11.04.2016
artnet AG DE000A1K0375
artnet AG publishes its 2015 Annual Report
DGAP-Media / 11.04.2016 / 07:00
artnet AG publishes its 2015 Annual Report
- Financial Result Positive
- Highest Revenue in the Company's History
- artnet News Boosts Advertising Revenues
- Price Database Exceeds 10 Million Lots
Berlin/New York, April 11, 2016 - artnet AG published its 2015 Annual
Report last Friday, announcing that it has achieved the highest revenue in
the Company's history. Compared to 2014, revenue increased by 24.3% to 17.3
million EUR, and by 3.9% to 19.2 million USD. In addition to a strong
growth of advertising revenue, the fluctuations in the euro-US dollar
exchange rate had a significant influence on the Company's net profit,
resulting in an increased revenue in euros and a decreased revenue in US
dollars.
The result was positive, achieving a profit of 0.64 million EUR (0.71
million USD), exceeding the predictions of 0.1-0.4 EUR million (0.1-0.5
million USD) by far, thanks in part to a successful effort in reducing
costs.
Revenue from artnet Auctions increased by 10.3% in euros as a result of
exchange rate changes, while simultaneously decreasing by 7.8% in US
dollars. Compared to the previous year, the number of lots sold increased
by 12.7%, while the overall revenue achieved per auction specialist also
increased. The public's growing acceptance of online art auctions was
demonstrated by a 120% increase in new registrations, a higher number of
lots offered, and an improved sell-through rate. With a combination of a
larger team of specialists, an improved efficiency, a focus on high-value
lots, artnet intends to grow revenue for the Auctions segment.
In 2015, advertising revenue increased by 128.4% in euros (91.0% in US
dollars) as compared to the previous year. This remarkable achievement was
largely thanks to the success of artnet News. The launch of the news
platform two years ago represented an entrepreneurial challenge for the
Company, as it was the second product, after artnet Auctions, to be funded
solely from our own resources. It quickly became the most read and
influential art news platform in the world, with visits in 2015 almost
doubling as compared to the previous year. Due to a one-third increase of
pageviews on all of artnet's sites, the Sales Team was able increase their
sales of advertising banners to both art world businesses and luxury
brands.
Meanwhile, revenue from Price Database subscriptions increased by 15.8% in
euros and decreased slightly by 3.2% in US dollars, though were it not for
currency exchange rate effects, revenue in US dollars would have been
positive as well. The number of auction results in the Price Database
exceeded 10 million in 2015, continuing its role as the most comprehensive
database of its kind. Every lot is catalogued, translated, and edited by
our team of multilingual specialists, ensuring its unrivaled quality that
is trusted by auction houses, galleries, and collectors worldwide. Over the
course of the past year, artnet emphasized yearly contracts over short-term
subscriptions.
Despite growing competition, revenue from the Galleries segment remained
stable, achieving an overall increase of 5.8% in US dollars. Revenue from
the Gallery Network increased by 9.2% in euros, yet decreased by 8.6% in US
dollars. The overall positive revenue of the segment was achieved through
an increase of sales of advertising space. Moreover, Auction House
Partnerships was successful with a 17.0% overall revenue increase in US
dollars.
In the lawsuit of a French photographer concerning his claim of copyright
violation, the
French Court of Cassation has ruled in favor of the photographer on a
procedural aspect, after artnet had filed an appeal (case number J
15-18.675). In the previous level of jurisdiction, the Paris Court of
Appeal had ordered artnet AG, artnet France Sarl, and Artnet Worldwide
Corporation to pay approximately 0.76 million EUR to the photographer,
holding all three jointly and severally liable. Currently, the company is
carefully evaluating all options to prevent the enforcement of this ruling
in Germany and the United States.
In the 2016 fiscal year, artnet aims to increase artnet News' pageviews and
intensify advertising sales. Along with an enlarged the artnet Auctions
team, artnet will focus on improving the Gallery Network to increase
inquiries for client artworks. By expanding site content, artnet will
become an even more attractive source for art research, enriching the
experience of its 2.1 million monthly visitors. Additionally, its products
will become known to wider audience through this, helping to expand its
position in the global art market.
The 2015 Financial Report is available at
http://www.artnet.com/investor-relations/annual-reports
For more information, please contact [email protected]
End of Media Release
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Issuer: artnet AG
Key word(s): Enterprise
11.04.2016 Dissemination of a Press Release, transmitted by DGAP - a service
of EQS Group AG.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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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
End of News DGAP Media
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