Domain gives Fairfax big boost
Revenue in Fairfax Media’s real estate advertising business Domain continues to soar, confirming its status as the company’s primary focus.
Domain has been the target of massive spending by Fairfax as it competes with rival realestate.com.au, which is controlled by News Corporation.
That comes as the company’s traditional publishing business, which includes The Sydney Morning Herald and The Age, struggles with falling circulation and advertising volumes.
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Fairfax said Domain’s revenue rose 56 per cent between January 1 and March 22, compared to the same period in 2014. That reflects the benefits of taking complete ownership of Victoria’s Metro Media Publishing, the owner of several real estate and lifestyle magazines and newspapers, Fairfax said.
Property listings have also grown, up 15 per cent in the year to March. The digital side of the business was performing extremely well, with digital revenue up 34 per cent in the first few months of 2015, and revenue from domain.com.au up 26 per cent.
But Fairfax said print remains a valuable part of the Domain business, with sales rates higher in all key capital cities when campaigns combine digital and print. Fairfax shares gained two cents to 95.5 cents.