Nextdoor has released its latest quarterly report, which has shown continued growth of revenue and its user base in 2023.
Nextdoor is the app that brings local neighbourhoods together, giving neighbours a space to share what’s going on in the local community, whether it’s business recommendations or roadworks and the like.
A publicly traded company since November 2021, Nextdoor releases quarterly Earnings report. For Q2 2023, Nextdoor announced that weekly active users, while slightly down on last quarter, are still showing a 13 per year-over-year increase to 41.6 million. And revenue is up 4 per cent year-over-year to $56.9 million.
The use of AI technology is one of Nextdoor’s key tactics to help improve the growth and experience of the platform. It is both a tool for its users and small to medium businesses that want to advertise on the platfrom.
ChatGPT technology is being used to identify and suggest more respectful messages by users. It will suggest alternative language when your message could be perceived as antagonistic. And the technology is also being used to auto generate ad copy for local businesses.
Nextdoor believes this approach is working, as it highlighted that not only is the number of weekly active users on the rise for 2023, but the length and amount of interaction of the sessions are increasing. It reported a 24 per cent increase in what it called ‘session depth’.
Nextdoor continues to be one of the biggest players in the social discovery space, with over 80 million registered users worldwide.