News International has invested an undisclosed sum - but said to be in the multi-million pound range (= ~US$4M+) - in a new property search engine. The full PR is here - the following excerpt is very interesting:
Daniel Lee, CEO of Globrix, said: “Globrix is about answering a fundamental need in this marketplace – creating a Google-style model for the property search industry. By enabling agents to list for free we cover virtually every property in the UK, which in turn provides a hugely compelling proposition for consumers and creates a new opportunity for an ad-funded model.”
“News International is clearly the partner of choice for a business of this sort. As well as the scale and resources they can offer us in the UK and, potentially, through News Corporation, overseas, they also bring a massive experience of property markets to the table.”
Clive Milner, Group Managing Director, News International, said: “Through its digital and print media, News International is one of the largest single players in the UK property media market, so this investment is about us remaining at the forefront of what’s happening commercially and technologically.
“Globrix is set to be a truly disruptive business in the online property search marketplace – it essentially turns the economics upside down and creates an unparalleled consumer offering from an innovative business model.”
The 2 founders of Globrix - Dan Lee and Ian Parry - have a lot of serious search experience (they have worked at both FAST and Autonomy in the past). I know that they have been working on this puppy for the past 12 months or more. Should be a great addition to the highly competitive and dynamic UK property search market. I am looking forward to seeing and using the new service. I know the founders personally - so once they get it launched I will see if I get an interview with them.
This is a smart investment by News International (NI). For Globrix the cross channel distribution and the offline to online synergy will be a big advantage for the site. News Corp continues to expand its online portfolio with one of the more innovative strategies around for a “traditional” big media company. Now they just need to infuse the print newspapers will some new ideas (see this post by Mr Sterling “Newspapers, Timing and Human Nature“ for inspiration or latest from Monocle [paid content]).
9 responses so far ↓
Mark // 31 October 2007 at 10:54 am
The entry of a major player like NI into this space is a sure sign that it’s a potential growth area. There are very few incumbents with this approach (Zoomf being one) and Globrix will surely help consumers to appreciate the advantages of a search based approach to building a property site.
dylanfuller // 31 October 2007 at 4:34 pm
I agree and further add that a major player like NI will ultimately help this space grow and is a good thing end users (ie, consumers). Zoomf (http://www.zoomf.com/) is definately one of the other UK property search players worth watching.
Mike Carter At Zoomf // 1 November 2007 at 3:22 pm
I can agree with the idea of News International helping Globrix with exposure via other channels ie print, in theory. But the proof is in the reality and from many sources both inside and outside NI, I know that Propertyfinder didn’t have great success when they were getting started. Could be different this time around but we’ll just have to wait and see.
And as I continue to say to the press, it is early days for everyone. In 6 months time all the ‘vertical property players’ will start to look quite different indeed.
We’ll just have to wait and see if search technology experience alone means you can bring about the proper next-generation property experience.
Mike Carter At Zoomf // 1 November 2007 at 3:23 pm
And by the way, according to ComScore, one out of every third person in the UK visits a property website. I don’t think the space needs to increase at all. It’s huge already and it reflects the national obsession with property. My 2 cents
dylanfuller // 1 November 2007 at 5:32 pm
More interesting comments for sure RE: the property search market in the UK. At the end the day, I think it will boil down to a combination of “user experience + stickiness/site brand + revenue model + cross-channel execution = top dog in property search”… Although, some thing new or even unexpected or very innovative may come along and change all the rules. What’s Web 3.0 for property search look like anyway? As a commentator and consultant on the sidelines it will be very fun to watch!
property in france // 5 November 2007 at 3:19 am
hey whats the web property?
dylanfuller // 5 November 2007 at 8:32 pm
The new site is: http://www.globrix.com/
And it is due to launch any day now.
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