OnTheMarket (OTM) owner CoStar has reiterated its aim to help the portal displace Rightmove.
Regulatory filings from CoStar Group in the US, as part of its second quarter results, state that it is investing in OnTheMarket (OTM) to make it the UK’s number one portal.
The filings show that OTM’s average monthly unique visitors are up 174% while listings reached 710,000, a 41% annual rise.
CoStar said OTM now has around 17,000 agent advertisers and leads have grown 56% year-on-year.
It comes as CoStar Group reported a 12% year-over-year increase in revenue , reaching $678m for the second quarter of 2024.
The results release said CoStar Group’s websites attracted more than 183m monthly average unique visitors in the second quarter of 2024, with 148m to its Homes.com network.
The US property giant is expecting its earnings before interest, taxes, debt and amortisation figure for the full year to range from $195m to $205m.
CoStar acquired OTM in December 2023 in a £100m deal and vowed to “aggressively” build the business and grow its market share, promising a major marketing drive.
It has said it intends to spend £46.5m in the first year of a multi-year investment initiative totalling hundreds of millions of pounds.
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