News Corp (NWS) Goldman Sachs Communacopia + Technology Conference 2024 summary

Strategic focus and market opportunities

• Emphasizes leveraging a 108-year-old brand and News Corp network to grow market presence, especially in the U.S., which is seen as a large, relatively untapped market with significant potential for digitization and value creation.

• Focused on core buy and emerging sell businesses, with recent organizational streamlining to prioritize these areas over adjacencies.

• Partnerships, such as with Zillow for rentals, are used to maintain focus on core areas while benefiting from synergies in non-core segments.

• The company is preparing for a market rebound, aiming to be well-positioned when pent-up demand is released.

Product innovation and technology modernization

• Launched Listing Toolkit and RealChoice Selling (rebranded UpNest) to strengthen the sell side, with Listing Toolkit for Teams coming soon.

• Tech modernization is reducing maintenance costs, enabling faster product development, and supporting new features like dynamic mapping and AI-driven home search.

• Consolidated customer apps into one, improving product integration and customer experience.

• Leveraging News Corp and REA Group expertise to accelerate tech upgrades and product launches.

Market trends and industry outlook

• Signs of market recovery include declining inflation, lower mortgage rates, and a 36% year-on-year increase in inventory, though still below pre-pandemic levels.

• First-time homebuyer participation remains below historical averages, with many waiting for further rate declines.

• Cautious optimism for improved market activity in the coming spring, with potential for rapid acceleration if rates drop further.