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  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "The chart shows quarterly data from Q1 2016 to Q4 2024.",
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      "kind": "callout",
      "text": "Not only is Zillow.com experiencing a decline in site visitors, its key KPI, revenue per visitor, is challenged. We believe this is strong evidence that the market should view Zillow as a mature business.",
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      "text": "Premier Agent Revenue Per Visit",
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      "text": "Premier Agent Revenue Per Visit",
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      "text": "Zillow's core business is the Premier Agent program or MBP model (62% of FY23 revenue), which seeks to monetize the traffic to Zillow.com. Spruce Point's research has indicated that most hot markets are sold out and less desirable markets see little to no interest from agents. As illustrated in the chart below, Premier Agent revenue per visit is essentially flat since 2016 and is down over 15% from its Q4'21 peak.",
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      "text": "Source: Z SEC Filings",
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      "text": "We Believe Zillow's Core Business Is Mature",
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