Positive signs
Daily deals firm LivingSocial grew its revenues almost 170% year on year from USD41 million in Q1 2011 to USD110 million in the same period this year, according to figures from Amazon’s earnings release. Additional data from Yipit shows further positive signs for LivingSocial, with its billings growth rate accelerating to 15% in Q1, from just 6% the previous quarter.
“LivingSocial’s improving performance comes as it significantly ramps up the number of deals it is offering. This change in strategy is visible directly on LivingSocial’s site – consumers are no longer showed just a featured deal, but also more than a dozen available deals, depending on the city,” says Yipit.
The news comes as number one in the deals space, Groupon, looks to expand its own deals offering in a bid to monetise existing but inactive users. Wider rumblings about the long-term validity of the space continue, but Yipit’s data suggests that LivingSocial’s continuing growth might herald sunnier weather.
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