Rightmove releases app….for a TV
At a time when every major property portal in the U.K. is investing heavily in TV advertising Rightmove.co.uk seems to have laid down a marker and gone one further by launching a television app. With the growth in smart TVs and in particular the hype around Android TV, the move is well timed and while initially intended as part of a promotion with Samsung televisions, it is certain to spread to other platforms.
The app makes properties on the portal available via smart TVs, including floorplans and details and Rightmove director Miles Shipside observes of the launch that: “The TV app is an ideal addition to Rightmove’s range of home-hunting platforms, and as the UK’s number one TV brand Samsung were the ideal partner for us in developing this exciting new property search tool. Consumers want to carry out their property search on the electronic devices that are most convenient and effective for them. As the largest and most communal screen in the house the TV app will be a great enhancement to the Rightmove home-hunting experience. The larger viewing screen that a television provides means that agents can make the most of visually presenting properties on behalf of their vendors and landlords. Quality property presentation will be more important than ever.”
The app is free and ready for Samsung SMART TVs and Blu-Ray players with a number of other versions in the pipeline.
Rightmove figures show growth
Rightmove, the U.K.’s leading property portal continues to post positive interim figures and with it brings hope for the market in general. The company reports that discretionary spend by customers on advertising products in the third quarter was up over 35 per cent and that advertisers had risen too, albeit by only two per cent.
Rightmove continues to rule U.K. property.
Six month figures to June show Rightmove still serene in its number one spot amongst the U.K. property portals with revenue rising 20 per cent to £47 million, and operating profit doing even better with a 25 per cent rise to £33.4 million.
Unsurprisingly for a mature market this growth has little to do with overall increase in membership (up, but only by three per cent over the previous year) and more to do with a near 20 per cent growth in spending by existing customers buying additional advertising products.
Rightmove’s figures come at a time when the national property market is largely flat, and first time buyers in particular are unwilling or unable to find the finance to buy. A survey by Rightmove itself of 14,125 potential buyers paints a bleak picture with a fall of nearly a half in first-timers compared to the pre credit-crunch figures.
Consequently the company’s profit growth can most likely be taken as a sign that agents are chasing ever more elusive buyers by spending more on advertising and by channelling their spend into the media they perceive as most likely to deliver. Given Rightmove’s currently claim of 83 per cent of page impressions for the top four portals it is easy to see why agents in a tough market would choose it.
The only cloud in Rightmove’s sky is the question of sustainability; if it is indeed benefiting from agencies spending to ignite a stagnant market then that revenue will eventually have to dry up unless the market picks up.
Record profits for Rightmove as social media approach pays off
U.K. property market-leader Rightmove has delighted shareholders with the news of a revenue increase of 26 per cent to £81.6m in the year to end-December 2010 (up from £64.5m in 2009).
Operating profit is up by 39 per cent which seems down to an increase in spend by each advertiser rather than any growth in member numbers. Ad spend went up by £71 a month to £379 last year per member prompting Ed Williams, Managing Director, to comment that: “The results we are reporting today demonstrate the confidence that property advertisers have in using Rightmove to achieve their advertising goals online over traditional media, helping them cost-effectively reach their target audience in this challenging housing market.”
As part of that lead over ‘traditional media’ Rightmove has also noted the increasing role of social media in its offering. Traffic from the portal’s Facebook page and Twitter profile has risen by 300 per cent with the decision to add Facebook ‘like’ buttons on listings being repaid by 15,000 ‘likes’ recorded in January. Rightmove will now be including the subject of social media in its member seminars.
Zoopla buys HousePrices.co.uk
In December 2010 U.K. Property portal Zoopla announced that it had secured a £3.25 million funding package which it intended to use as a war chest for expansion. The first shot in that war now seems to be the acquisition of HousePrices.co.uk, a site that lets users search the U.K. Land Registry database of houses sold and the prices paid.
Zoopla hasn’t disclosed what it paid for the service, but CEO Alex Chesterman makes it clear that the deal is all about extending the portal’s reach;“This acquisition adds to the growing list of websites that we now either own directly or power exclusively, extending our reach even further and allowing us to offer our agent and developer members exposure to a unique and unrivalled online audience. HousePrices.co.uk has built a very strong following over the years by offering a great service, which we intend to continue.”
The U.K. property portal market remains dominated by RightMove with Zoopla and TDPG jostling for the right to claim second place.
Rightmove.co.uk director steps down
Stephen Shipperly, a non-executive director of Rightmove.co.uk has announced that he will leave the position at the end of the year. A co-founder and part of the portal’s line-up since its creation in 2000 Shipperley is also Group Executive Chairman of estate agency Connells which sold its own stake in Rightmove back in 2008 for £30 million as part of a drive to create a ‘war chest’ for buying business through the recession.
Shipperly was keen at the time to state that this was in no way a “vote of no confidence” in Rightmove and the agency has renewed its Rightmove membership.
Rightmove Chairman Scott Forbes said of the news that; “Stephen Shipperley has been an integral member of Rightmove’s Board since the formation of the business. We have been privileged to benefit from his property industry and business insights”.
Rightmove’s share price seemed, if anything, to rise on the news (released December 13th) but has since dipped a little (two days later) though this is also against a backdrop of falling U.K. house prices and the news that rival Zoopla has announced £3.25 million of new funding to help its growth. Zoopla’s funding is mostly from venture capital companies Atlas Venture and Octupus plus a £1.5 million debt facility from Silicon Valley Bank.
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