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  "documentTitle": "Zillow Group, Inc. (Z)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "CEO Comments From CoStar's Q4'23 Earnings Call (February 20, 2024)",
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      "text": "Our largest competitors, Realtor and Zillow, reported either flat or declining traffic in the fourth quarter of '23. I believe we will be able to report even stronger traffic numbers in the near future.",
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      "text": "In April 2021, real estate data giant CoStar announced it had purchased Homes.com with the stated goal of disrupting the existing residential listing sites. Spruce Point rarely finds that public companies openly challenge the efficacy of their competitor's business models. However, CoStar's CEO has been very vocal over the years and the company's Q4'23 earnings call continues that mantra.",
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      "text": "Our largest competitors, Realtor and Zillow, reported either flat or declining traffic in the fourth quarter of '23. I believe we will be able to report even stronger traffic numbers in the near future.",
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      "text": "We've conducted dozens of focus groups... We heard loud and clear that brokers, agents, sellers, buyers and investors all dislike, real estate portals that use agents listings as baked to drill in homebuyers and then sell them off to other agents as leads with exorbitant commission splits.",
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      "text": "During the course of the year, we will be in the Olympics, the Oscars, the Emmy's, March Madness, the U.S. Open, the Stanley Cup playoffs, Major League Baseball and much more. We believe that we will generate approximately 80 billion impressions for Homes.com and reach 90% of U.S. households with our message in 2024.",
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      "text": "Homes.com was the fastest-growing real estate website at the end of '23 with over 600% year-over-year growth in the fourth quarter... Our residential network traffic in the fourth quarter totaled 95 million average monthly unique visitors, growing 94% year-over-year.",
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      "text": "\"We've conducted dozens of focus groups across the country listening to hundreds of agents, home buyers and home sellers, learning why they were so dissatisfied with the legacy offerings and what they hope for in a better residential portal. We heard loud and clear that brokers, agents, sellers, buyers and investors all dislike, real estate portals that use agents listings as baked to drill in homebuyers and then sell them off to other agents as leads with exorbitant commission splits.\" — CoStar CEO, Q4'23 Earnings Call",
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      "text": "Source: CoStar Q4'23 earnings call transcript.",
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      "text": "CoStar Begins Monetization Of Homes.com",
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