The big billion-dollar tumble: how Tumblr became a $3m minnow
It used to be the go-to blogging site – Barack Obama and Lady Gaga were huge fans, for heaven’s sake
There was a time, many years ago, when Tumblr was one of the most exciting places on the internet. Those days are long gone now, of course, with millennials flocking to more exciting communities such as TikTok and Twitch.
But at its peak, the online blogging service had 20 billion monthly page views. It was the go-to place to share photos, graphics and snippets of text. Barack Obama and Lady Gaga were users, and the site brought in more monthly web traffic than Wikipedia and Twitter.
It was such hot property that Yahoo decided to buy it for $1.1bn in 2013 (then about R11.5bn). Today, however, page views have fallen to just 400 million a month and this week the site was bought for less than $3m (R45m) by Wordpress owner Automattic – 0.3% of its original price...