artnet AG - Earnings Release 2016

News Details

Media | 19 April 2016 22:56

artnet AG Publishes Quarterly Interim Statement for the First Quarter of 2016

DGAP-Media / 2016-04-19 / 22:56

artnet AG Publishes Quarterly Interim Statement for the First Quarter of 2016

Positive Result Achieved in the First Quarter

artnet Auctions Profitable

Advertising Revenues Increase by 36%

Berlin/New York, April 19, 2016-artnet AG published its Quarterly Interim Statement for the first quarter of 2016 today.

Compared to the first quarter of 2015, revenue increased by 6.4% to 4.8 million USD (4.4 million EUR). artnet achieved a profit of 0.29 million USD (0.26 million EUR), representing a 240% increase as compared to the same period last year. The company considers this success an especially positive indicator, as the first quarter is typically the slowest for artnet.

Since approximately 80% of the company’s revenue is generated in US dollars, revenue reported in euros can be strongly influenced by changes in the euro-US dollar exchange rate. As a result, developments for each segment and product is described hereafter in US dollars.

Revenue from artnet Auctions increased by 6.4% to 0.83 million USD, as compared to the first quarter of 2015. Management is pleased to report that artnet Auctions achieved a profit for the first time. The sell-through rate increased by one third, while also attracting approximately 19% more users to the auction site, as compared to the first quarter 2015. The highest sold lot was George Condo’s Face , selling for 252,000 USD (with premium). Based on this segment’s positive first quarter, the company anticipates a successful year for artnet Auctions.

Revenue from advertising on artnet News, the company’s news platform, increased by 75.5% to 0.48 million USD, as compared to the first quarter of the previous year. Traffic to the site also increased, growing by approximately 14%, demonstrating its growing significance to both artnet and the art world at large.

Advertising revenue increased across artnet’s sites, resulting in an overall growth of 36.3% to 0.91 million USD, as compared to the same period last year. Management expects 2016’s advertising revenue to exceed that of 2015.

Revenue from Price Database subscriptions increased by 2.2% to 1.83 million USD as compared to the first quarter of 2015, and the company anticipates this positive trend to continue throughout the year.

Meanwhile, revenue from Gallery Network memberships fell by 3.2% to 1.28 million USD, while revenue from Auction House Partnerships increased as compared to the first quarter of 2015. Thanks to the overall rise in advertising revenue, the Galleries segment’s revenue increased by 2.5% to 1.64 million USD. The number of gallery members has been rising in 2016 and, with substantial improvements to the product currently underway, an increase in revenue for this segment is expected for the year.

artnet will continue to focus on improving technical and aesthetic elements of artnet’s site in 2016, with the goal of offering ever-improving products and services to the art market. The full Quarterly Interim Statement for the first quarter of 2016 is available at http://www.artnet.com/investor-relations/quarterly-reports.

For more information, please contact [email protected] .

End of Media Release

Issuer: artnet AG

Key word(s): Enterprise

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Language:	English
Company:	artnet AG
	Oranienstraße 164
	10969 Berlin
	Germany
Phone:	+49 (0)30 20 91 78 -0
Fax:	+49 (0)30 20 91 78 -29
E-mail:	[email protected]
Internet:	www.artnet.de
ISIN:	DE000A1K0375
WKN:	A1K037
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart