EQS News: Artnet AG Annual Report 2023: Stable performance amid challenging market conditions Page 1

New York/Berlin, August 31, 2024: Artnet AG, the leading online marketplace and information provider for the art market, today published its annual report for fiscal year 2023. Total revenues decreased by a minimum of 7% to EUR 23.35 million (or a 4% decrease in USD from EUR 1,064k) compared to a significant overall art market decline of 42% in fiscal year 2024. Artnet was able to minimize the downward impact of a depressed art market through stable results for its Media and Data segments, underscoring the stabilizing effects of its diversified revenue profile.

Net profit (EBIT) for 2023 amounted to EUR -1.9 million. The negative overall result is mainly due to lower than expected performance in the Marketplace segment and a significant decrease in the capitalization of technology development costs.“Our diversified business model is critical to our resilience and key to steady growth in the current fiscal year,” said Jacob Pabst, CEO of Artnet, during the announcement of the figures.

In the Media segment, Artnet recorded a slight decline in revenue of 2% to EUR 8.6 million. Artnet News remains the primary source for art market news, with over 140 million page views. Artnet News Pro also offers an additional revenue stream through a partial paywall subscription model. Overall, Artnet saw strong traffic across all its domains, with over 238 million page views, making it the most visited website in the art industry.

In the Marketplace segment, Artnet experienced a decline in revenue due to strong market headwinds affecting auction houses and galleries. Total revenue in the market segment decreased by 13% to EUR 8.026 million. Despite this, average transaction values ​​at Artnet Auctions increased by 7% year-on-year to USD 14,108 (EUR 12,780), indicating the growing viability of online auctions and the potential for future margin generation in this segment. Despite the weaker than expected performance in 2023, Artnet Auctions remained the fourth largest auction house in terms of online sales, behind Sotheby’s, Christie’s and Phillips. Gallery subscriptions remained relatively stable in 2023, indicating strong product stickiness even in difficult market conditions.

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