And in addition to both consumer and enterprise, there’s also the other segments of Care, which are right now doing nicely. So senior care and pet care, we think are opportunities for growth from here. And we’re starting to see some green shoots in those businesses, too. Do you want to add to that?
Christopher Halpin: Yes. I think we’ve seen — on the consumer side, we’ve seen a slowdown for a while. We needed — we know — we said in prior quarters, we know we needed to improve our marketing and improve our products. Under new management, we feel like we have the road map there and have a new Chief Technology Officer, Chief Product Officer, Chief Marketing Officer.
There’s some macro. We never want to blame macro but there’s definitely some macro on childcare versus daycare going on right now and some childcare down a little or babysitting, day care up and senior care and pet care, where we’re growing up. But we’ll lap that and it’s really specific to us on the blocking and tackling on marketing and product and we feel very good about the opportunity.
Operator: The next question comes from Brent Thill with Jefferies.
Brent Thill: Joey, in the past, you’ve talked about the M&A environment being somewhat irrational on multiples. I’m curious if you could just update us kind of what you’re seeing now? Have some of these expectations come back to earth? Or are you still seeing the similar environment?
Joseph Levin: Brent, I think there’s opportunities now. I think there’s — we’ve gone through periods where things are — everything is priced to perfection and things are insane from our perspective or we’ve gone through periods where everything is priced for failure and there’s big opportunities from our perspective, that was probably the era where we bought into MGM.
But right now, I think it’s a balance. I think there are areas that are probably overheated like AI. All of these AI companies are not going to be a multibillion dollar companies. Some will but certainly not all of them. And there are plenty of areas of rational opportunity, and that’s where we’re focused. So I’d say it feels pretty balanced, in the middle right now. You could say that’s maybe a harder time to deploy capital because it’s not obvious that you should be in or out. But we think we’ll find some opportunities here.
Brent Thill: Okay. Great. And then just a quick follow-up on the emerging business. Anything else to call out that you’re really energized by in terms of what you’re seeing in the momentum, in the other parts of the portfolio?
Joseph Levin: The one I’d highlight in that — we talked about Care already, which is, I think, a category leader and a great business with solid fundamentals. The other one in there — actually, I’ll talk about two. One is Vivian, which has a very good product for the market that it’s in, which is matching the health care professionals, primarily travel nurses, which is where it started and has the greatest share, but matching health care professionals with employment. I think that’s a category that long term has really nothing but tailwinds given a supply/demand imbalance of nurses but health care professionals generally. And Vivian has done a very nice job in matching that with very healthy revenue growth and not really consuming much capital at this point.
And Vivian’s also done, by the way, a very nice job in deploying AI tools to get the — to enhance the chat experience between the health care professional and the employer. We’re seeing some fun things on engagement there.
And then the other one, which is very, very small for IAC but as media things do, they make a lot more noise than the size of their business. We’ve got great real leadership with incredible experience at Daily Beast now, with Ben Sherwood and Joanna Coles. They’re making the changes at the business. They’re bringing a ton of energy to the business and who knows where they go with that. But I’d say that there’s a exciting reboot happening there and we’ll be interested to see how that turns out.
Operator: The last question comes from Tom Champion with Piper Sandler.
Thomas Champion: Maybe just 2 quick ones on DDM, maybe for Chris. Just looking at Core Sessions growth of 8%. Certainly solid and consistent with the fourth quarter but there was an extra day in the quarter. All else, fairly easy comp year-over-year. Just curious if there was any onetime or a headwind or anything else that we should think about that in the context of a trend that was previously improving sequentially? And then just any comments on the Amazon partnership? Would love to hear about that.
Christopher Halpin: Yes, definitely, Tom. Thanks for the question. We actually did want to talk about Core Sessions trends. So the decline from 10% core growth in Q4 of last year to 8% growth this quarter is entirely driven by declines in traffic to our properties coming from Facebook. This has been a significant trend across the publisher ecosystem since middle of last year. It hit the whole industry hard. Thankfully, for us, it’s a small part of our growth, which is why we can keep growing. But they really ramped it up again from what we can see mid-quarter.
For the first quarter, our Facebook traffic was down 50% year-over-year in the first quarter as they aggressively keep to — seek more audience on their own platform. Again, thankfully, Facebook only represents about 4% of our traffic today, down from 7% a year ago. So we felt that this quarter, it will continue to attrit. And we feel great about how everything else is growing and the ability to keep growing sessions.
We also note we are seeing excellent growth at Apple News, which does not show up in our sessions numbers because that consumption happens on their platform, instead, it shows up in our licensing line. So it’s a bit of movement from 1 plat — not exactly but we’ve got declines in 1 platform that’s pretty small at this point and then grows in another where we see a lot of opportunity. I’d say in some, we feel great about session growth across the portfolio. And also when you talk about comps, we’re optimistic for our entertainment properties as we move further into the year, given we’ll be lapping the strikes.
