3 Data Points Worth Sharing 6.22.23
Zillow is back, Neobanks our visiting traditonal, Goolge Cloud Hiring
Zillow is back per experts and 318 million web visits in May...
Neobanks out-trafficking traditional banks...
Google is the only one increasing its hiring in the cloud...
"THE IMPROVEMENTS MADE BY ZILLOW OVER THE PAST YEAR HAVE BEEN SIGNIFICANT."
I wouldn't call this a data point, despite 12 months being numerical, but this does reflect well for the largest part of the US economy going forward. Zillow is the bellwether in prop-tech (property technology) with over 60% market share using app downloads we track. This commentary was from a group of large enterprise-like users of the Zillows platform. The takeaway is that Zillow is getting its groove, which we suggested was happening.
This also showed in May web traffic, where Zillow witnessed 318 million monthly visitors alone!
** Full disclosure, Avory is an investor in Zillow at the time of this piece.
TRADITIONAL BANKS VS NEO BANKS.
Growth in web traffic to neobanks continues to grow. This is when compared to traditional banks like Wells Fargo, JP Morgan, etc. Neo banks, also known as digital banks or challenger banks, differ from traditional banks in several ways. They have a digital presence only and have emphasized driving convenience through technology as opposed to physical locations. Companies like Sofi, Chime, Dave, Revolut, make up the neobank category. Neobanks continue to grow with web traffic to these sites far outpacing traditional banks.
In aggregate neobanks are seeing 15% web traffic growth vs flat for traditional. Some companies like Revolut are seeing over 100% growth.
GOOGLE IS STILL HIRING FOR CLOUD, AMAZON AND MICROSOFT LESS SO...
This is data of job postings for the three main cloud players. There is a stark difference in the numbers. While all have slowed their overall job postings, Google is the only one growing job postings for cloud-related jobs. This difference likely contributed to their catch-up efforts as they are the #3 player behind Microsoft Azure and Amazon AWS.
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Disclaimer: Not a recommendation to purchase or sell any securities mentioned. This is for educational purposes only.