Hyper local social media site Neighbouly.co.nz has been fully acquired by Fairfax Media NZ on the back of rapid growth of the platform.
Fairfax partially invested in the Kiwi founded site in 2014, growing its user base from 62,000 to more than 500,000. It is now one of New Zealand’s most visited destinations.
The site was the foundation of the publisher’s plan to diversify revenue streams to better sustain its journalism and service communities. Fairfax has since moved into fibre broadband and electricity retailing businesses.
“Acquiring Neighbourly was perhaps a risk for a business that had been focused on traditional publishing, but it’s undeniable success has shown us the value of exploring and developing new ways to support our core business of journalism,” says Fairfax NZ CEO Sinead Boucher.
“[Neighbourly] is now a key way for our journalists to connect with communities across New Zealand, talk to them about what matters locally, and keep them informed.”