Tucows has become the latest domain name company to confirm it’s experiencing the post-pandemic blues, and said that it plans to revitalize the Tucows brand.
Reporting basically flat-to-down domain numbers on Thursday night, the company said that it plans to “more closely connect the Tucows parent and the registrar brands” in the coming months.
“For more than two decades, Tucows has been synonymous with domain registration. In the coming months, you will see a stronger connection of the Tucows brand with our registrar properties, with each anchored by the rich heritage of the Tucows name,” Dave Woroch, CEO of Tucows Domains, said in prepared remarks.
It’s not clear what this will entail in practice. The company’s main brands are Hover in retail and OpenSRS and Enom in wholesale, and you’d be hard pressed to find a mention of Tucows on any of their storefronts.
First-quarter domain revenue was “essentially unchanged” from the same period a year ago, at $61.5 million compared to $61.2 million.
Retail domains revenue was down to $9.1 million from $9.2 million. While wholesale revenue was $52.5 million versus $52 million, the increase was driven by value-added services rather than domain revenue, which was basically flat.
The renewal rate was a healthy 81%.
Woroch said that domain transactions “are now settling back in at pre-pandemic levels” after the lockdown bumps experienced over the last two years. He pointed to Verisign’s recent comments to suggest these are industry trends.
Including Tucows non-domains businesses, revenue was up 14% to $81.1 million and there was an overall net loss of $3.0 million compared to a profit of $2.1 million.