- WKN: A1K037
- ISIN: DE000A1K0375
- Land: Deutschland
Nachricht vom 11.08.2017 | 21:29
artnet AG: artnet Auctions Increases Revenue by 43% in the First Six Months of 2017
artnet Auctions Increases Revenue by 43% in the First Six Months of 2017
- artnet Auctions and artnet News Drive Total Revenue Growth of 8%
- News Contributes Two-Thirds to Ad Revenue
- High-Profile Hires Across All Segments
artnet also firmly established itself as the leading online source for news about the art market. Driven by growing site traffic, artnet News is increasingly sought-after by luxury brands for ad campaigns. In the first half of 2017, artnet News contributed almost two-thirds of artnet's total advertising revenue, which grew by 13% to 1.9 million USD over the previous year. An emphasis on original content under new Editor-in-Chief Andrew Goldstein resulted in several major exclusives, driving traffic and attention to artnet.
Due to significantly higher revenue at both artnet Auctions and artnet News, total revenue at artnet grew by 8% to 10.3 million USD in the first six months.* Net profit fell by 30% to 299,000 USD because of increased investments in all business segments.
In the Galleries segment, revenue decreased by 3% to 2.6 million USD due to declining memberships. artnet continues to support galleries struggling with high operational costs and intense competition by offering new features to boost inquiries and increase revenue. To further strengthen the segment, artnet will introduce dedicated content for galleries on artnet News.
The Price Database once again contributed the highest revenue of artnet's four business segments and held steady with a minimal decrease of 0.3% to 3.6 million USD in the first six months. Analytics, a part of the Price Database segment, continues to grow exponentially. The company introduced a test version of artnet Insights, a new tool for the in-depth analysis of art market data. Insights combines proprietary algorithms with the 11 million auction results that make the Price Database the gold standard of the industry.
In June, artnet acquired the Berlin-based Jay Art GmbH and its online platform Artusiast. Thanks to this addition, artnet expects to benefit from its networks, close relationships with German auction houses, and site content. artnet also continues to invest in its most important asset-people. In addition to the recent hire of artnet News Editor-in-Chief Andrew Goldstein, artnet welcomed Chris Maliwat as chief product officer and Alicia Carbone as vice president of auctions and private sales over the past months. Andrew is a seasoned editor and cultural journalist, a New York Times contributor and former chief digital content officer of the Phaidon-owned Artspace Magazine. Under his direction, the publication became a preeminent source for in-depth coverage of art and the art market. Chris joined artnet from the online eyewear retailer Warby Parker, where he headed product management after holding positions at Facebook, Netflix, and eBay. Alicia was previously director of digital for the Americas at Louis Vuitton, the iconic French luxury fashion house. "This is a testament to the strong and well-recognized brand that artnet has built over the years," said the CEO.
*Since approximately 80% of the company's revenue is generated in US dollars (USD), revenue reported in euros can be strongly influenced by changes in the euro-USD exchange rate. As a result, developments for each segment are reported in USD.
End of Media Release
Issuer: artnet AG
Key word(s): Services
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|Fax:||+49 (0)30 20 91 78 -29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange|
|End of News||DGAP Media|
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