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Online Job Sites Overshadow Newspaper Classifieds

  |  December 6, 2004   |  Comments

Careerbuilder, Monster, and HotJobs' 3Q revenues almost 50 percent higher than 2003.

The battle between the leading online job marketplaces may have a negative impact on newspaper classifieds revenues, according to a report released by researcher Corzen.

The report found that the revenue growth rate for Careerbuilder, Monster, and HotJobs outstripped their newspaper classified counterparts by 3 to 1 in the third quarter of 2004. Overall growth for the three averaged 47.4 percent higher in the third quarter than in the same time period in 2003. That growth compares to the 15.9 percent year-over-year growth measured by newspaper classifieds in the Newspaper Association of America.

Trend in Recruitment Revenues: Job Boards and Newspapers ($ Mils.)
Includes Job Posting and Resume Database Revenues
Q1 04 Q2 04 Q3 04
Leading Online Job Board Revenues
Monster $96 $101 $112
Careerbuilder $56 $67 $77
HotJobs $24 $27 $28
Totals $176 $195 $217
Percent Change (YoY) 26.9% 39.3% 47.4%
Q1 04 Q2 04 Q3 04
Newspapers
Newspaper Print Recruitment Revenues (1) $968 $1,150 $1,089
Percent Change (YoY) 3.9% 20.2% 15.9%
Note: (1) Newspaper Association of America
Source: Corzen, Inc.

The price wars between online job sites are the key driver behind that disparity, said Bruce Murray, Corzine's chief executive.

"The online job board marketplace is growing more competitive among its leaders, characterized by much more aggressive sales tactics and promotional spending on TV and online," Murray said. "Furthermore, the price of job listings is declining online as they compete for volume. That causes traditional newspaper print advertisements to appear even more expensive relative to the cost online."

Growth trends for the online job boards were ahead of newspaper classifieds in 2003 as well, but not by as large of a margin, he added.

Online job boards posted an even larger percentage growth in recruitment volume, with Careerbuilder, Monster, and HotJobs registering an average year-over-year increase of 61.3 percent in job postings in the third quarter. Year-over-year newspaper print recruitment volume growth, meanwhile, was only 11.9 percent in the third quarter.

Trend in Recruitment Volume: Job Boards and Newspapers
Avg. # of US Job Postings (000s)
Q1 04 Q2 04 Q3 04
Leading Online Job Board Volume (1)
Monster 163 195 217
Careerbuilder 200 227 262
HotJobs 79 90 95
Totals 442 512 574
Percent Change (YoY) 45.4% 52.4% 61.3%
Note: (1) Online volume based on total number of jobs posted in the prior 30 days on each online job board.
Source: Corzen, Inc.

Murray projects that online job board recruitment revenue and volume growth will continue to significantly outpace print newspaper classifieds beyond the end of 2005. Said Murray: "As online job boards gain more volume, consumers will gravitate to them in even greater numbers. It's the kind of thing that, taken as a whole, hurts overall print newspaper sales, where you don't look in the Sunday classifieds anymore for job listings."

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