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CoStar Group’s annual revenue increased by 12% during the fourth quarter of 2023, marking its 51st straight quarter of double-digit revenue growth. The company reported revenue of $640 million and net income of $96 million for the quarter.
Meanwhile, the company reported revenue of $2.46 billion for the year ending Dec. 31, 2023, up 13% from $2.18 billion for the full year 2022. Net income was $375 million, compared to the $369 million of the previous year.
“Once again CoStar Group delivered exceptional results in our commercial information and marketplace businesses for the full year 2023, while at the same time devoting major time and resources towards launching the new Homes.com,” Andy Florance, founder and CEO of CoStar Group, said in a statement.
Florance also highlighted the growth of Homes.com, which reached 95 million monthly average unique visitors in Q4 2023, a 600% increase year over year, according to data from Google Analytics.
According to Florance, Homes.com is now the second most-highly frequented residential portal behind Zillow, and well beyond Realtor.com‘s 66 million monthly average unique visitors.
Florance also touched on the first marketing and branding campaign by Homes.com, delivered in the form of four commercials during the Super Bowl LVIII broadcast on Feb. 11, which generated 123 million impressions.
In the week following the game, Homes.com generated 560 million impressions across Prime Video, broadcast TV, syndicated TV, cable TV, morning shows, late-night shows, video platforms and Google searches. Throughout 2024, ads for Homes.com will be spotted at the Olympics, the Oscars, the Emmys and many other events. Florance aims for 80 billion impressions by the end of the year, with the goal of reaching 90% of U.S. households.
On Feb. 12, CoStar also started selling membership subscriptions to listing agents for Homes.com, a quarter earlier than what had been anticipated.
“Our goal is to catapult our growth forward and quickly capitalize on the momentum and exposure generated from our marketing campaign,” Florance said during the company’s earnings call on Tuesday.
Florance touted the productivity of his 1,000-plus agent sales team. CoStar is also building a sales force that is dedicated only to selling Homes.com subscriptions. In that context, Florance recruited a vice president, sales managers and 100 sellers to date. The founder intends to have 300 account representatives by the end of the year.
“2024 marks the turning point in the investment cycle for our residential business as we launched our first Homes.com membership product,” Scott Wheeler, CoStar Group’s chief financial officer, said in a statement.
For the full year of 2024, the company expects revenue in the range of $2.75 billion to $2.77 billion, representing year-over-year growth of approximately 12% to 13%.
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