November 2024 Shareholder Update

💡 Sent to shareholders on December 20, 2024

Hi there,

Read on for Buffer’s November 2024 results and key updates. As always, hit reply if any comments or questions come to mind.

Notes:

• Total MRR grew by over $27K in November, our highest monthly growth in over five years. This is especially worth celebrating considering that Q4 has historically been a slower period for us.
• We ended November reaching $19.77M in ARR closing in on the $20M milestone (which we hit a few of days ago)
• Paying customers increased by 800+ in November (+1.5% MoM) and our leading indicators remained strong with signups continuing to top 100,000. Activations also surged by 30% and new customer numbers also grew.
• November also delivered a solid profit of $112,000, strengthening our position to offset earlier losses and keeping us on pace to close the year profitably.
• Our runway number is going to rise rapidly now that we are profitable again, and we are likely to reach "default alive" / infinite runway status in the coming months.

Note-worthy updates and reflections

OAuth Connections for Instagram

We've switched over Instagram Business and Creator accounts to use the newly released OAuth connection flow from Instagram. Previously, to connect these accounts required a Facebook account and a Facebook Page connected to your Instagram account. This was a complex flow for customers and resulted in Instagram being our lowest activating channel connection flow. With the new flow, combined with rolling out Instagram Personal Profiles (see below), our channel connection success rate has increased 35% and total Instagram channels connected are up 81%.

Instagram Personal Profiles

As part of switching over to the new OAuth flow for Instagram Business and Creator accounts, we also chose to take this opportunity to add support for Instagram Personal Profiles. This works via our reminder notifications system, which does not allow for fully automated posting, but can significantly help in planning and consistency. Instagram Personal Profiles already account for 50% of Instagram channels connected, and has been a significant contributor to the 81% increase in overall Instagram channels connected.

Bluesky Growth

Bluesky is currently our fastest-growing channel, with channel connections increasing by 151% over the past 30 days. We've also launched video and GIF publishing support for Bluesky, enabling users to upload up to 25 videos per day (or a total of 10 GB).

Startup CEO Show Podcast Interview

I recently joined Mark MacLeod on his podcast The Startup CEO Show. It was a pleasure to share the journey of building Buffer and discuss the values and principles that guide me in leading the company. You can check out the full podcast here.

Closing out 2024

November marked 14 years since I launched Buffer from my apartment in Birmingham, UK. What started as a simple tool to help people Tweet consistently has grown into a business supporting 11 social channels, serving 60,000 customers, providing meaningful work for 72 team members and generating $1.65M in monthly revenue.

Over the years, I’ve been reflecting that Buffer has evolved through three key eras:

• Early Traction – Building swiftly, fostering a unique community, and pioneering remote work and building in public.
• Growing Pains – Navigating challenges, rediscovering purpose, and cementing independence for long-term success.
• Renewed Focus – With a clear strategy and bold moves, we’ve turned around a multi-year decline, achieving 12%+ growth this year and on track for a profitable 2024.

→ Read my full reflection on 14 years of Buffer

Looking ahead, we remain focused on empowering entrepreneurs, creators, and small businesses to grow and thrive. The next horizon feels clearer than ever, and we’re energized for what’s to come.

Thanks for your support in 2024!

– Joel, Founder CEO