Today, the online automobile portal posts an annual turnover of $7 million
Singapore (PRWEB) December 05, 2012
Among the multitude of businesses in the market, there is little doubt that when it comes to churning out high profit margins, banking and finance comes to mind.
But the World Wide Web has been an increasing popular commodity. And as with other growing trends, riding the tide are business opportunities. Around the globe, e-commerce, as well as online medias are expanding at a pace that is far beyond imagination.
Locally, there are a number of online media firms which are making the mark too.
In a recent evaluation by independent auditor Ernst & Young, sgCarMart was valued at a staggering $43.5 million. Today, the online automobile portal posts an annual turnover of $7 million. From its humble starting by a group of three college students, to a 60-strong team in just 7 years, the company has come a long way.
sgCarMart is now the top viewed online car portal in Singapore, with more than 10,000 Singapore car listings and an ever-improving car forum that attract more than 2 million viewers every month. In the recent Singapore Enterprise 50 awards (E50), the online firm was placed 17th among 50 contending brands and companies, bettering a number of large organisations from the construction and other industries - a tall accolade for a company of such a scale. This further proves that online companies withhold great growth potential.
Another local online portal - PropertyGuru - also posted record earnings in 2012, with revenues growing more than one fold over the same period in the previous year. The property portal saw an exponential 128% raise in visitors over the last 12 months. It is estimated that PropertyGuru and its sister website, CommercialGuru, takes up 85% of the online share in its market segment.
All these spark a bright future for online media firms.
Sharing his thoughts on the growing online media, Business Development Director of sgCarMart Vincent Tan said, “Past records have shown the huge potentials of online firms. And with the increasingly affluent and educated public, we are positive that the growth will be stronger in the coming years.”