Voodoo buys BeReal

French video game and app developer Voodoo has acquired photo-sharing platform BeReal for roughly $537 million (€500 million) in a move to boost profitability. The takeover, facilitated by JPMorgan, marks Voodoo’s largest acquisition to date.

Transitioning to a monetization strategy, Voodoo plans to introduce paid advertising on BeReal, aiming to expand its user base.

BeReal, boasting over 40 million active users, surged in popularity during the pandemic for its authentic approach of allowing users to post only once a day. But it has grappled with expanding sign-ups since 2022. Its daily active users have plateaued at around 25 million, prompting the search for a buyer due to financial constraints.

BeReal also faces stiff competition from platforms like Snapchat and Instagram. Aymeric Roffe from Voodoo-owned social media app Wizz will lead BeReal as its new CEO.