American media conglomerate acquires magazine.store in a six figure deal

 

Mumbai, February 28th, 2017: Radix, the portfolio registry behind 9+ popular new gTLDs, announced that it has sold a reserved domain name, magazine.store, at a price of $250,000, to American media conglomerate, Meredith Corporation.

The buyer, Meredith, is a 117 year old publicly traded company that owns over 300 magazines, including Better Homes and Gardens, All Recipes and Diabetic Living; as well as several local broadcasting stations. Meredith announced the launch of the website through various advertisements and promotions. The ad below was featured in one of its popular magazines, Better Homes and Gardens. (image attached). The portal, magazine.store, is already live and selling subscriptions of numerous magazines that enjoy worldwide recognition such as Soap Opera Digest, The Oprah Magazine and Cosmopolitan.

Sandeep Ramchandani, VP, Radix said, "We are thrilled to have Meredith on board! A simple and clear name, magazine.store definitely works as a strong call to action for all their customers. This sale is definitely the first step in the direction of making .STORE popular among online sellers."

.STORE currently has close to 95,000 domains registered and has generated over $650,000 in premium sales.

Launched in June last year, .STORE has been steadily gaining popularity with brands across different sectors. In addition to Meredith's magazine.store, leading brands such as Emirates and Urban Dictionary are actively using .STORE domains to sell their official merchandize.

To make the super premium .STORE names more accessible, Radix has teamed up with domain marketplace Undeveloped to sell some of its premium domain inventory on monthly rent. Through this partnership, domains such as beverage.store, coupon.store, health.store, toy.store, pet.store, etc can be leased for monthly rent starting at $999. This is crucial for businesses that understand that value of a premium online address. Instead of investing upfront for the asset, a business can rent the same for much less for a limited period.


About Radix:

Started in 2012, Radix is world’s 3rd largest domain portfolio registry and Asia’s largest gTLD applicant to ICANN. Radix is part of the Directi Group which is currently valued at $1.4 billion. Radix has been an active participant in ICANN’s process to expand the internet naming system, and has obtained the rights to operate over 9 new gTLDs (generic Top Level Domains) including .ONLINE, .STORE, .TECH, .WEBSITE, .SPACE, .PRESS, .SITE, .HOST, and .FUN.