/C O R R E C T I O N -- LivingSocial/
In the news release, LivingSocial Jumps into Australia by Investing Nearly $5 Million in Jump On It; Positions LivingSocial as Biggest Social Shopping Player in Australian Market, issued earlier today by LivingSocial over PR Newswire, we are advised by the company that the end of the subheadline should read "Revenue in 2011" rather than "Revenue by 2011" as originally issued inadvertently. Complete, corrected release follows:
LivingSocial Jumps into Australia by Investing Nearly $5 Million in Jump On It; Positions LivingSocial as Biggest Social Shopping Player in Australian Market
Because of Its Rapid Growth this Year, LivingSocial is On Track to Book Well Over $500 Million in Revenue in 2011
WASHINGTON, Nov. 17, 2010 /PRNewswire/ -- LivingSocial (www.livingsocial.com) the online source for people to find handpicked experiences at a great value, today announced that it has invested nearly $5 million for a controlling majority stake in Jump On It (http://www.JumpOnIt.com), Australia's leading social shopping site. Jump On It will fold into LivingSocial's branded Daily Deals, making LivingSocial's tailored experiences accessible to anyone living in Australia, the U.S., Canada, UK and Ireland. With 10 million subscribers across more than 100 markets worldwide, this expansion makes LivingSocial the leader in the Australian market. Additionally, because of its expanded global reach and rapid growth, the company is currently earning $1 million a day, and is projected to book in excess of $500 million in revenue in 2011.
"Having Jump On It as part of the team is an incredible opportunity for us to get started in Australia, and to offer our curated experiences to more consumers in more locations," said Eric Eichmann, COO of LivingSocial. "We've had extraordinary growth this year – and we continue to look for opportunities to grow even further, both domestically and internationally. Our growth and revenue numbers are clear indicators that our business model, our relationship with local merchants and our customer service make us the top choice when consumers seek unique experiences in their area."
Since launching in May this year, Jump On It has become Australia's leading social shopping website with more than 550,000 fans on its Facebook page. Together with LivingSocial, Jump On It will now reach more than 1.2 million Australians via email and Facebook every day. Jump On It offers more than 50% off of local services and experiences, such as spa treatments, restaurants, diving adventures and more. Every day the website features one special offer – and a bonus deal – and requires a certain amount of people to purchase the deal within a 24 hour period before the deal can go live. Additionally, consumers receive $10 in Jump On It credits for every friend they refer when they make their first purchase.
"We are very excited to join the LivingSocial team and be part of its launch in Australia," said Colin Fabig, CEO of Jump On It. "Together we will lead the social shopping sector by offering consumers more and varied deals in their area, and by giving local merchants a one-stop shop for new customers across these two great websites."
As the online source to find amazing experiences at an unbeatable value, LivingSocial lets anyone experience the hottest restaurants, shops, activities and services in their area. The company has dedicated area experts on the ground in every market working directly with business owners, and constantly researching the best in local adventures to bring a savings of 50% to 70% for consumers.
With its over 10 million strong subscription base, LivingSocial is able to provide local merchants with the unprecedented ability to reach local customers, and introduce great local experiences at unbeatable values.
Cashing in on LivingSocial Deals is easy: the site offers a new promotion every morning, announced through its website, daily email, Twitter, Facebook, iPhone or Android app. Live for 24 hours, the Deal is available to anyone who clicks on it. Additionally, LivingSocial's unique referral model gives users their Deal for free if they refer three friends who also participate.
For a full list of markets where LivingSocial is live or to sign up your location, go to http://www.livingsocial.com.
LivingSocial is the online source to find handpicked experiences at a great value, inviting anyone to save up to 50% to 70% each day on their favorite restaurants, spas, sporting events, hotels and other local attractions in major markets. LivingSocial has an extensive subscriber base of 10 million, and is headquartered in Washington, D.C. To sign up for Deals in your market, or to find out more information about LivingSocial, visit www.livingsocial.com. You can also follow LivingSocial on Twitter at www.twitter.com/livingsocial.