artnet AG

  • WKN: A1K037
  • ISIN: DE000A1K0375
  • Land: Deutschland

Nachricht vom 12.08.2019 | 08:00

artnet AG Grows Ad Revenue by 22% in First Half of 2019

DGAP-News: artnet AG / Key word(s): Half Year Results/Development of Sales

12.08.2019 / 08:00
The issuer is solely responsible for the content of this announcement.


artnet AG Grows Ad Revenue by 22% in First Half of 2019

Advertising Space on artnet News in High Demand

Total Revenue Increases by 2% to $10.9 Million

artnet Confirms Revenue Forecast For 2019

Berlin/New York, August 12, 2019-Berlin-based artnet AG, the leading provider of art market data, grew its total revenue in the first six months of the 2019 financial year by 2% to $10.9 million year-over-year, due to the strong growth of advertising revenue at artnet News. Net profit increased more than seven-fold to $606,000 (2018: $83,000) due to significantly lower personnel costs.

Advertising revenue increased by 22% to $2.4 million thanks to strong demand for ad space at artnet News. The news platform contributed nearly three-quarters to total advertising sales. With a sharp editorial focus on quality journalism, artnet News has become the foremost online source of exclusive information and in-depth commentary for the global art market. "artnet News strengthens our overall brand, attracts visitors to our website, and creates an attractive space for luxury advertisers," said Jacob Pabst, CEO of artnet.

At artnet Auctions, fee-based revenue increased slightly by 1% to $ 2.2 million. After a robust first quarter with 12% revenue growth, the momentum slowed in the second quarter due to the typical seasonality of the auctions business. At the same time, the segment's profitability increased because of significantly lower personnel costs. artnet Auctions, the first online-only auction platform dedicated to fine art, continues to attract increasingly high-quality artworks. This led to a higher average price of lots sold of more than $15,000 and generated several record prices. The top lot in the second quarter was Rubik James Bond Girl (2008) by the French street artist Invader, which sold for $216,000.

Gallery Network revenue decreased by 8% to $2.5 million due to the loss of members in a challenging market. Many smaller and mid-sized galleries struggle with consistently high operational costs. artnet redesigned the gallery profile pages in 2018 to make it easier for galleries to manage and showcase their inventory to a global online audience. "Continous product enhancements will drive more web traffic to our gallery members. We are strengthening marketing and sales and are confident that the segment will recover in the second half of the year," said CEO Pabst.

Revenue for the core segment, Price Database, was unchanged at $3.9 million in the first half of the year. The Price Database, a crucial research tool for art market professionals, increased its coverage to almost 13 million auction results, highlighting its unique position in the market.

"In light of persistent economic uncertainty in the world's biggest art markets, revenue growth and profitability in the first half of the year reflect both the diversity and the resilience of our business segments," said CEO Pabst.

artnet confirmed the forecast for the 2019 financial year. The Management Board expects an increase in overall revenue to a range of $23 million to $24 million. For income from operations, Management predicts an increase to a range between $1 million to $1.5 million.

The Six-Month Report 2019 is available at: www.artnet.com/investor-relations/quarterly-reports.

For more information, please contact ir@artnet.com

About artnet
artnet is the leading resource for buying, selling, and researching art online. Founded in 1989, artnet's suite of industry-leading products has revolutionized the way people collect art today. The Price Database contains about 13 million auction results from 1,800 auction houses dating back to 1985, providing an unparalleled level of transparency to the art market. The Gallery Network platform connects leading galleries with collectors from around the world, offering the most comprehensive overview of artworks for sale. artnet Auctions was the first dedicated online marketplace for fine art, providing a seamless and efficient collecting experience for both buyers and sellers. artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary.

artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards.

ISIN: DE000A1K0375
LEI: 391200SHGPEDTRIC0X31



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