REA Group wants to expand Realestate.com.au and include services like insurance.
👉 Background: REA Group is the Aussie real estate advertising company behind Australia's largest property website Realestate.com.au (we're talkin' about 4.4 million browsers each month) and it's majority owned by NewsCorp.
👉 What happened: REA has been aggressively expanding the group internationally via acquisitions in the US, the UK, Italy, Germany and France. In Oz, REA also bought some mortgage companies including Mortgage Choice.
👉 What else: The company just held an investor strategy day where it revealed it wants to own the full spectrum of offerings associated with property (e.g. insurance). AKA, it wants to build its own digital ecosystem.
💡 A digital ecosystem is a network of products or services that work together to deliver value to customers. In other words, sell more products to more customers... and make more money.
💡There's a spectrum of ecosystems. You've got super apps that have everything from social media to food delivery in the one place. But in REA Group's case, the ecosystem would generally serve prospective home owners or renters.
💡REA's ecosystem could include things like digital mortgage brokers, real estate advertisements and insurance providers. The World Economic Forum reckons 70% of new value created in the economy over the next decade will be built through digital ecosystems.
Sign up for Flux and join 100,000 members of the Flux family
