- WKN: A1K037
- ISIN: DE000A1K0375
- Land: Deutschland
Nachricht vom 11.11.2019 | 07:45
artnet AG: Artnet Ad Revenue Increases 30% in the Third Quarter 2019
DGAP-News: artnet AG
/ Key word(s): 9 Month figures/Quarterly / Interim Statement
Artnet Ad Revenue Increases 30% in the Third Quarter 2019
Total Revenue Grows 9% in the third quarter
Berlin/New York, November 11, 2019-Berlin-based Artnet AG, the leading provider of art market data and analytics, grew its revenue by 9% to $5.1 million in the third quarter, driven by strong revenue growth in the segments Artnet News and Auctions. Total revenue in the first nine months of the 2019 financial year grew by 4% to $16.0 million year-over-year. Artnet's revenue continued to grow despite a challenging backdrop of slowing global economic growth and a declining market for art auctions.
Due to lower personnel expenses and an increase in revenue, Artnet achieved a net profit of $314k in the first nine months as compared to a net loss of $120k in the year before. The number of auction results in the Price Database, Artnet's core product, exceeded 13 million for the first time. "Thirty years after the founding of Artnet, the Price Database remains the gold standard for art market data, powering our analytical capabilities and providing essential transparency to the global art market," said Jacob Pabst, CEO of Artnet.
Advertising revenue increased by 25% to $3.6 million in the first nine months of 2019, driven by strong demand for advertising space on Artnet News. In the third quarter, revenue grew by 30%. Artnet News contributed almost three quarters to overall advertising revenue. With an editorial focus on quality journalism and original content, Artnet News is solidifying its reputation as the leading source for exclusive and in-depth information about the art world. Unique users on all Artnet pages increased by 18% during the first nine months. Artnet News was particularly popular in the third quarter, with traffic growing by 31% as compared to the previous year. Growing web traffic makes News a sought-after advertising platform, particularly for luxury brands.
Fee-based revenue for Artnet Auctions increased by 4% to $2.9 million in the first nine months of this year. In the third quarter, revenue grew by 13% due to well-performing sales and a new seller's commission structure. Significantly reduced personnel costs contributed to increased profitability of the segment. The average price of lots sold in the first three quarters of the year increased by 14% to $14,000. The highest-selling lot in the third quarter was Josef Albers' Study for Homage to the Square: Yellow Climate (1961), which sold for $220,000 (hammer price). Auctions strategically focuses on offering high-quality artworks to increase the average lot price and strengthen the brand of the online platform. "We are confident that our quality initiative will further lead to higher sell-through rates and efficiency, increased customer satisfaction, and growing revenue," said CEO Pabst.
Revenue for the Gallery Network decreased by 5% to $3.8 million in the first nine months this year due to a loss of members in a challenging market. Smaller and mid-sized galleries, a critical customer base for Artnet, continue to struggle with high operating costs. In the third quarter, revenue grew 3% year-over-year as a result of growth in the Auction House Partnerships program. "Continual product innovations will make it easier for gallery members to manage and showcase their inventory to a global audience. This, in conjunction with new marketing initiatives, should drive a further recovery of the segment," said CEO Pabst.
Price Database revenue remained steady at $5.8 million in the first nine months after last year's record. Artnet's new referral incentives, as well as marketing and sales initiatives, have attracted subscribers and enabled revenue growth since being implemented earlier this year. In the third quarter, revenue growth picked up 1% year-over-year, despite the general slowdown of the auctions market during the summer months. Artnet's database remains the industry gold standard, allowing the company to conduct unparalleled market research and analytics.
For the current 2019 financial year, Artnet expects an increase in overall revenue to a range between $23.0 million and $24.0 million. For the 2018 financial year, Artnet reported record revenue of $21.6 million.
The Quarterly Interim Statement for the Third Quarter of 2019 is available at artnet.com/investor-relations/quarterly-reports. For more information, please contact firstname.lastname@example.org.
Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards.
|Phone:||+49 (0)30 20 91 78 -0|
|Fax:||+49 (0)30 20 91 78 -29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange|
|EQS News ID:||908929|
|End of News||DGAP News Service|
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