ChinaHR.com, a job site based in China that Monster Worldwide wholly acquired last October, is reported by Monster to have lost CNY175 million during 2008.
The report also shows that in the first quarter after ChinaHR.com was acquired, which was from October 8 to December 31, 2008, the web site lost about CNY49 million. ChinaHR reported CNY143 million losses in 2007.
Although the forecast for China’s recruitment industry remains bleak due to a price war that has led to profit declines among the main job sites, you wouldn’t know it when examining these companies’ advertising spend.
According to ChinaTechNews.com, in 2008, the two Chinese leading recruitment websites ChinaHR.com and Zhaopin.com were listed as the top 50 advertisers in China’s Internet industry with advertising costs of CNY300 million and CNY270 million, respectively.
Growth of these sites has also been impeded by the current financial crisis. The total revenue of China’s Internet recruitment market in 2008 was CNY1.1 billion, an increase of 13.6 percent compared with the CNY970 million in 2007. Despite the increase, growth slowed dramatically as recruiting budgets were slashed throughout 2008.
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March 10th, 2009 at 12:21 pm
I imagine that Monster knew what they were buying-considering the time frames that these financials are for. They (TPTB at Monster) seem to have some pretty sharp people there and their International sites seem to be doing well based on the intel I have read. Hopefully for us all, including those of us who are a 1-5 man recruiter shop, the current economic times will not last much longer. Any upward momentum would be greatly appreciated (are you reading this God? Please?)
And I like Career Builder, Dice, and Monster equally depending on the position I’m needing to fill so I really don’t have any favorites though my rep from one of those three has been extremely good to us.