And now, I’ve forgotten what the other questions were.
Christopher Halpin: I’ll start. You can jump in.
Joey Levin: Okay. Got it.
Christopher Halpin: So Eric, on DDM, you hit on the three key digital revenue categories, drivers of premium, programmatic and performance marketing. The one top of the funnel, so to speak, element though is traffic. So to talk about all the supports or drivers of revenue growth, traffic is growing. You saw we’re getting to stability on overall sessions, and core is growing 10% in the quarter. Those trends have continued and/or strengthened so far this year. So overall, traffic, sessions, impressions increasing. That then, from an ad perspective, either falls into — the first is premium that we sell directly to our advertising brands and agencies. And then what’s left over essentially is the programmatic. Premium, it’s been a tough market for us since we acquired DDM – since we acquired Meredith, really starting in May of ’22 when the ad market fell out of bed.
But we are seeing momentum there. And as Joey said earlier, we’re seeing performance by the combined sales force, and we’ll keep that momentum going. Programmatic, the team has done a great job with our ad stack and continuing to optimize and improve the performance of our ads and our monetization. D/Cipher will definitely be a tailwind for premium. Bless you. And then increasingly, as we do the connections into things like Amazon, other DSPs, platforms, we think we’ll increase our programmatic yield, which will be a tailwind there. And then finally, Performance marketing, the – Neil and the team are exceptional performance marketers. And you can see the acceleration quarter-to-quarter across the portfolio, and performance marketing going zero plus 12, plus 22, plus 31.
We expect it to continue. Comps will get tougher, but we think we’re as good as anybody in that space. And then finally, we don’t talk about it much, but licensing, which has been a drag on Digital revenue due to some syndication partners and other dynamics is starting to get stronger. And we think some of our syndication partners can be a source of growth in ’24. So they’re all separate factors, but we feel good about the pace and executing on those this year forward to drive growth. Thanks, Eric. Operator, next question.
Operator: The next question comes from Kunal Madhukar with UBS. Please go ahead.
Kunal Madhukar: Hi, thanks for taking my questions. One on organic traffic. Can you talk about what percentage of your total traffic on both DDM as well as Angi is organic? And then the second question relates to Angi. You talked about it earlier in terms of the number of transactions per service request, the monetized transaction per service request being at 127%. So can you talk about, in an ideal state, what is this percentage level that you are targeting? And what does it mean for a revenue per monetized transaction? Thank you.
Joey Levin: Sure, sure. On the breakdown of traffic, we don’t provide that publicly. I think we’ve given some data on DDM in the past, but that we don’t share. Obviously, organic is a very important and a large portion of the mix, but we don’t do the breakdown. In terms of monetized transactions per SR, it’s a very good and fair question. And the answer is we don’t know yet. And it gets a little bit back to Dan’s question from earlier, we want to keep pushing that up. We want to keep giving homeowners, and pros a better chance of a job done well on our platform. There is a point that you would go too high, and so, we don’t want to go beyond that point, and we haven’t found that point yet. So there’s certainly room from here, but it doesn’t go up to infinity.
And in terms of revenue per SR, that’s a little bit different. Obviously, monetized transactions per SR, is going to be a very big driver of that. But also the, I’ll call it, quality of the SR, but quality may be an unfair word. It’s what mix it is. So a home remodel job is worth meaningfully more than a home cleaning job. The channel that comes through matters. How sort of far down the purchase funnel, the homeowner might be matters. How much information there is within the SR matters? And so those things, as we refine the service request, can drive revenue per SR up. And one of the things that’s been happening certainly over the course of the last year, is we’ve been both improving the mix shift, and improving the quality of those SRs, to help drive the win rate, and that’s something that we hope to continue.
Christopher Halpin: The only thing I’d add is just we’ve become increasingly focused on monetized transactions per SR as an indication, of the two-sided health of the platform, and quality of the experience. So – and there’s no silver bullet to optimize that. Clearly, having it greater than one is good, because that’s a better consumer experience. If it got to four, that’s suboptimal for SPs because – in terms of the experience. So there’s something in there. But the more that number increases, the higher the quality of SRs we’re getting and also the higher the quality of our matching technology and of our SP base. So we believe there’s room to run, as Joey said, and it’s a key metric to us in terms of the improvement in our overall two-sided marketplace. Thank you. Drew, next question.
Operator: The next question comes from Ygal Arounian with Citigroup. Please go ahead.
Ygal Arounian: Hi, good morning guys. First – two questions. First, on Angi. We’ve been talking a lot about the optimizations. But maybe just to dial-in specifically on the user side, because about a year ago, we started talking about – Joey started talking about bringing back a greater focus on the integration, I guess, between ads and needs and services and the optimization around the user. How much is left there? Can you give us a little update on – specifically on the user side and what users are seeing today that might be better than they were seeing a year ago and how much is left? And then on the broader IAC business, in the letter, you talked about being more offensive on capital allocation with the – your individual businesses being in a healthier position now.
