The Pet Industry Booms While Others Crash
15 years ago
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Posted
24th February, 2009 00h00
While publicly traded companies like Bank of America and JPMorgan Chase & Co. head to Capitol Hill as the economic crisis continues, pet based businesses like Doggyspace.com are seeing staggering growth.
“The pet industry has not seen any economic slowdown and is growing doggone fast,” said Levi Thornton, CEO of Doggyspace.com. This year the industry increased its estimates for 2008 to be over $43 billion as the industry continues growing at a rate of $2 billion per year, according to the American Pet Products Association.
Online businesses like Doggyspace, which is a leading social networking site for dog lovers, recently reported they had over a 236 percent growth in advertising revenue this January. Comparing that to their worst month in December 2008 when they only grew by 32 percent is truly amazing when the rest of the economy is fighting to stay above water.
“Advertising CPM pricing has been reaching as high as $219 for highly targeted advertising, which is phenomenal compared to other markets I have worked in,” said Levi Thornton. He added that their CPM floor has not fallen below $2 for more general advertising offers.
Bob Vetere, President of the American Pet Products Association, predicts spending to continue with necessities like food and vet visits, but high-end products like cashmere sweaters and pricey blankets will take the biggest hits. While his prediction has yet to materialize, other pet based companies like OurPet's Company (OTCBB: OPCO), a growing designer, developer, producer and marketer of accessory and consumable pet products, reported revenues for the 2008 fourth quarter increased by 15.7 percent to $3,161,243.
Levi continued, “What analysts fail to understand is that people see their pets as family. Dog lovers are always going to go out of their way for their FurKids.
“I am very proud of how hard the entire team has worked to get Doggyspace to be as successful as it has been. We could not have done it without the dedicated user base we have and the hard work of all the employees.
“We look forward to the possibilities that 2009 holds for us and our investors. I really think it’s going to be a really good year as our partnerships continue to grow along with our user base.”
Doggyspace.com is a leading social networking site for dog lovers. The social network allows dog owners to upload images, videos, and keep doggy journals, as well as connect with other furry friends. Business development request and customers may visit Doggyspace.com for more information about the Company.
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