The owner of #2 South African portal PrivateProperty.co.za has announced that it will be shutting its magazine division due to diminishing revenue from advertisements. The company does not plan to shut down the property portal.
The South African media conglomerate is publicly traded and its stock has seen a steady decline for over five years as print media returns have declined.
Whether this news has any material effect on the property portal landscape in South Africa remains to be seen. Given, however, that Naspers (parent company of PrivateProperty rival Property24) has build up a war chest for acquisition opportunities, the chances of PrivateProperty mounting a sustained challenge to its rival’s market dominance seem remote for now.