Minds + Machines Group Limited (AIM: MMX), reported today orders for over 200,000 new registrations in its .vip top-level domain valued at US$1.3 million.
The orders comprise both standard names and premium names, including 61 premium names sold via the recently completed eName auction. The company said that the order contracts also ensure high renewal rates for the new registrations and a guaranteed minimum of $1.3 million of income payable to MMX over the life of the contracts. MMX expects that the registrations will show on industry sites tracking new gTLD registrations, such as nTLDStats (ntldstats.com), over the next ten days and will take total registrations in .vip to in excess of 800,000.
Toby Hall, CEO of MMX commented:
“The latest registrations underline the ongoing vibrancy of the Chinese domain name market and the long-term potential of .vip both in China and potentially the wider Asia region. It also bodes well for the upcoming first-year renewals season following the industry breaking first month launch of .vip last May. Management is confident of its ability to exceed the 2017 one million registration target set for .vip.”
The Company has identified a number of factors which it believes is driving .vip’s growth in China, namely:
- Domain investors recognising the long-term relevance of .vip web extensions for China’s burgeoning SME market as well as the region’s established corporates;
- the first mover advantage generated for .vip in China via it gaining MIIT regulatory approval (announced December 2016);
- the supportive entrepreneurial environment within the China’s fast growing internet industry; and
- the strength of MMX’s in-country management team and in-country distribution partners.