Domain has reported a 6% fall in total revenue for the first quarter of 2019 as the property market continues to slow.
The real estate classified advertising platform, majority-owned by Nine, says new market listing were down nationally with a 13% fall in Domain’s residential sale listings. Auction volumes fell 30% in Sydney and 36% in Melbourne.
However, Domain was able to keep its digital revenue in line with the prior corresponding period by increasing the amount advertisers spent by double digits across the three months to March.
CEO and managing director Jason Pellegrino says the partnership with Nine provides the company with new audience and marketing inventory.
“The expansion of our business model and extension of the length of our engagement with consumers provides significant revenue growth and diversification opportunity over the medium to long term,” Pellegrino says.
“To achieve all of this, across Domain and Nine, we have access to one of the most unique and largest logged-in and authenticated user bases in Australia.
“That is critical to allowing us to more deeply understand our consumers’ journeys, which stage they are at, and how we can best service their property needs. The access to an authenticated user base of this scale in Australia provides us with un-replicable competitive advantage.
He noted that the business will continue to leverage ties with Nine by promoting Domain across Nine’s TV and digital assets, deepening content integration through TV shows such as Your Domain and tapping into Nine’s TV and digital audience data.
“Maximising commercial results includes enhancing advertiser solutions through cross-platform opportunities and deepening partnerships to drive premium revenue,” Pellegrino says.
“The initiatives we have underway are expected to make Domain’s brand even stronger, increase our audience reach and frequency, drive premium revenue and further improve yield.”
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