So things got moved up to November. Last year, consumers waited because they weren’t worried about supply chains, so things moved into much more packed up in Thanksgiving and even into December. We flagged that last year. This year, we’ve seen discussion among competitors and retailers about consumers being more deal oriented and waiting. There was the Amazon Prime Deals Day, which was strong. That probably pulled some demand forward. And then we’ll see how the cadence works of consumer spending and also how promotional e-commerce players are. But I’d say we’re cautious, but not seeing any specific signs of a slowdown. But we’re managing our business, expecting anything could happen in this environment. Thank you. Operator, next question.
Operator: Our next question will come from Tom Champion with Piper Sandler. Please go ahead.
Tom Champion: Hey, good morning, guys. Joey, can you just talk about the evolution of the business model at Angie? It was discussed a little bit in the note, but the movement away from lead gen to a marketplace, what does that mean? Can you expand on it? And then maybe for Chris, just to clarify the comment around the Angie buyback, that’s the existing buyback, right? So the point that you’re driving home is that you want to lean into it. It’s a statement around timing. Any comments would be helpful. Thanks.
Joey Levin: Sure. Lead gen to marketplace is very important for Angie. It’s a big sort of rallying cry internally. What that means is going from acquiring a customer or a service request and moving that over to the service professional as quickly as possible and moving on. That is more akin to lead generation. There’s nothing wrong with lead generation. It’s just hard to build brand and loyalty and drive what is another important feature for us, which is customers for life on Angie with that mindset. And so what’s changing is trying to drive more interactions on the platform and making those interactions on the platform richer and building signs on the platform of which customers on both sides, homeowners and service professionals, do the best job and interact with each other most productively and rewarding those behaviors.
That’s how I think a marketplace builds and grows upon itself. And I think in the past, we were a little too much lead generation, which was getting that first transaction and moving on. And now it’s more get those transactions, those interactions, and those systems of reward happening on our platform. Just one more example that I referenced earlier, but that’s the difference between just sending the homeowner’s phone number to a service professional and having the service professional call them to driving messaging and helping messaging back and forth on the platform and allowing them to contact each other and less of the one-way transactions or one-way communications. There’s many, many things in the roadmap and things that we’ve launched along those lines to improve that experience.
And we’re seeing the benefit of that in terms of transactions, monetized transactions per service request. But that’s the theme of what we’re trying to accomplish.
Christopher Halpin: And then, Tom, thanks for the question. On the buyback, yeah, our message was that we are going to be buying, obviously, subject to price and liquidity levels, but that we are putting a plan in just in relative to anticipating that question from investors.
Tom Champion: Thanks a lot, guys.
Christopher Halpin: Thank you. Operator, one last question.
Operator: Our last question here will be from Kunal Madhugar with UBS. Please go ahead.
Kunal Madhukar: Thank you for taking my questions and squeezing me in. A couple, if I could, one on Angi and one on Dotdash. So on the Angi side, what I’m seeing is, based on our map is ads and leads revenue per monetized transaction that declined about 11% on a year-over-year to about $40. Marketing costs declined only, more modestly at like 8% to about 27.5%. So can you talk about how the LTV-to-CAC is changing within this dynamic of marketing costs not declining as much as the revenue? And then on the Dotdash side, the whole concept of premium advertising was, you going out and talking to advertisers on a one-on-one basis, and selling them ads, high-intent ads or high-intent leads. How does the Amazon, the recent agreement with Amazon, how does that change that view, or maybe it doesn’t? Thank you.
Joey Levin: You broke up for a second, Kunal, on the last question. I think I got it. You’re talking about the announcement of Amazon around D/Cipher, and is that what you’re referring to?
Kunal Madhukar: On the Publisher Cloud, the Amazon DSP that they just announced at the unBoxed 2023 conference.
Joey Levin: Yeah. So D/Cipher, Dotdash Meredith being a part of that, I think I can get both those questions, but what that means is it’s essentially easier for an advertiser in Amazon’s retail media network to access our inventory and to access our inventory on any basis. But that, we think, is a huge win for Dotdash Meredith, a huge validation of the work we’re doing on D/Cipher and a long-term benefit to DDM, if we can capture those dollars now that the sort of infrastructure and endorsement is in place there. I hope that answers the question. But if not, we can come back to it, and Christy, can add more to that. But on Angi, the revenue for monetized transaction is — rate is down right now. I think that we, in some areas, have not optimized price, meaning we have pushed too far on price.
And we’ve come back on price in certain areas. And so there is a question of rate, but there’s also transactions per service request. And so one of the things that’s happening as we pare back marketing and demand more out of existing channels, both in terms of return and in terms of quality, we get more accepts per service request. And same is true as we’re getting service professionals that are more engaged, they’re engaging with more service requests. And therefore both of those things lead to driving more accepts per service request. And so revenue per SR can improve even if each individual transaction is worth less. I hope that answers the question.
Joey Levin: Sure.
Kunal Madhukar: Okay. Go ahead.
Joey Levin: No, go ahead.
Kunal Madhukar: No, just wanted to follow it up in terms of the marketing cost. So the marketing cost did not decline as much. So how does that impact the LTV2CAT [Ph] dynamic within your plans?
