Media entrepreneur Antony Catalano says loss-making View Media Group remains on track for a potential initial public offering in 2027, betting that rising revenues will allow the challenger to Australia's dominant property classifieds platforms to break even a year earlier.
Corporate filings show VMG, which operates property portal view.com.au, off-the-plan platform AD Group and AI-driven marketing business Propic, generated $23.2 million in revenue in the year to June 30, up from $15.8 million a year earlier, while losses narrowed sharply from $35.1 million to $22.8 million.
The accounts reveal that high-end creative services, boosted by the acquisition of The Property Agency in August 2024, overtook classifieds as VMG's largest revenue source, contributing $7.5 million, ahead of subscriptions and advertising.
Launched in 2022, VMG is backed by Seven West Media, now part of Southern Cross Media (ASX:SXL), and ANZ (ASX:ANZ), while Catalano and billionaire investor Alex Waislitz control more than one-third of the company through their 20 Cashews investment vehicle.
Initially conceived as a third national property portal to challenge REA Group's (ASX:REA) realestate.com.au and Domain, now owned by US group CoStar, VMG has pivoted towards building technology and marketing services for real estate agents amid fierce competition.
Catalano said all divisions recorded record revenue over the past year and forecast revenues of more than $30 million in 2026, supported by expanded media alliances following the Seven West and Southern Cross merger.
The filings also show VMG received $2.8 million in new loans from 20 Cashews and other investors as it completes a pre-IPO capital raise.