Realtor.com a bright spot in News Corp earnings
The home search site’s CEO, Damian Eales, touts “the most engaged audience in the industry” and support for MLSs as fuel for future growth.
News Corp's latest earnings report showed steady progress at Realtor.com even as the broader housing market remains uneven.
The media giant, which operates on a fiscal year that ends in June, reported overall revenue growth in its second-quarter results driven in part by its Digital Real Estate Services segment. That includes Move, the parent company of Realtor.com.
In a blog post published alongside the earnings on Feb. 5, Realtor.com CEO Damian Eales pointed to rising audience share, improving lead volume and what he called "the most engaged audience in the industry" as proof that focusing on engagement and revenue per lead can produce growth in challenging times.
A closer look at the numbers: Move reported $143 million in quarterly revenue, up 10% year-over-year for the three-month period ending Dec. 31. The increase was driven largely by higher sales of premium products like RealPRO Select, along with growth in seller, new-construction and rental offerings. Lead volume was up 13% from a year earlier.
News Corp as a whole, meanwhile, reported a 6% increase in Q2 revenue: $2.36 billion, up from $2.24 billion the year before. It credited growth to Dow Jones and book publishing as well as digital real estate.
Betting on industry collaboration: Eales' blog post also highlighted Realtor.com+, a home search product that launched in January and is designed to integrate directly into MLS systems while preserving agent, brokerage and MLS branding.
"I am confident that our continued focus on customers and the integrity of the industry will fuel our future growth," Eales wrote.