12 Oct 2015 07:00
For immediate release:
12 October 2015
Minds + Machines Group Limited
("Minds + Machines" or "MMX" or the "Company" or the "Group")
Portfolio update: October launches and renewal rates
Minds + Machines Group Limited (LSE:MMX), the publicly quoted owner and operator of Internet top-level domains, is pleased to report the highly successful launch of .MIAMI, the start of the Early Access Program for .law, and initial renewal rates for its geo portfolio.
.MIAMI launch
Following a co-ordinated marketing campaign with GoDaddy, the world's largest internet domain name registrar, and HelloDotMiami, a registrar specializing in Spanish-language registrations, the Company is pleased to report that .MIAMI has secured over 8,000 registrations in its first seven days, making it the fastest growing geo TLD of this period and placing it among the most successful city TLD launches.
Antony Van Couvering, CEO of Minds + Machines, commented:
"We could not be more pleased with the launch of .MIAMI, one of only three United States cities to have launched their own geo top-level domain. It has been a rousing success for both the City of Miami and Minds + Machines from any point of view we choose. We are seeing great numbers given Miami's population size; sustained growth rates; low customer acquisition costs, and premium name sales to some of Miami's premier businesses and institutions. We view the launch of .MIAMI as establishing a new model for a successful geo TLD launch: a strong partnership with the City government; sustained engagement with civic and business leaders; and targeted marketing in co-operation with our registrar partners."
.LAW launch
The Company is also pleased to announce the start today of the Early Access Program for the much-anticipated launch of .law. Under the Early Access Program ("EAP"), a descending fee, going lower each day, will be charged during the first week of launch in addition to the standard prices for a domain, until by day eight prices settle at their normal level. The purpose of the EAP is to better capture value for .law names that are not premium priced. The Company therefore expects high-value sales during EAP, followed by more numerous registrations appearing after 19th October.
Antony Van Couvering added:
"We believe .law will change the way people look at top-level domains. We expect to prove that restricting access to eligible applicants will increase not only demand and price, but also usage and promotion of second-level domains. For us, .law is the perfect combination of a large addressable market, a professional and well-heeled user base, a strong external partner, and a compelling product offering. Early indications are that .law will have significant uptake from the global legal community."
Renewals
The Company is pleased to report that renewal numbers from its geo-portfolio are expected to come in significantly ahead of industry norms. Preliminary results from .london indicate a final renewal rate of over 90%. This number is subject to change given the rights of customers to cancel auto-renewals up to 45 days past their renewal date, but this is not expected to be significant. These initial results, compared with an industry norm of 50-75% renewal rate, confirm the Company's belief in the value of geographic top-level domains and its strategy of working with the world's leading cities.
The Company's quarterly operational update will be released the week of 26 October.
Further Information:
Minds + Machines Group Limited
Antony Van Couvering Tel: +1 310 452-1491
N+1 Singer (Nomad and Broker)
Shaun Dobson / Liz Yong Tel: +44 (0)20 7496 3000
GTH Communications Limited
Toby Hall Tel: +44 (0)7713 341072
For further information, please go to http://investors.mindsandmachines.com
About Minds + Machines
Minds + Machines (LSE:MMX) is a leading owner and operator of new generic Top Level Domains ("gTLDs"), and provides registry services to a range of high-profile clients. The Group also provides domain name services through its wholly owned registrar operations in the US and Europe. For more information on Minds + Machines and its services and companies within the Group, please go to http://investors.mindsandmachines.com.
ENDS