There are about 43,000 zip codes in the US, a lot of those are for hospitals, schools, post offices, etc. So say there are 30,000 legitimate zip codes. At $300 a month that's about 9M if they are 100% sold out. Problem with this is Zillow keeps cramming agents and upselling them, eventually there is a tipping point where they get tired or they've crammed too much, that's the largest argument now is that they've crammed too many agents in too many zip codes, that the agents are getting fatigued and churning or just dropping the service because they don't see the value or a return on their investment. Further Zillow is at a point where they really can't grow much more. They were a wall street darling with the huge growth, but they are maxed out. Also who wants to see an agent video when you are looking for houses? You want to see the houses, not an agent video, so the risk is they turn off more consumers too by cluttering up the site to the point it's no longer productive. It's already bad enough their data is horrible in terms of Zestimates, etc. Zillow has a long way to fall still and especially more so if they whiff a quarter or the slowdown is seen. I think Oppenheimer hit the nail on the head.
Would be curious to see how many votes were from the vast issuances of shares for doing nothing. It's a corrupt way to ensure the corruption and bleeding of shareholders continues. Either way the other side will just do what everyone else does, they'll vote with their wallet and sell their shares (if it ever starts trading again). So with 20 years and current management not producing anything, the slow slide down will continue.
Current Management has had 20 years to do something. I think it's finally time people revolted. The sad reality though is the current management through their ineptness has diluted shareholders, enriched themselves and missed the opportunity at creating value for the shareholders. Sadly it's probably too late to expect there will be a new casino on this company's property, that window of opportunity has passed.