Yelp’s advertising revenue rose 13% to a record $1.28 billion in the last quarter of 2023.
Ad clicks for the year saw year-over-year growth of 5%, while average cost-per-click (CPC) increased by 9%.
Services sector. Yelp reported a record $793 million in ad revenue from service businesses in 2023, up 14% from the previous year. The Home Services category stands out in particular with a year-on-year increase of 20% in annual income.
Restaurants, retail and other sectors. Yelp posts 10% rise to record $483 million, boosted by growth in advertiser demand
Self-service and multi-location. Together, these channels accounted for approximately 50% of Yelp’s advertising revenue in 2023. Self-service revenue grew approximately 20% year-over-year, and multi-location revenue grew approximately 15% year-over-year.
What Yelp says. Jeremy Stoppelman, co-founder and CEO of Yelp, said in a statement:
“Looking forward, we’re focusing on our service categories in 2024 as we execute on a strong product roadmap to make Yelp the best place for consumers to connect with trusted service professionals and drive more quality leads to advertisers.” “Our team has repeatedly demonstrated that focusing on our product-led strategy can drive sustainable growth, and we are confident in the significant opportunities we have to deliver long-term shareholder value.”
Why we care. Yelp’s increased ad clicks, which indicate a positive return on investment, make it a strong contender for your ad spend this year. This is especially noteworthy for brands in the Services sector, as Yelp is strategically shifting its focus to this area to generate more quality leads for advertisers.
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deep dive. Read Yelp’s full Q4 Results report 2023 in full for more information.
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