.london disaster brings mixed 2018 results for MMX

Discussion in 'New GTLDs' started by Prashant Sharan, Apr 5, 2019.

  1. Prashant Sharan

    Prashant Sharan India Well-Known Member

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    New gTLD registry MMX, aka Minds + Machines, suffered a huge net loss in 2018, largely due to its disastrous .london contract, even while its operating fundamentals improved.

    For the year, MMX reported a net loss of $12.6 million, compared to a 2017 profits of $3.8 million, on revenue up 5% to $15.1 million.

    The loss was almost entirely attributable to charges related to an “onerous contract” with one of its partners.

    MMX has never disclosed the identity of this partner, but the only outfit that fits the profile is London & Partners, the agency with which MMX partnered to launch .london several years ago.

    The registry, expecting big things from the geo-TLD, promised to pay L&P millions over the term of the contract, which expires in 2021.

    Source