Even before the disaster of allowing contact data for potentially all of its users to fall into the hands of Russian hackers, Monster’s worldwide traffic trends stunk. In the year through July, according to JMP Securities analyst William Morrison’s analysis of Comscore data, Monster’s global user base shrank 6%–to 14 million monthly users. Time spent and pageviews, meanwhile, fell 20% and 23%, respectively.
Monster’s new management team will no doubt be eager to 1) blame this ghastly performance on its predecessors, and 2) argue that the performance is not so ghastly on account of the crappy global economy. The latter logic is hooey: As Morrison points out, other job sites are doing just fine: CareerBuilder was up 9% to 25 million, Yahoo’s HotJobs up 45% to 15 million, and Dice up 129% to 2 million.
So what’s Monster’s problem? Monster. That and the proliferation of more nimble, more focused job sites that are more relevant, less expensive, and easier to work with.
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