“Yandex” lost to “kinopoisk” half a billion rubles

“Yandex” has lowered its assessment of the intangible assets by 576 million rubles. because “kinopoisk”, purchased three years ago for $ 80 million. In “Yandex” explain the decline in the change of service monetization models

“Yandex” has written off 576 million rubles. in the line goodwill (goodwill or intangible assets) in 2015, according to the annual accounts of the Russian Internet company. Write-off associated with the portal “kinopoisk”, states the document.

“Yandex” has acquired an Internet portal about the movie “kinopoisk” in 2013 from its founders ting Vitaly and Dmitry Sukhanov (owned approximately 60% of the company) and the French group AlloCine. The deal amounted to $ 80 million while (about 2.6 billion rubles. at the exchange rate at that time). Within two years, “Yandex” has worked on redesigning and changing service monetization model and presented an updated “kinopoisk” in October 2015.

The new version of the portal fundamentally different from habitual users: if the old “kinopoisk” is a library of cinema, news, ratings and information about the premieres, the updated version of “Yandex” did not focus on the content, and presented functional online cinema. New “kinopoisk” and restarting it, accompanied by technical problems due to the user outrage. As a result, “Yandex” has “rolled back” to an older version of the portal. Creating a new “kinopoisk” cost “Yandex” in the amount of 30 million to 60 million rubles., RBC interviewed experts evaluated.

In addition, while the “kinopoisk” belongs to “Yandex”, have worsened the financial service performance. If in 2013 the portal revenue was RUB 231.5 million, and net profit -.. 57 million rubles, then in 2014 “kinopoisk ‘revenues decreased by 3.4 times, up to 68 million rubles, the service showed a loss of $ 436. thousand Roubles. (Data “SPARK-Interfax”). Sam “Yandex” “kinopoisk” does not release financial figures in the financial statements.

Revaluation of intangible assets is not associated with an unsuccessful restart of the portal, but rather with the fall of incomes in the market of media advertising, explained RBC’s press secretary, “Yandex” Asya Melkumova. “At the time of purchase [” kinopoisk “] we are optimistic look at the media market prospects, but since then the macroeconomic situation has deteriorated significantly and the market of media advertising is going through hard times, we have revised the business model.” Kinopoisk “- this was the reason for the revaluation of goodwill” - said Melkumova.

Display advertising was the only segment in total revenue “Yandex”, which declined in the past year: the figure fell by 1%, to 3.5 billion rubles. At the same time, revenue from the company’s Internet content, for example, increased by 17%, to 54.7 billion rubles. According to the Russian Association of Communication Agencies, display advertising market on the Internet in Russia in the first nine months of 2015 decreased by 6% (around the year data is not), while the content segment grew by 17%.

At the end of December 2015 Dmitry Stepanov, head of media services “Yandex”, assured that the company will not return to the new version of “kinopoisk” in the near future, the service will continue to exist in the conventional version users. However, “Yandex” has continued to experiment with the new version of “kinopoisk” (available in beta under the name “kinopoisk +”) at the moment there are no options associated with the rapid selection and online viewing movies. “Then we” knit “with a new version of a familiar and run it on a separate domain, thus a new one.” Kinopoisk “will be one of the sections of the original”, - explains Stepanov. When it is, the company did not specify.

17 February 2016

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