{
  "docId": "019dd923-622c-750b-8b99-74af5c9e9edb",
  "docSlug": "de028a1085e6",
  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 31,
  "pageCount": 103,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "testimonial",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a Q&A format to present expert testimony.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/31",
  "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-31",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The expert indicated that Zillow's MBP model very quickly became saturated, forcing the Company to develop new ways to monetize Zillow leads.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc8-2fa2cc1c0916",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We interviewed a former senior Zillow employee who was instrumental in the development of the Company's Flex revenue model. The expert indicated that Zillow's MBP model very quickly became saturated, forcing the Company to develop new ways to monetize Zillow leads.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c3d4163-6789-457c-8886-7f87c1f827ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Yep, it was. {MBP went through three iterations}. So originally it was sold in percentages. Essentially you could buy in percentages, so say 25% of the zip code, 50, a hundred percent. That was the original product that got saturated very quickly. — Former Zillow Senior Employee",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc8-318e97d1ff16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Spruce Point interview",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0e82c61-cadf-49de-89a9-f6e4cfe7a1f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.27
      },
      "kind": "table",
      "text": "Interview With Former Zillow Senior Employee",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1659dc93-e0eb-4791-bc03-58e6d05b722c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Former Senior Zillow Employee Comments On MBP Maturity/Saturation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d653def-87d4-415d-a25e-7ab6f70766fd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 50,
      "from": 21,
      "beatId": "2825f36d-3055-4526-b439-677abc0e48a8",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}