Rightmove has reported its half-year figures to the City and its investors with the stand-out claim being that it now says it has an 81 per cent share of the mobile ‘home mover audience.’
During the first half of 2016 Rightmove says its overall audience grew to a record 765 million visits; its number of agents and developers reached a new high of 19,981, up 229 (equivalent to one per cent) since the start of 2016.
It claims a 77.0 per cent market share of audience on mobile and desktop, with mobile-only even higher at 81.0 per cent.
The portal - the big winner in a market disrupted by the arrival of OnTheMarket 18 months ago - says it now generates six times as many sales and lettings for agency customers as the nearest competitor, Zoopla.
The report to the City also reveals that at the end of May Rightmove acquired a predictive analytics company, The Outside View.
“The Outside View have developed an algorithm that identifies the most likely potential sellers in a local area enabling agents to more accurately identify and market to them. The founding shareholders will be remaining with the business with plans to launch an enhanced version of this product using Rightmove’s unique insight and dataset, which will work in tandem with the popular Local Valuation Alert product” says Rightmove’s statement.
Average revenue per advertiser increased to £830, up £90 on the same period last year. Rightmove revenue grew 16 per cent to £107.9m with underlying operating profit increasing by 17 per cent to £82.3m.
“Rightmove was visited over 750 million times in the first half of 2016, up 15 per cent on last year, as consumers continue to turn to us first to search and research on the only place you can see virtually the whole of the UK property market. In addition to the advertising efficiencies we deliver, we have continued to help our customers drive operational efficiencies through the software, tools and support we provide which draw on our unique data and insight across the UK property market” says Nick McKittrick, chief executive officer.
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Where is the Competition and Markets Authority? Surely this is a monopoly and looking at RM's profit margin, not in their customers interests.
Impressive but depressing. Those profits are ridiculous!
Rightmove marches on - the story never changes, just the figures.
3 cheers to OTM for helping them do so well!
Let's see how big their grin is next year, watch this space
Their grin will be just as big. They are a household name whether people like it or not. No business can get close to them on a marketing level. The public don't care if someone new comes along, they go with what they know.
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