WorthPoint Reports Strong Revenue and Cashflow Growth in Q2 2020

WorthPoint Corporation has reported strong growth for the company for the quarter ending June 30, 2020, despite a rare month-over-month decline of billings in April attributed to the COVID-19 pandemic.

Following a disappointing April, May 2020 saw a sharp reversal and a resumption of month-over-month growth of 5%. The growth continued to accelerate in June to 6%, and to date in July to 8% (an annualized pace of over 250%).

WorthPoint’s growth for the first six months of 2020 was 36% over the six months ending June 2019. The number of subscribers continued to increase as well, up 8.4% in Q2 from Q1 2020 with a year-over-year increase of 25.8%. Site traffic, which remained over 90% organically obtained, was also robust in Q2 and up nearly 70% over Q2 2019. WorthPoint now ranks 632 in the US for web traffic.

“We have managed resources very well this year, keeping operating expenses low as the coronavirus pandemic began to impact revenue in April,” said Will Seippel, WorthPoint CEO and Founder. “Strategically, we decided to increase our online advertising as others were cutting back, taking advantage of lower buy rates. We focused on capturing the attention of potential subscribers who are on their computers working from home, which supported our organic revenue and traffic growth the last three months.”

“Even though we increased spending on digital marketing and human capital, we cut travel and other expenses quickly and shifted to a virtual workplace in late Q1,” said Seippel. “Worker’s safety remains a primary concern, and Q2 was the first time in my career I’ve seen a company’s travel expense at zero! This has helped us maintain strong cash flow and profits despite investing in the business.”

Operationally, WorthPoint has added full-time and contract contributors around the world since December 2019. Atlanta and US-based workers have almost doubled since the beginning of the year, and the company’s European staff has grown considerably; WorthPoint is approaching 100 paid contributors worldwide. The company anticipates adding 300 writers in 2020 to continue building the site domain content, specifically the Worthopedia Dictionary, which is the world’s leading resource to learn the “how-tos” of obtaining an item’s history and worth.

Content in WorthPoint’s Worthopedia databases continues to accumulate. The Worthopedia price guide grew by 12.2 million items and now surpasses 525 million prices. The Worthopedia M.A.P.S gallery grew by 4,000 items to 148,000, and the Library of reference materials has expanded to 1,113 items. The WorthPoint content team added over 500 new Dictionary pages in Q2 as well, bringing that total to 1,764.

“In a challenging year for businesses worldwide, we are working hard to continue to bring value to our subscribers,” said Seippel. “I am particularly proud of how our worldwide team responded to changes caused by the COVID pandemic and continued to support our global user base.”

Continuing the course set for 2020, WorthPoint remains focused on technical innovations for the next six months. Progress is being made on proprietary image recognition technology, which is projected to be built into selective M.A.P.S. searches in the fourth quarter. Work also continues on the virtual Vault product, with a planned June 2021 homeowner launch. “Both of these products are set up to significantly change our industry, and we will be sharing them with subscribers in the upcoming months” said Seippel.

About WorthPoint Corporation

WorthPoint Corporation manages the largest online resource for researching, valuing, and preserving antiques, art, and collectibles. The company’s suite of offerings on WorthPoint.com includes a price guide, a resource gallery for identifying maker’s marks, autographs, patterns, and symbols (M.A.P.S.), and a digital library with over 1,000 books on collectible topics. Through data aggregated from online marketplaces including eBay and leading auction houses, WorthPoint empowers the antiques and collectibles industry by providing a steady stream of new data each month, building on 525 million archived prices and more than 2.4 billion images to improve pricing transparency for sellers and buyers. Based in Atlanta, WorthPoint has subscribers on six continents.