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Unlock the full strategic blueprint behind REA's business model. This in-depth Business Model Canvas shows how REA creates and captures value across customer segments, channels, partnerships and revenue streams. Download the editable Word and Excel files for a ready-to-use, company-specific tool ideal for investors, consultants, and founders seeking actionable insights.
Partnerships
Agencies and franchisors
Agencies and franchisors supply core inventory—over 1.6 million active listings in 2024—giving REA scale and market credibility. Joint marketing and co-branded vendor acquisition programs align incentives and reportedly boost vendor leads by ~20%. Preferred partner agreements secure data feeds and drive uptake of depth products. Integration support ensures seamless CRM-to-portal workflows for efficient listing flow.
Developers and property managers
New-build and rental pipeline partners supply premium showcase products that attract higher engagement; in 2024 channel partners contributed roughly 30% of platform listings and a disproportionate share of premium leads.
Banks and mortgage brokers
Finance partners enable in-journey pre-approval and seamless loan comparison for users. Referral and lead-sharing agreements monetize high-intent traffic; mortgage brokers arranged about 60% of new home loans in Australia in 2024. Co-created calculators and content boost engagement and conversion. Compliance alignment with major lenders (big four ~80% market share) ensures responsible lending experiences.
Data providers and registries
Partnerships with valuation firms, government registries and geospatial providers enrich REA datasets. Title, sales and zoning data underpin price estimates and actionable insights. Licensing deals in 2024 secure access to millions of records, ensuring coverage and compliance. Joint R&D accelerates AVM accuracy and risk-model refinement.
- Valuation partners: price benchmarks
- Registries: title & sales records
- Geospatial: parcel & zoning layers
- Licensing: millions of records, legal coverage
- Joint R&D: AVM & risk-model gains
Ad tech and media agencies
- Programmatic share ~86% (2024)
- Omni-channel orchestration: higher cross-sell
- Measurement: unified attribution validates spend
- Creative studios: dynamic, context-aware ads
1.6M listings drive marketplace; channel partners supply premium leads, brokers boost conversions
Agencies/franchisors supply core inventory (1.6M active listings in 2024) and preferred feeds; channel partners supplied ~30% of listings and most premium leads. Finance and broker partners drive conversion (mortgage brokers ~60% of new home loans; big four lenders ~80% market share) while programmatic monetization (~86% of display spend) and data/licensing partners boost AVM accuracy and ad yield.
| Metric | 2024 | Role |
|---|---|---|
| Active listings | 1.6M | Inventory scale |
| Channel partner share | ~30% | Premium supply |
| Mortgage broker share | ~60% | Conversion |
| Big four lenders | ~80% | Compliance |
| Programmatic display | ~86% | Ad yield |
What is included in the product
Detailed Word Document
A comprehensive, pre-written REA Business Model Canvas aligned to company strategy, organized into the nine classic BMC blocks with narratives, competitive-advantage analysis and linked SWOT — ideal for investor presentations and strategic decision-making.
Customizable Excel Spreadsheet
One-page REA Business Model Canvas that condenses complex resource-event-agent relationships into editable cells, speeding decision-making and eliminating alignment friction across teams. Great for fast comparisons, board-ready summaries, and collaborative iteration to save hours of structuring and clarify operational pain points.
Activities
Platform engineering
Platform engineering continuously evolves web, app and API experiences to maintain 99.9% uptime and p95 latency targets under 200ms, with search relevance improvements tracked via CTR and relevance metrics. Rigorous experimentation and phased feature rollouts (A/B tests) routinely deliver conversion uplifts—typical test cohorts show ~5% gains. Security and privacy-by-design adhere to standards and protect user data at scale.
Listings acquisition
Onboarding, validating and enriching listings from agencies and PMs supports REA’s scale, handling 1M+ listings monthly in 2024 with automated feeds and deduplication to maintain quality and remove duplicate entries. Automated feed ingestion and dedupe reduce manual work and improve freshness. Media processing optimizes photos, floorplans and 3D tours for faster load and engagement. Governance enforces compliance, accuracy and audit trails.
Monetization and ad sales
Sales motions for subscriptions, depth products and media drive REA Group's A$2.3bn FY2024 topline, splitting revenue between recurring listings and advertiser spend. Campaign setup, precision targeting and continuous optimization lift CTRs and conversion, with programmatic often delivering mid-single-digit CPM improvements. Inventory management balances user experience with yield by limiting ad density on high-engagement pages. Pricing and packaging iterate rapidly using A/B tests and market feedback to increase ARPU.
Data science and insights
Data science and insights power REA by building AVMs, lead-scoring and personalization models that increase funnel efficiency and valuation accuracy; market analytics published in 2024 reached millions of monthly views, informing customers and media. Self-serve dashboards translate data to action across ops and sales while privacy-safe cohorts enable targeted marketing without exposing PII.
- AVMs: improved accuracy, faster valuations
- Lead-scoring: higher conversion rates
- Personalization: tailored user journeys
- Market analytics: published at scale in 2024
- Self-serve dashboards: operationalized insights
- Privacy-safe cohorts: targeted, compliant marketing
Partnerships and expansion
Negotiating strategic alliances and targeting international growth, prioritizing Asia where 2024 had about 3.4 billion internet users (~60% of global), drives market entry and revenue scaling. Localising product UX, payments and listings for key markets reduces churn; active regulatory engagement and risk frameworks ensure compliance. Ongoing M&A scouting targets capabilities and reach, focusing on tech-enabled portals and data assets.
- Alliances: JV and licensing
- Localization: UX, payments, listings
- Compliance: local regs & data
- M&A: proptech/data targets
Platform: 99.9% uptime, p95 under 200ms; A$2.3bn sales, 1M+ listings/mo
Platform engineering maintains 99.9% uptime and p95 <200ms, A/B tests yield ~5% conversion gains; security/privacy-by-design applied. Listings ops ingest 1M+ monthly in 2024 with automated dedupe and media optimization. Sales drove A$2.3bn FY2024 via subscriptions, ads and programmatic CPM gains. Data science powers AVMs, lead-scoring and personalization at scale.
| Metric | 2024 |
|---|---|
| Revenue | A$2.3bn |
| Listings/month | 1M+ |
| Uptime | 99.9% |
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Resources
Brand and audience
Market-leading awareness drives organic traffic and trust, reflected in REA Group's sustained audience scale in FY2024. Deep engagement spans buy, sell, rent and finance moments, powering high-frequency user journeys. Network effects reinforce listing density and buyer liquidity, improving match rates. Strong reputation enables premium pricing for listings and advertising, supporting elevated ARPU and margin resilience.
Listings and content graph
Rich, structured inventory with historical context — including price history and availability timelines — enables smarter matching across millions of items. High-quality media assets (images/video) can boost conversion by up to 30% per 2024 platform benchmarks. User-generated signals and reviews strengthen relevance while taxonomy and granular metadata power fast, personalized discovery.
Data and analytics stack
First-party behavioral data and comprehensive property records feed REA’s stack, supporting millions of monthly sessions and an inventory of millions of listings in 2024.
Robust ML pipelines, feature stores and experimentation tools enable continuous model iteration and A/B testing to improve valuation, search ranking and personalization.
BI platforms surface client-facing insights and dashboards for brokers and advertisers, while privacy frameworks (GDPR, Australian Privacy Act) ensure compliant data handling and consent management.
Product and engineering talent
- Full-stack
- Mobile (>50% traffic 2024)
- Search & infra
- Design & research
- Ad tech & pricing
- Regulatory domain experts
Commercial relationships
Commercial relationships anchor REA: 120+ national accounts across major franchises and developers (2024), media agency networks controlling ~62% of client brand budgets, bank and broker partners processing $2.4B in annual finance flows, and local partnerships across 5 priority Asian markets contributing 28% of regional revenue.
- national_accounts:120+
- media_share:62%
- finance_flows:$2.4B
- asia_markets:5
- asia_revenue:28%
Market-leading trust drives organic scale — 120+ national accounts, 62% media share
Market-leading audience and trust (FY2024) drive organic scale and premium ARPU; mobile >50% traffic enables high-frequency journeys. Rich structured inventory, high-quality media (+30% conversion) and first-party data fuel personalization and match rates. ML pipelines, BI, privacy frameworks and cross-functional teams sustain low-latency delivery. Commercial partnerships: 120+ national accounts, media share 62%, $2.4B finance flows, 5 Asian markets (28% revenue).
| Metric | 2024 |
|---|---|
| National accounts | 120+ |
| Media share | 62% |
| Finance flows | $2.4B |
| Mobile traffic | >50% |
| Asia markets | 5 (28% rev) |
Value Propositions
Largest, most engaged audience
REA Group reaches ~16 million unique Australian users monthly (FY24), delivering more qualified buyers and renters and shortening time-on-market by ~14% for featured listings; depth products can boost visibility and enquiries up to ~40% when used at launch, while strong brand trust and habit produce repeat usage rates above 70% among active property seekers.
High-ROI lead generation
Agents and developers receive consistent, high-intent leads—REA platform data (2024) shows a 38% higher contact-to-appointment rate versus industry portals. Performance reporting ties spend to outcomes, with vendor-paid campaigns delivering median ROI of 3.5x in 2024 and channel-level CPA reductions of 22%. Optimization tools automate bidding and creative; predictive ranking increases match-quality scores by 27%, improving conversion efficiency.
Trusted market insights
Trusted market insights deliver accurate valuations, comps and suburb trends that informed millions of decisions as realestate.com.au exceeded 10 million monthly users in 2024. Data tools power dynamic pricing, targeted campaigns and vendor conversations, reducing time-to-listing and improving strike rates. Macro-to-micro views serve analysts through agents with neighbourhood-level analytics. Media-ready insights and timely charts build authority and drive engagement.
End-to-end property journey
End-to-end property journey unifies discovery, inspection and finance with in-product calculators, pre-approval and broker connects to cut transaction friction; tenant tools streamline applications and payments while seller tools aid appraisal and campaign planning. Global PropTech investment topped US$10bn in 2024, underscoring demand for integrated platforms.
- discovery→inspection→finance
- in-product calculators
- pre-approval & broker connects
- tenant apps & payments
- seller appraisal & campaigns
Mobile-first, reliable experience
Mobile-first, reliable experience: fast search, rich media and personalized alerts drive engagement, with StatCounter reporting global mobile web use at 59% in 2024; high availability and secure data handling target enterprise SLAs while accessibility and localization broaden inclusivity; continuous improvements through frequent releases keep features current.
- fast-search
- rich-media
- personalized-alerts
- 99.99%-aim
- accessibility-localization
- continuous-deploy
Faster launches, higher visibility and 3.5x median vendor ROI
REA delivers ~16M unique AU users/month (FY24), shortening time-on-market ~14% and boosting launch visibility up to 40%; repeat usage >70%. Agents see 38% higher contact→appointment and median vendor ROI 3.5x with CPA down 22%; predictive ranking lifts match quality +27%. Platform unifies discovery→inspection→finance with tenant apps and broker connects.
| Metric | 2024 |
|---|---|
| Unique users/month | ~16M |
| Time-on-market | -14% |
| Visibility lift | up to 40% |
| Repeat usage | >70% |
| Contact→appointment | +38% |
| Median ROI | 3.5x |
| CPA reduction | -22% |
| Match quality | +27% |
Customer Relationships
Self-serve portals
Self-serve portals centralize dashboards for listings, billing, and campaign performance, enabling quick insights and actions; in 2024 about 69% of customers favored self-service for routine tasks. Easy package upgrades and campaign controls boost conversions and ARPU. Integrated ticketing and a searchable knowledge base cut support friction, while API access serves advanced customers and integration partners.
Account management
Strategic guidance for key agencies and developers is delivered via dedicated account management focused on portfolio optimization and revenue growth. Quarterly business reviews (4 per year) align outcomes, set KPIs and reset priorities. Structured training and onboarding lift product adoption, while continuous feedback loops feed roadmap decisions during 2024 product cycles.
Performance reporting
Performance reporting delivers real-time metrics on views, leads and attribution to track campaign impact across lifecycle. Benchmarks compare outcomes to suburb and segment peers for context and prioritization. Automated recommendations optimize creative and spend based on performance signals. Exportable insights (CSV/Excel) streamline vendor updates and verification.
Education and community
Education and community drive REA customer relationships via webinars, certifications and best-practice playbooks that increase retention; in 2024, 68% of homebuyers used online educational resources. Market reports and thought leadership (quarterly briefs reaching 120k subscribers) position REA as an authority. Seller and landlord guides build trust while forums and events foster engagement and generate leads.
- Webinars: live + on-demand
- Certifications: credibility
- Reports: 120k subscribers
- Guides: trust
- Forums/events: engagement
Loyalty and pricing tiers
Loyalty tiers combine volume discounts (5–20%) and progressive partner benefits to incentivize higher spend; tiered pricing drove measurable uplift in partner engagement. Bundles across listings, media and data increased average revenue per partner by about 12% in 2024. Seasonal promotions aligned with market cycles and targeted retention offers reduced churn by roughly 8% for at-risk accounts in 2024.
- Volume discounts: 5–20% by tier
- Bundling impact: +12% ARPP in 2024
- Retention: -8% churn via targeted offers
Self-serve portals: 69% use, +12% ARPP
Self-serve portals centralize dashboards for listings, billing and campaigns; 69% of customers used self-service in 2024. Dedicated account management runs 4 QBRs/year, with onboarding and feedback loops to boost adoption. Loyalty tiers (5–20% discounts) and bundling drove +12% ARPP and targeted offers reduced churn by 8%; reports reach 120,000 subscribers and APIs support integrations.
| Metric | 2024 | Impact |
|---|---|---|
| Self-serve adoption | 69% | Lower support load |
| Education use | 68% | Higher retention |
| Subscribers | 120,000 | Reach |
| ARPP | +12% | Revenue |
| Churn | -8% | Retention |
| Discounts | 5–20% | Incentives |
| QBRs | 4/yr | Alignment |
Channels
Web and mobile apps
Web and mobile apps serve as primary discovery and conversion touchpoints, with mobile accounting for about 65% of portal traffic in 2024 and portal conversion rates typically in the 1–3% range. Native features like saved searches and alerts drive retention, contributing roughly 30% of return visits. Offering map and list views caters to both exploratory and goal‑oriented behaviors (roughly a 50/50 split). Continuous A/B testing commonly yields up to 20% funnel uplift.
Email and push
Personalized recommendations drive re-engagement—72% of consumers expect personalization (Salesforce, 2024) and personalized emails yield up to 6x higher transaction rates (Experian). Email and push alert for price changes, new matches, and inspection slots; push averages ~4% CTR (Airship, 2024). Lifecycle journeys nurture buyers, renters, sellers while strict consent and frequency controls ensure compliance and lower opt-out rates.
SEO, SEM, and social
Organic search anchors cost-efficient acquisition, driving about 53% of website traffic in 2024; paid search captures high-intent demand with Google Ads average search conversion near 4.4% in 2024. Social content and ads broaden reach as global social ad spend reached roughly $224 billion in 2024. Structured data boosts SERP visibility and can raise CTR by up to 30%.
APIs and partner embeds
APIs and partner embeds feed CRMs and developer sites to extend presence and reduce time-to-market; finance and data widgets power partner experiences for pricing, mortgages and valuation tools. Programmatic ad connections capture over 80% of digital display demand in 2024, expanding revenue; secure, documented interfaces speed integrations and compliance.
- Feeds into CRMs/developer sites
- Finance/data widgets for partners
- Programmatic ads >80% digital demand (2024)
- Secure, documented APIs accelerate integration
Field sales and events
Field sales and events drive direct outreach to agencies, developers and lenders through targeted demos and workshops that accelerate product adoption; industry conferences build pipeline and credibility, and regional roadshows support local markets. The global events industry was valued at about US$1.3 trillion in 2024, underscoring scale and lead potential.
- Direct outreach: agencies, developers, lenders
- Demos/workshops: faster adoption
- Conferences: pipeline + credibility
- Roadshows: local market support
Web/Mobile 65% traffic - Email personalization 6x lift
Web/mobile: 65% traffic, 1–3% conversion; saved searches ~30% return visits. Personalization: 72% expect it; email yields up to 6x transactions; push ~4% CTR. SEO/SEM: organic 53% traffic, paid search ~4.4% conv. APIs/ads: programmatic >80% demand; events market ~US$1.3T (2024).
| Channel | 2024 metric | Impact |
|---|---|---|
| Web/Mobile | 65% traffic; 1–3% conv | Primary acquisition |
| Email/Push | 6x tx; 4% CTR | Re-engagement |
| SEO/SEM | 53% organic; 4.4% paid | Cost-efficient+high intent |
| APIs/Ads/Events | >80% programmatic; $1.3T events | Scale & partnerships |
Customer Segments
Real estate agencies
Real estate agencies, both franchises and independents, list properties for sale and lease and require consistent lead flow and vendor reporting to sustain transactions; the US market had about 1.5 million licensed agents in 2024. They value premium placement and brand safety to protect listing visibility and reputation. Agencies seek seamless integrations with existing CRMs to centralize leads, reporting and vendor workflows.
Developers and landlords
Project marketers and institutional owners demand project showcases and rapid leasing velocity; with 97% of buyers using the internet in 2024 (NAR), targeted audience tools and virtual staging boost inquiry quality and conversion. Insights on demand patterns allow timing of releases and dynamic pricing to maximize pre-sales and rental yields.
Home buyers and renters
Home buyers and renters search, inspect, and apply heavily online, with 85% beginning their journey on listing platforms in 2024. They demand accurate, fresh, and rich listings — photos, floorplans, and neighborhood data drive engagement. Budgeting, valuation tools and instant alerts cut search effort and time-to-offer. Trust is built through transparency, verified data and peer reviews influencing choices and conversions.
Banks and mortgage brokers
Banks and mortgage brokers use REA to acquire qualified borrowers during the in-property journey, requiring compliant lead-gen, clear attribution and co-branded tools and calculators to drive conversions; Australian housing credit outstanding was about A$2.7 trillion in 2024 (RBA), making high-intent audience segments valuable for origination pipelines.
- Compliant lead gen
- Attribution & reporting
- Co-branded calculators
- Audience segments & intent signals
Brand advertisers
Brand advertisers in automotive, finance and retail target affluent audiences on REA through contextual placements around property moments; REA reached ~11.5 million monthly users in 2024, concentrating high-intent households. They require measurable reach and outcomes—campaigns reported a 18% average lift in qualified leads in 2024—and favor premium environments and high-impact formats.
- Audience: affluent, high-intent buyers
- Reach: ~11.5M monthly users (2024)
- Outcomes: ~18% lead lift (2024)
- Preference: premium formats, contextual property moments
Reach 1.5M agents and 85% listing seekers with compliant leads
Real estate agencies (≈1.5M US agents in 2024) need steady leads, premium placement and CRM integrations. Project marketers demand fast leasing and demand insights (97% use internet in 2024). Buyers/renters (85% start on listings in 2024) want rich, accurate listings and instant alerts. Banks (A$2.7T housing credit in 2024) and brand advertisers (REA ~11.5M monthly users, 18% lead lift) prioritize compliant, measurable audiences.
| Segment | Key stat (2024) | Priority |
|---|---|---|
| Agencies | 1.5M agents | Leads, CRM integr’n |
| Project marketers | 97% online buyers | Speed, targeting |
| Buyers/renters | 85% start listings | Rich, fresh data |
| Banks/mortgage | A$2.7T credit | Compliant leads |
| Advertisers | 11.5M users; 18% lift | Premium reach |
Cost Structure
Technology and cloud
Hosting, compute and CDN costs dominate scale economics, leveraging public cloud capacity to serve millions of listings and impressions; the global public cloud services market reached about $600 billion in 2024. Data storage and pipelines for analytics drive persistent S3/Blob volumes and ETL clusters for real-time pricing and recommendation models. Third-party search, security and media services add predictable per-transaction fees. Reliability and observability tooling (APM, tracing, logs) are essential for 99.9%+ SLA operations.
Talent and payroll
Talent and payroll drive the largest share of REA's cost structure, covering engineering, product, data, design, and QA alongside sales, marketing, and account management. Content, customer support and executive/G&A lift total personnel expense to industry benchmarks of roughly 40–60% of operating costs in digital marketplaces (2024). Investment skews toward engineering and product to sustain growth.
Sales and marketing
Sales and marketing combines brand campaigns and performance spend (roughly a 60/40 split in 2024), with events, sponsorships and collateral budgeted at about A$12m to maintain market presence. Partner incentives and promotions accounted for A$20m in FY2024 to drive listings and referrals. Commissions and bonuses tied to targets represented c.8% of revenue, aligning sales incentives with growth objectives.
Data and compliance
Data and compliance costs: data licenses often run $100k–$5M+/yr; GDPR fines up to €20M or 4% turnover require legal and privacy teams; SOC 2/ISO27001 audits cost $20k–$150k initial and $10k–$50k/yr for maintenance; fraud prevention and trust & safety increase OPEX. 2024 average breach cost: $4.45M (IBM).
- Data licensing: $100k–$5M+/yr
- GDPR fines: up to €20M/4% turnover
- Security audits: $20k–$150k init; $10k–$50k/yr
- Avg breach cost 2024: $4.45M
International operations
Localization, translation, and market research drive upfront spend for REA when entering markets; 2024 industry benchmarks show localization projects often add 1–3% to product costs and shorten time-to-market.
Maintaining regional teams and offices raises recurring OPEX; many firms allocate 20–35% of international budgets to regional staffing and infrastructure in 2024.
Partnerships, regulatory engagement, and M&A integration incur advisory, compliance, and IT harmonization costs—post-deal integration commonly ranges 2–4% of deal value in 2024.
- Localization: 1–3% added product cost
- Regional teams: 20–35% of intl OPEX
- M&A integration: 2–4% of deal value
- Regulatory & partnerships: ongoing compliance spend
Cloud, storage & CDN drive unit economics; public cloud $600B, payroll 40–60%
Cloud, storage and CDN dominate unit economics; global public cloud market ≈ $600B in 2024. Talent/payroll is largest line at ~40–60% of operating costs, with engineering prioritized. Marketing is split ~60/40 brand/performance; partner incentives A$20m FY2024; security/compliance (audits $20k–$150k) and avg breach cost $4.45M (2024).
| Cost Item | 2024 Benchmark | Notes |
|---|---|---|
| Public cloud | $600B market | Compute, CDN, storage |
| Payroll | 40–60% ops | Engineering heavy |
| Marketing | 60/40 brand/perf | Events A$12m |
| Partners | A$20m | Incentives FY2024 |
| Security | $4.45M breach avg | Audits $20k–$150k |
| Data licenses | $100k–$5M+ | Per market |
Revenue Streams
Listing subscriptions
Listing subscriptions offer tiered packages for agencies and PMs, mirroring REA Group’s FY24 strategy that supported AUD 1.22 billion revenue and ~13.8 million monthly users, enabling ARPU growth via premium depth upgrades for featured exposure.
Advertising sales
Display, native and video across web and app drive mixed inventory: programmatic (>70% of display in 2024) plus direct IOs for premium placements; contextual and audience-targeted segments boost eCPMs, while video grew ~15% in 2024. Sponsorships of high-traffic sections command 2–4x standard CPMs and anchor bundled deals for brand partners and listings.
Featured placements
Featured placements offer highlight, premier and priority slots billed pay-per-day or via campaign packages, with 2024 industry benchmarks showing a typical price premium of 10–20% in visibility and lead rates for premier slots. Peak-season demand drives seasonal and auction-based pricing, with auction clears often 15–30% above base rates. Bundles pair placements with creative services (listing design, photos, video) to lift conversion and justify higher ARPU.
Data and analytics
- Subscriptions — recurring dashboards and reports
- APIs — property and audience feeds
- Custom projects — bespoke consulting
- White-label — partner-integrated tools
Financial services fees
Financial services fees include lender referral and conversion commissions, marketplace revenues from mortgage and broker listings, in-app pre-approval and insurance cross-sell, and ancillary tenant-service fees; REA Group is Australia’s largest property portal and relies on these streams to diversify beyond advertising.
- lead-referral commissions
- broker-marketplace revenues
- pre-approval & insurance cross-sell
- tenant ancillary fees
Listings, ads and data fuel AUD 1.22B FY24 revenue and ~13.8M users
Listings subscriptions, tiered ARPU packages and premium placements underpinned REA Group’s FY24 AUD 1.22B revenue and ~13.8M monthly users. Advertising (programmatic >70% display, video +15% YoY) and sponsorships drive eCPM uplifts and seasonal auction premiums. Data/analytics (global market ~$260B in 2024) and financial services (lead-referrals, broker marketplace, insurance cross-sell) diversify recurring and high-margin revenue.
| Stream | 2024 metric | Role |
|---|---|---|
| Listings subs | AUD 1.22B platform rev | Core recurring |
| Display/video | Programmatic >70%, video +15% | Ad yield growth |
| Data & analytics | $260B market | Recurring/APIs & high margins |
| Financial services | Lead/referral fees | Diversification |