October 2024 Shareholder Update

💡 Sent to shareholders on November 25, 2024

Hi there,

I'm here to share Buffer's October 2024 results. We've had another strong month and we're setting ourselves up for a great 2025. Read on for the numbers and key updates, and hit reply if you have any questions.

Notes:

• With $18k in MRR growth, October was our fourth consecutive month of $15k+
• We've now grown ARR by over $1.5M in 2024, and are eyeing $20M in ARR by the end of the year, or early in 2025
• We are now also seeing strong growth in paying customers alongside our MRR/ARR growth, with October being our fifth consecutive month of paying customer growth, with almost 500 new paying customers
• October was also our seventh consecutive month of profitability, and has brought our year-to-date net loss down to just $11,168. We’re on a strong trajectory to close 2024 with an overall profit.
• All of these numbers point to us having re-established strong mechanics for our business, and we're working hard to build on these great results to make this chapter of growth and profitability long-lasting

Note-worthy updates and reflections

Signups

In October, we surpassed 110,000 monthly signups for the first time since March 2019. This is an incredible milestone, especially given that we achieved it during a period we typically see seasonal demand decline. Our continuous efforts in content marketing and organic search optimization have been instrumental in driving this growth.

Threads now supports up to 20 images

We support many different social channels, and we make it a priority to stay on top of API changes and new functionality. As part of this effort, we recently addd support for 20 images in Threads.

Deep Work Quarter

For the rest of the year, we’re running an experiment called Deep Work Quarter at Buffer. Here’s how it’s structured:

• All recurring group meetings have been removed
• 1:1s are now set to a monthly cadence
• The focus is on clearing calendars and embracing a new way of working

We’ve shifted to long-form asynchronous communication to drive transparent, collaborative discussions. By shifting away from agenda-filled recurring meetings, we make room for ad-hoc single topic focused meetings when needed to unblock us and move fast, while also creating space for no-agenda happy hours, games, and casual chats to maintain strong team connections. We’re already seeing the benefits of uninterrupted time for deep work.

Looking ahead to 2025

Our turnaround journey has centered on strengthening our differentiation by doubling down on key growth drivers: a freemium model to support entrepreneurs and creators, in-house content marketing with increased SEO investment, product simplification, improved UX, renewing our focus on the customer, and reinforcing our unique culture. As we near the end of 2024, I’ve been spending time stepping back to reflect on the greater strategy, to better align our roadmaps across various areas with strategic goals. I'm feeling a level of clarity I have not experienced before of the size of opportunity that exists for Buffer in the coming years. I'm working closely with leadership to finalize the strategy and roadmaps, which is leading to ensuring we're structured and resourced to take advantage of the opportunity and reach our full potential. Once we've made our plans, I am energized to work in the details work all teams to achieve the best possible execution and attention to detail we can.

That's all for October. As a final note, be sure to check out Bluesky if you have not yet had a chance to. It's a special new social platform (read my reflections on what makes it different); one that's seeing some incredible growth right now, and one which we've been early in supporting. Here's a starter pack - a super easy way to join and follow the Buffer team too.

Have a great week,

Joel, Founder CEO