.VIP proves to be a VIP for MMX.
MMX (Minds + Machines, LSX:MMX) had a Very Important launch last week.
The company announced today that .VIP generated over 200,000 registrations after just five days of general availability. The company has $3.2 million in billings/orders for the top level domain so far, which it will recognize over the registration term.
That’s a nice launch for a domain it won at auction for $3.1 million.
The domain name is doing particularly well in China, making up 80% of .VIP names registered so far. VIP has a broader context and use in China than it does in many Western countries.
MMX CEO Toby Hall, who was installed at the helm of the company earlier this year, said the launch is proof that the company’s updated strategy is a winner:
The Chinese market for top-level domains is real and we are delighted to have accessed this key region through the .vip launch. It is a major milestone for the Company, the new management team and our business model centred on working with best-in-class partners across every aspect of our business so as to best monetize our assets while maintaining a tight control on central overheads. It demonstrates that, when properly executed, how quickly the initial investment costs for a domain can be recovered and the potential for a strong recurring revenue established. The .vip launch equally illustrates how as a b2b business we do not have to burn funds on marketing to reach end-consumers and achieve outstanding results. Not only is .vip creating an exceptional platform through which to grow our presence in the expanding Asia market, it is providing an excellent template on how best to reach end-markets that can be potentially mirrored across our portfolio.
The company also believes that removing premium renewal pricing helped. Instead of paying the same premium annual renewal fee each year, .VIP domains have only a one-time premium price.