us past $19.1M.
• We're very happy with the current pace of growth in MRR/ARR and number of paying customers, while we also have a clear strategy and roadmap to maintain and even increase this pace of growth.
• The past few months have been particularly significant as we've achieved the 'holy grail' of growth we've been striving for: increasing our number of paying customers and, in turn, serving more people. We’ve achieved our eighth consecutive month of growth alongside our 5th consecutive month of profitability.
• Growing Monthly Active Users is now something we're putting a lot of focus on. Despite our turnaround and growth across other metrics, MAU has remained relatively flat for the last two years. We have a number of opportunities in mind to start to significantly grow this number, which is an important early indicator to continued growth of paying customers.
• Our net income for August was impacted by a large severance payment, however our general baseline going forward should be between $50-$100k in monthly profit.

Note-worthy updates and reflections

Signups

In August, we achieved a significant milestone with 99,000 signups, making it our best month for signup performance in over four years. This growth was fueled by improvements in organic search, optimized paid marketing efforts, and increased brand awareness from launches such as Threads and Bluesky. These combined initiatives effectively attracted a surge of new users.

Twitter / 𝕏 Long Form Posts

Twitter (now 𝕏) was the first platform Buffer supported, and it remains a powerful tool for many of our users. We're excited to announce that Buffer now supports longer-form content—up to 25,000 characters—empowering users to express their creativity in the most intuitive and natural way. This is available to all users with a Premium 𝕏 account.

Threaded posts and content warnings for Mastodon

The default character limit for most Mastodon servers is 500 characters. Now you can schedule longer posts with Buffer by breaking them up into threaded posts. With this update, we now offer threaded posts functionality for all the key short-form text focused social networks: 𝕏, Threads, Mastodon and Bluesky. We've also added the ability to use Content Warnings on Mastodon, which allow you to hide the content of a post behind a warning. This can be useful for spoilers, upsetting news, trigger warnings, and more. Threaded posts and Content Warnings were our top 2 feature requests on our suggestions board for Mastodon, and adding them is part of our overall push to improve how helpful Buffer is for text-first and decentralized social networks.

That’s it for August. I’ll be back in touch in a couple of weeks to share our September results. In the meantime, please hit reply with any questions or comments.

Thanks for your continued support!

Joel, Founder CEO