Published on 18 Apr 2024 on Zacks via Yahoo Finance
WIX Generates New Monetizing Opportunities for Partners
Wix.com Ltd. WIX recently announced the expansion of the WIX Marketplace for its partners, which includes both agencies and freelancers. WIX will enable partners creating templates using Wix Studio to sell their templates alongside offering their services directly within the Wix Marketplace.
This marketing opportunity created by WIX aids its partners in effectively monetizing their creativity and design skills and driving further top-line growth.The Wix Marketplace is a one-stop solution for users seeking professional support at any phase of their business. By allowing partners to directly market their templates and services on the platform, it is providing a smooth experience for both the buyers and the sellers.Templates work as a powerful marketing tool in attracting prospective clients and colleagues by showcasing the platform’s capabilities.WIX highlighted that allowing template sales within Wix Marketplace will generate ample growth opportunities for partners through additional revenue generation while simultaneously solidifying their position within the Wix ecosystem. Collaboration with other experts potentially leads to crafting more innovative and creative templates designs.All these foster the company’s vision to make the Studio a hub where experts in web design, development, user experience, marketing, SEO and more can earn by marketing their creations.Launched in August 2023, WIX Studio is an initiative by the company that allows agencies and freelancers to leverage the latest AI technology and develop advanced websites at scale.Based in Tel Aviv, Israel, WIX is a SaaS website builder platform that began operation in 2006. Currently, the platform provides self-creators, agencies and enterprises with distinguished performance, security and reliable infrastructure.In the last reported quarter, WIX generated net sales of $403.8 million, increasing 14% year over year. Creative Subscriptions’ revenues, which form 73.3% of total revenues, increased 12% year over year to $296.2 million. Business Solutions’ revenues (26.7% of total revenues) rose 20% to $107.6 million.As of Dec 31, 2023, registered WIX users were 263 million.The company carries a Zacks Rank #2 (Buy) at present. WIX's shares have gained 35% compared with industry’’s growth of 42.9% in the past year.
