A very warm welcome to our Investor Day, the Investor Day of TX Group. We are very delighted to welcome you here at our headquarters in Zürich and also via stream. My name is Ursula Nötzli, and as a member of the group executive board, I'm responsible for the sustainability and the communications. The TX Group forms a network of platforms that offer users information, orientation, entertainment, and assistance every day. Its roots lie in journalism with the paid newspapers of Tamedia and the free media of 20 Minuten. It is still the core of our group, together with our advertising marketeer, Goldbach. The TX Group is also an anchor shareholder of very popular digital marketplaces here in Switzerland and partly in Austria. Namely, this is the Swiss Marketplace Group, SMG, and JobCloud. We are also holding stakes in various fintech companies through our ventures arm.
Our agenda for today is correspondingly quite full. We will talk about a strategic review and also give an outlook on our strategy. We will have two deep dives, one of it about JobCloud and the other one after the break about Goldbach. We are looking forward to an interesting afternoon and to your questions all the way at the end of the presentations. Thank you very much. With this, I hand over to Pietro.
Okay. Merci. Hello, everybody, and welcome. I'm really happy that you are here so numerous. It's fantastic for us to see that you are interested in what we are doing, and the goal of today is to explain you better what we are doing. We are proud of the rich heritage and the new businesses that come together under the roof of TX Group. This represents a lot of opportunities, it means a lot of responsibility, and it poses a concern in terms of complexity. I'll come back to the latter in a moment, under or in the context of our group organization.
We are aware that our portfolio is not self-explanatory, and a better understanding of our portfolio is precisely the goal of today, of this Investor Day. We would like to thank you for the time that you take for us and for your interest. Last year, in our first Investor Day, we explained how our portfolio has been built up. We explained the history of our portfolio and our market positions. We had a deep dive in SMG. We had spotlights on JobCloud and on Goldbach. Above the timeline are our historic activities that are related to journalism and advertising. Below the timeline, you can find our digital platforms and marketplaces. We explained how these businesses have been developed over time, that it is no coincidence that the portfolio has come together under one roof, and that we see further potential for development.
At the same time, we look at our activities as independent businesses, each one in its self-competitive environment. We are convinced that this is necessary both in order to defend and to create value. Pro memoria, we mentioned last year that 80% of the revenues of our group come from sources that we did not have at the time of our IPO 22 years ago. That means that transformation is the DNA of our group. The other conviction that we shared with you last year is that Switzerland is a super attractive market, and we are privileged to be active in this market, and we have very strong positions in this market. We are also aware that Switzerland is a small and a limited market. For all these reasons, our conviction is that we must operate from number one positions.
Whatever we do in Switzerland, we want to do out of a number one position, and we will do whatever it needs to achieve this. In some times, we have been able to achieve this through organic development. 20 Minuten after the acquisition of the then very small 20 Minuten is a very good example for such an organic development to a very strong leading position. Tamedia is an example for achieving this through a strategy of consolidation, where we bought other activities to bring them together with what we had. Through that, establish the number one position. The latest cases, JobCloud some years ago and Swiss Marketplace Group last year.
They are examples that we did whatever it took to achieve the number one position, and in these cases, it meant to form joint ventures, to give up leadership from our side in these activities, to come together with partners in order for together to have this number one position. It shows our conviction that this is more important than we are important or than we think we are important ourselves. It's really the goal that these activities in which we engage, have this very strong position in the small Swiss market, which is very, very attractive and, it pays out to do so, we think. I don't want to go further into what we shared with you last year.
For those who did not participate last year, you can find both the presentation and also the streaming of the event on our website under Investor Relations. If you did not participate, it might be interesting for you to go back and look at that last investor day. This here was just a very short summary of it from my side. Now, a few words regarding our organization. We have changed this organization over the last two to three years. We had originally a centralized integrated group organization, we changed it to this decentralized organization. Why did we do so?
First of all, we wanted to create an environment where there is more entrepreneurship in the single activities, which over time have developed their own characteristics and are quite different one from the other, by now. In some cases, one can even say they have very little in common, by now. Therefore, we think that, in a decentralized organization, they find the better environment for entrepreneurship. More agility means also more room to develop the activities as such, but also to combine them with other activities. Here again, the Swiss Marketplace Group is the best example I can give you for that. Less complexity, not necessarily in the sense that it is not complex to run the group.
It is relatively complex, but less complexity in the single activities, so that the one who is responsible for Goldbach, for example, Michi Frank, who sits here, he does not have to care too much about issues relating to SMG and JobCloud. Of course, he wants to help these businesses by helping to market in the best possible way their advertising inventory, but that is an arm's length relationship as we could have with a third party. Also, for example, between 20 Minuten and Tamedia, they are both publishing businesses, but they have different business models. One of Tamedia gives a lot of emphasis to the subscription model, while in the case of 20 Minuten, it's a purely advertised-based reach model, and they have also quite different cultures.
Therefore, we think there is less complexity to run these different animals out of autonomous structures as compared to an integrated organization where much more would be shared. That also means that our group doesn't have a group CEO. We have strong CEOs for each of our activities, and we have scaled down the group structure over the last years. Our aim is to be a lean holding structure as a group. I think we have got near to that aim. Still some room for improvement, but we made one major step just a few weeks ago, which was the transfer of the whole publishing technology from the group to Tamedia.
At the end of the day or at the end of this journey, of this transformation journey of our organization, our group will be a lean holding structure. I can say in hindsight that this transformation of the group structure was not that easy. It was rather complicated to go from A to B. I'm really happy that we could do that more or less frictionless, and that's, it's good, but it's not a given one. I see this as a success of that transformation. I would also want to say that we feel that we are still on a learning curve.
The learning curve mainly consists in formulating clear and measurable ambitions to share these ambitions with the responsible management of the single companies, and then to give them autonomy to achieve these ambitions, but over time, exchange on the degree of achievement and then renew the goals. This operating model of a decentralized holding group is something new for us. Maybe we underestimated at the beginning what it takes to build up such a new operating model, but I feel that as of now, we have reached a good level or a flight altitude and now can on this savoir faire that we have developed, perfectionize it over the next time.
One element that will come out of that, and will please many of you who have been asking for guidance, regarding our activities, is that once we have established that system more consistently in the group, and we plan to do so over the next 12 months, and once we have agreed with the management of each of our companies, on these ambitions, we'll also be able to share part of that with you. Wolf, later on in our investors' day, will go more into depth at how we intend to do this. As a final remark before I hand over to my colleagues, I wanted to mention a few developments that we think are of importance for our stakeholders and mainly also for our shareholders.
I have already mentioned the creation of the Swiss Marketplace Group with the intention to bring that activity public in some years. That has been the main topic last year, but is of course still one of our focus themes and will remain so over the next years. At the bottom of this chart, you can see our ambition to reduce the costs of the group to make the group more lean and to put the various companies at the center of our operating model. We have had the special dividend, which we have announced and which comes on top of the ordinary dividend.
I think this is something that has been appreciated by the stock market and maybe one reason for the relatively good development we have seen over the last one to 1.5 years. Another development that reflects our ambition to reduce complexity is that we have disposed of various venture activities, venture investments that were not really aligned around a common theme, and we have decided to concentrate on fintech going forward. We will try to dispose over the rest of investments that are not related to fintech as opportunities will come up. And we think that through that, we will on the one hand reduce complexity, and on the other hand we'll have more power on what we will do with full focus.
Finally, and that has already been announced this morning, but Sandro will explain this in more detail, and it has been a topic already last year. We try to bundle our real estate assets in a more efficient way and also to give more importance to them, as from a value perspective, the reality is that our real estate holdings are at least as important as our historic publishing businesses. With this, I would want to stop here to hand over to my colleagues. We'll have a special emphasis on JobCloud and on karriere.at today, which is a wonderful business, and I admire the two of you really a lot for how you run it and how you develop it.
I'm sure that by the end of the day, you will share my admiration for Davide and for Georg. There are some more themes on the agenda which we hope will be of interest to you, and we are also very much looking forward to having a discussion with you at the end of this Investor Day. Thank you for your attention for the time being.
Hello, everybody. My name is Sandro Macciacchini, I'm COO of TX Group, I'm happy to give you an update on our real estate strategy, as Pietro has just mentioned it. In June of this year, the board of directors decided to establish a new division on group level to further develop our real estate portfolio. I'm happy that, in the meantime, we found also a director for this new division. His name is Marcel Weiler, and he will take over on April 1st next year. He's an architect, and he has a profound experience of more than 15 years in real estate management and in developing properties. Today, the portfolio consists of three printing plants in Bussigny, Bern, and Zürich, and four office buildings in Zürich and Bern.
The main potential of this portfolio lies in the developing of the industrial properties when they are no longer used for industrial purposes. It is, of course, not decided yet. And it is also not decided in which particular order we will stop printing, but it is clear that due to the continuous decline in print subscriptions, we will need less printing capacities in the future. The initiative is therefore a long-term initiative, but that fits with the fact that such development projects take a long time to realize. Therefore, from our point of view, it is the perfect time to start now with the planning. For each property, the three main questions to be addressed are the, firstly, the maximum exploitation. Secondly, the optimum use mix of use. Thirdly, the best architectural solution.
Besides the printing properties, we will also further develop our headquarter here in Zürich, where we are right now. I will come back to that in a minute. Parallel to the development of this headquarter, as I just mentioned, we have a more detailed look at the printing plants on the left side. All in all, our portfolio has a net book value of around CHF 66 million for properties and CHF 120 million for buildings after depreciation. To give just one example, what potential we have in this portfolio. The recent analyst report of Stifel estimated for the property here in Zürich, the Zürich Druckzentrum, a fair value of CHF 350 million and a net property value of CHF 250 million. This compares with a book value of CHF 36.5 million.
The valuation of Stifel was based on a potential development area of around 30,000 square meters for office use. Another valuation of Wüest Partner, which we ordered, estimates a usable area after repurpose of around 37,000 square meters for commercial office and residential use. We can say that the valuation of CHF 250 million of Stifel of net property value is rather on the conservative side. I will leave it to you to do the math for the whole portfolio. On the right side of the slide, you see the details of our office buildings. The headquarter here in Zürich has an estimated usable area of around 20,000 square meters, including a potential of around 5,000 square meters not realized yet.
This brings me to the next slide, which shows the development strategy for the headquarter here in Zürich. Our headquarter here consists of three units. Building number one is the landmark building of Shigeru Ban, where we are right now. Building number two is the next one on the riverside, the so-called Stauffacherquai 8 . Originally, this was the printing center for Tages-Anzeiger, so it has more an industrial look and loft character. On the fourth floor, it has an annex of Shigeru Ban, and the renovation of the first three floors will be completed in the first quarter of next year. These two buildings offer around 600 working places for around 900 employees and will be used in the future for our own demand. Building number three on this map is the one on the side of the Werdstrasse.
Here we plan a new building in the upcoming years with the aim of a third-party rental only, this building will be our first investment property in our portfolio. To conclude, let's give me a further outlook in the, I would say, strategic options of the portfolio. From our point of view, our portfolio is big enough for a standalone development, of course, we also consider other strategic options. That means buying further assets or also divesting some of them and also to joining partners. On top of that, we also will examine further the right legal structure of this division in a long run.
We can say that as a first step, it is our ambition to develop this portfolio under the roof of TX Group, and we will build up the expertise needed for that. In a second step, we will examine the right ownership and structure of this activity in a long-term perspective. Thanks for your attention, and I hand over to Dan.
Hello, everyone. My name is Daniel Mönch. I'm Chief Strategy Officer of TX Group, and in that role, also responsible for our ventures activities. I'm quite excited to give you an update on the further development of TX Ventures and our next steps. As we've been active in the ventures field for quite some time, we questioned ourselves, how can we improve, and how can we further develop to be even more successful in that field? How can we increase the likelihood for being successful? We came to the conclusion that we need to set up a dedicated venture fund because we were convinced that this fund which was communicated today, that this will help us to reach our goals.
Before coming to the fund, maybe to give you some highlights about the development of TX Ventures. I think it's really important to focus on the year 2020 because that was the year, as Pietro mentioned, where we really defined and shaped our investment mandate. We said we want to fully concentrate on investing into fintech at B2C at this time, and that had also the consequent that we need to do some divestments at this time, which is also shown on the slide. We sold Starticket, we sold Homehero because we really wanna focus on fintech. In 2021, we further went down the road of professionalization, so to say, with the introduction of the investment committee.
The investment committee is the committee which makes the final decision about an investment, and it's under the external leadership of Romy Schnelle. We also introduced a value add program where we try to leverage our know-how which we have in the company, also to the benefit of our portfolio companies, to help them to grow further and to create value for us and for other shareholders. At the end of 2021, we increased our investment mandate, not only investing in B2C fintechs, but also in B2B fintechs. At that time also, only with the focus of Switzerland, which we now change with the venture structure. This year, that's a really good news for our ventures activities. We could realize the first full exit. That was the divestment of MoneyPark.
I think we could reach a very good multiple with that investment of 6.3x. As is already mentioned, and as already was communicated this morning, we're about to set up our first real TX Ventures investment fund with a target size of CHF 100 million. This CHF 100 million, they also include our current portfolio, which is of approximately CHF 30 million. The fund is investing into B2B and B2C fintech startups in the DACH region. Not only Switzerland, but we are trying to invest in the whole DACH region and also in Europe. We expect the fund to have a lifetime of around eight years, and we expect a investment period of three years for that.
If we look at our portfolio, we're convinced that we already have a really strong and diversified portfolio. As you can see at the beginning, we try to invest in B2C startups. I would say in the meantime, well-known brands as neon or as Lend. We continue to also invest in B2B startups, for example, as you mentioned on slide in Helvengo, and this year, we continued this journey investing into Stableton and CLST and also in Relio. I think there's more to come, maybe end of this year, probably beginning of next year with some investments we just decided and now are proceeding. As I already mentioned, it's not only about investing, it's also about divesting.
That's why we're so proud to have realized the exit at MoneyPark, because it shows that we can really leverage the potential and that we can create the value that we are expecting to create. When we were thinking about the next evolution step, we also looked at other corporate VCs, and that's what you can see on the left-hand side. We realized that this next step that we are planning for TX Ventures is somehow a logical step and somehow a development in the life cycle of a venture fund. That was obviously not the reason why we really did that.
We're convinced that this fund structure provides a lot of benefits for TX Group and for TX Ventures, for both of the parties. We as TX Group, we are convinced that the venture fund will help us to increase the diversification and to really benefit also for the financial long-term stability of our group. We're convinced that with this fund, we can improve our visibility and our branding. From a TX Ventures perspective, this fund structure really helps to improve the perception of a professional and independent investor. That's really important to get even better access to interesting co-investors, interesting startups. I think it will really help us to get to the next level, setting up this fund.
On the other hand, it also helps to build a real track record where we can create a comparison with other funds on the performance level. The fund will have a specific reporting, specific auditing, and that helps to build up this track record. At the end of the day, it's also about the alignment of interest, and it's about retaining and attracting talent for TX Ventures and also for TX Group. For me, as I said, it's a logical and promising next step that we're doing with TX Ventures, and I'm really looking forward to make the first investment under the umbrella of the TX Ventures fund. That's all from my side, I would hand over to Ursula with the topic of ESG.
Thank you. Thank you very much. Actually, sustainability has been an important topic for our company for many, many years. Mainly it is the S in ESG, the society, which is actually part of our DNA. As a media company, we want to contribute to a free society in which people can form their own opinions and are able to make informed choices. The freedom and independence of the media is essential for a democracy, especially for a direct democracy as we have it here in Switzerland. That's because the opportunity to engage in dialogue and exchange information, arguments, and opinion is crucial for the proper functioning of a democracy. It is very clear that this function is associated with a very special responsibility.
Therefore, we as a media company must set high standards of our work, since this is also the only way to ensure our credibility and those effectively perform our vital role to the democracy. As the largest private media company in Switzerland, we are very much aware of this special role we play and the responsibility associated with it. Quality assurance has been a very important topic for us since a long time. We therefore have implemented a so-called quality monitoring, engaging also external experts from all over Switzerland to ensure that we are adhering this responsibility. This has been already done more than five years ago. Two years ago, we actually have added a social responsibility board in our free media to be very conscious on how and how we report or how we write actually the things.
These are unique initiatives here in Switzerland and even worldwide. It allows us and our journalists to stay critical at all the times. However, these are just two initiatives I have mentioned. Actually, in this year's annual report, we already included a chapter on sustainability, which gives you a little bit more insight. For the next year, we plan to do a full-fledged first sustainability report, which will be in accordance with the GRI standards. It will hopefully provide you additional insights regarding our contribution to the worldwide sustainability efforts. This report will also serve as a base to develop a very clear sustainability strategy for our whole company, this hopefully will be done during the next year. Preparing for the report next spring, we already did a materiality analysis, we found out that mainly 10 topics are critical for our company.
As already mentioned, society aspect is actually playing a very important role. Thereby, we focus on the engagement for our employees, but also for other stakeholders, due also to our wide reach here in Switzerland. As already mentioned, the editorial responsibility will be looked at as well as responsible advertising. Obviously, we also are performing a footprint in the environment area, and we're also reporting on the more economic aspects like innovations, but also the governance and compliance topic. First, insights in the footprint have clearly shown that we are not only a service company, but also an industrial company. Actually, the main emissions of our whole group arise from our printing business, and they're mainly just from the material, the paper. Thereby, it's important to mention that not even half of the paper we use, we use for our own products.
The rest, we are actually doing printing for different very big clients here in Switzerland. Since more than 15 years, we are monitoring our emissions, and we are actually steadily decreasing them. One good examples are our buildings. They have been built newly, this year we are in and also the one next door. After the renovation, they are much more energy efficient than before. We also have actually introduced clear guidelines for the paper. One example is that we look where we buy the paper. In the meantime, we buy 50% of our paper here in Switzerland, which implies obviously very short transportation way and helps us to reduce the emissions. In addition, and looking forward, we are in very close collaboration with our suppliers, but also with our big clients, so we can continue this road of reducing emissions.
Still, it is a matter of fact, many, many people in Switzerland prefer to read the newspaper in print. We don't wanna lose them. They are also essential for our democracy. We, as a media company, we also have an obligation to reach the whole population with relevant and high-quality journalism, so everybody can actually make informed decision. This for my part, for the sustainability. With this, we would like to go over to TX Markets, where Oli will give a short update on SMG.
Thank you, Ursula. Hi, everyone. Very happy to be here. I'm Olivier Rihs, advisor of TX Group. In this role, I act as a Chairman of the Board of JobCloud and Board member of Swiss Marketplace Group. I will give you a short update on Swiss Marketplace Group now, and after that, I will hand over to Davide Villa, CEO of JobCloud, Georg Konjovic, CEO of karriere.at, to make a deep dive on our job activities. Let's start with Swiss Marketplace Group. We presented this slide already last year. What is Swiss Marketplace Group? Swiss Marketplace Group, sorry, is the leading ecosystem of classifieds in real estate, with the strong brands Homegate and ImmoScout. In cars, AutoScout24 and Car For You. In finance, FinanceScout24 and in general classifieds with Ricardo, tutti and anibis.
We are exactly one year after the merger of Scout assets and TX's assets. What can we say today? We are all the expectation we had and the assumptions we had are now today reality. What have we done in 2022? SMG became a very strong one organization, one team. We set up a new organization. It was very important also there to have clear leaders then clear segments. Then we defined a new overall strategy for the group, for SMG, but for each verticals. It was also important to bring the people together, to have one DNA and to make the people to work on the same framework. I think we had a very
Let's say, I would thank the employees and the management of Swiss Marketplace Group because it was a tough year. Today we can say that we are one company. We had some assumption in synergies, we streamlined the organization. I'd say, not only in people, but also in processes. You see here that Let's say we downsized the organization of about 70 FTEs. It's about 10% of the employee. It was obvious that we had double functions and, of course, we had to eliminate them. We focused also on simplicity, also in technology. In order to have one platform, one technology platform in real estate, one in cars, and two in general marketplace. This was also done.
We started with this work, and it will follow also in 2023. It's not done within one week or two. It's a long journey, but we are very confident and the teams are very motivated to focus on those tasks. More collaboration within the group, general classified to horizontal, working with the verticals, helping to get more reach, to bring more leads. Also we stopped some activities like on FinanceScout24 on mortgage and implementing them more in the verticals in real estate. We also had some impact in the market. It was not only an internal thing.
We brought plenty of new things on the market. In June, for example, we had a complete rebranding of the Scout platform with a new and fresh identity. We had a very good response from our customers, from the professionals and then from the privates. In October, we enter in advertising partnership with Goldbach. Thank you, Michi. With also with our colleague of Ringier. In November, we also enter in a long-term partnership with UBS for mortgage leads. These are the first step towards the market, but there are other ones to expect in 2023. Which one? Come on. Where are you? Yes. Okay.
We wanna offer more value to our customers. For example, in real estate, we have the sell part, we have a rent part, we have the management part. There, we can give to our customers, for the business customer and our private, more opportunities to make more transaction easier and faster. We introduce also cross-vertical offers, bringing the traffic and the leads from the general classifieds, from tutti, from anibis, for Ricardo to the verticals, real estate and cars. We also want to accelerate the monetization. Why? Because we bring so much value for our business customers and for our private customers that we think that we also need also a fair price for what we develop also in the future.
Even if we made a lot internally to optimize our organization and our processes, we will continue this and optimize again and again. I think it's very important to be very lean, to be agile, and to be very fast, 'cause the market is not waiting for us, so we have to keep the pace and bring and expand our offer on the market. At the end, we will maximize also the customer lifetime value, so bringing more interaction within the, let's say our ecosystem and in order that every customer has the opportunity to make the choice very easily, very fast, and to be very secure, and yeah, that they feel absolutely at the right place on our platform. We have really a strong fundament at Swiss Marketplace Group after one year.
It's a fantastic company with a lot of opportunity, a lot of potential ahead of us. What you can expect also for next year, there are some key metrics we wanna bring regularly, and you will see how our platform in cars, real estate, general marketplace, and finance are developing. That's why you will receive here the key metrics. For example, you can see in October, in cars, we had 14.4 million visits. That means that 3 million users were on our platform in October, only on October. If you add all the users in cars, real estate, general marketplace, and finance, you have almost 10 million users that came on our ecosystem. This is strong. This is absolutely fantastic, and of course, we will improve our platform again and again.
That's it from my side, and I will now hand over to Davide for other highlights of JobCloud.
Thank you, Olivier. Thank you, Pietro, for inviting me. Honored to be here in such a nice building. Honored to be here. Goal of the presentation to give you some insights about JobCloud, this company which was born in Zürich and Geneva 22 years ago. I keep discovering that many of, I imagine even you know the brands, but not necessarily know exactly what we are doing. I have the honor to lead this company, purpose-driven company. Our purpose that make us waking up every morning is the following: Love what you do. We make employment happen. We are leading the market, so imagine a company, product, service, and people-driven, that it's leading the market by far. There is some competition, and we look at competition in a paranoiac way every day, every evening.
We managed so far to keep them really well away from the success, the shares, and the level of satisfaction our customers experience with us, at least so far. We employ 257 persons. A very diverse company, 22 nationalities. Myself, I come from Ticino. Management team, internationally experienced. A right mix of young talents and dinosaurs like me in the industry since 1999 right now. The company belongs 50% to TX and 50% to Ringier, Pietro, if you allow me to mention that. Something I'm really proud about is this representation of JobCloud is our ecosystem. As I said, imagine many of you knows jobs, jobup, maybe JobScout, three of the key brands we own.
The reality is that JobCloud is enabling companies and users, seekers, to be successful by engaging them on all platforms you see here on slide. It was something I had in mind already 10 years ago when I was the Chairman of JobCloud. Jobs.ch. By the way, we can party the 10 years of takeover. The closing was November 30, 2012, and I was, at this point in time, Chairman of jobs.ch. If somebody asks me about competition, if I'm nervous about the future and this kind of thing, something I can tell you is that to build what we built is like building the Sagrada Família in Barcelona. It requires centuries, year, a lot of passion, and know-how. When it comes to proving our concept or our success, I wanna share something about being top of mind, okay?
The two flagships, jobs.ch and jobup. You can see that competitor one and competitor two that I don't name, but you can imagine who they are far away from us. When it comes to the usage, you can see how far away from us they are, and when you see on the preferred side, we are leading. With an unaided awareness of 54.something, right now .3, and 63.something, right now .6, we are incredibly strong in our business. Let me maybe talk about what we do without becoming too technical. On one side, we have the marketplace. Marketplace is what you experience as a seeker if you visit to jobs.ch or jobup or JobScout or one of our verticals or one of our dedicated platforms, like Alpha and so on.
You search for a job, you apply, and you stay in touch with recruiters digitally. On the other end, you have recruiters who edit the job ads, gather applications, and communicate with recruiters. This is, I would say, the main pillar of our business. We are transforming it. We are evolving it. Investing in product. Just a small detail, which is not a small detail, our main platforms, jobs, jobup, JobScout, are all of them aggregators. Just to give you an idea, like Google for Jobs. We have right now today on JobScout more than 200,000 opportunities for job seekers, all of them in Switzerland. Then we have more than 100,000 on jobs.ch for the German part of Switzerland and more than 60,000 on jobup.
Aggregating the content, allowing companies to post job ads for free, allowing seekers to search for a job for free. This is a key piece of our mission. We believe that we play an important social role in the country of Switzerland. We will stick to it, even if from a monetization point of view, it required to elaborate approaches, technologies, monetization models, which are not as trivial as the original classified one. On top of it, we offer digital recruiting services. It means that especially thinking about medium-sized companies, we can support companies when it comes to recruiting and digital recruiting to make them being able to compete with the largest enterprise, to recruit state-of-the-art. It is a new service line. We are focusing on it since a couple of years. There is no digital business today without artificial intelligence.
There is no digital business today without some machine learning in it. There is no large company, even in Switzerland, not investing in technologies, trying to emancipate themselves from marketplaces like ours. We accept large companies, they try to emancipate, and we help them emancipating by selling them the technology needed to do that. Marketplace, job ads. Job ads are a key piece. As I said, it's about sourcing candidates in the ecosystem I showed you before. On our ecosystem, you can source based on pay per duration job ads, posting for a certain period, or based on pay per performance. You pay what you get. Can be an impression, can be an application, can be a Start Apply. I cannot be too technical today because of the time frame I received.
Programmatic job ads, meaning that our machines are able to help recruiting departments, especially today, recruiting departments of large enterprises in Switzerland, we count something more than 200 companies. Allocating budgets, defining recruiting goals in an automated way is something that is unique in Switzerland and almost unique in Europe. We were a first mover when we started it in 2015. Employer branding is a product we offer to our customers, but it's more important for us related to transparency on the job market. It means that on our platforms, you find company evaluations, you find salary information, and companies can really work on their employer branding from what really matters, the content, the real value that they offer to talent in Switzerland today, and on top of it, by visibility.
We have been the founder of the network, which is an alliance of local heroes. Alliance including more than 130 local heroes as we are in different countries. One of the four founders with Totaljobs, StepStone, and Figaro Classifieds. It plays an important role today because, we will talk about the demographic challenges in Switzerland, recruiting from abroad is winning traction and importance for a country like Switzerland. With a small number of employed people, something less than 4.2 million full-time equivalent, something like less than 5.2 headcounts working in Switzerland, but constantly growing number of active persons. For sure, there are technologies which are commodities, and typically, applicant tracking system, JobCloud, is one of the free technologies a company can get for free to support the recruiting process.
Digital recruiting services, what it is about? In terms of service offering, it's about asking companies to search for them and monetize every single qualified candidate we deliver to the company based on usually five criterias. We source, including active sourcing on different social medias. We qualify candidates, and we provide candidates to companies. Today, this kind of services is especially loved by large enterprises and large to medium-sized businesses. When it comes to the programmatic offering, machine learning, and so on, as I said before, we have a specific offer for large customers and staffing companies, not only in Switzerland but in DACH. How does it look? How does our customer mix look like? As you can see, we have a small portion of our revenues generated by staffing companies. Doesn't matter if permanent or temporary staffing company.
We have an equivalent piece of our revenues generated by large enterprises and small enterprises. It's something I'm really proud about because the potential in Switzerland to make small enterprises adopt digital recruiting is enormous. Generating new customers on a Swiss, on a small enterprise side will be one of the key drivers for our growth in the upcoming years, at least for two-sided marketplace. A solid, resilient portion of our business coming from mid-size companies in Switzerland. When it comes to our monetization model, we have the so-called allotments, meaning pay per duration job ads, the largest part of our revenues today. We have a subscription piece of our business, which is really attractive because it's solid.
We are talking about companies committing to some investments over 12 months, and we see growing pay per performance and other monetization and service ideas like SaaS and digital recruiting, as I stated before. What is it really about, and we should all be worried about it if we look at Switzerland economy. You can even forget about recruiting. I believe it's a structural challenge for our economy. You know about baby boomer, and I am almost there. I was born in 1968, so don't be worried, Pietro. I don't plan to retire next year. Don't be worried. As a matter of fact, this baby boomer will retire. As a matter of fact, you all know that to push back, okay, the age of retirement in Switzerland is politically a tough topic.
You can see that in possibly 10 years, okay, when all baby boomers, and maybe even me, Pietro, in 10 years, we will retire, then there is a lack of resources, a lack of talent in an economy and a country which requires highly skilled talents and resources. It comes to Switzerland, there is something that makes Switzerland kind of magic land, at least for recruiting, is the average or medium salary in Switzerland. The median salary in Switzerland is at roughly CHF 6,600 right now, something like that. You know that recruiting services pricing correlates to the salary. If you sell job ads in a country where salaries are low, the price of a job ad will be low. If you place somebody, permanent placement in a country with low salary, the service will be priced pretty low.
We have high salaries, and we see that there is this kind of shift from the secondary sector into the tertiary sector, automatically, it means that the salaries goes up. We are in a business which is really characterized by scarcity of talent, increased costs of talent, and we believe that it's like sitting on a mine of diamonds. This is the feeling I have every morning when I wake up. On top of it, okay, in a demanding economy, every year demanding more talents. This is something that makes Switzerland, okay, really a unique place to invest in recruiting in the world. What do we have as a mission? We want to be the heart of the Swiss job market. You would say or to believe we are almost there. No, we are not there.
What I keep saying, my team, there's still plenty of things to do. Still plenty of ideas, initiatives, still plenty of innovation that we can tackle on a daily base. I talked before about the opportunity on the small size enterprise businesses in Switzerland, small companies in Switzerland. On the left side of this chart, you see represented in an almost accurate way, even if not exact, our penetration by customer segment. On the right side, you see the number of employees by size of companies. Think about it. What makes our business fly? The number of people working in a sector for a certain kind of business, because these people, okay, they rotate, they change their job. By the way, after COVID, we are observing that employees are less loyal than ever. We see that the rotation rate in Switzerland is increasing.
This all dynamic and dynamism we see on the Swiss market are all key success factor for JobCloud. As I said, JobCloud is a company that monetizes high-end, high-value services, but that offers entry services for every budget, every pocket, completely for free for seekers and completely for free for every company, independently from the size. We start adding value by selecting candidates, selecting the channels we use to engage with candidates. We have the largest network in Switzerland, and by paying more and investing more, companies can address largest, larger audiences, higher reach. When it comes to technologies, as I say, the state-of-the-art technologies that we consider commodity, and we offer to every company working with us. I talked about programmatic. Please look at programmatic and pay per performance as our transformation in our industry. Aggregation, okay?
You hear about some international players you could maybe be worried about because they aggregate content like Google for Jobs. Don't be worried about that because we do it since 2006. Okay? Then you hear about pay per performance, company just paying for what they get. Don't be worried about it because we do it since 2015. Ask yourself, how many other companies in our industry in Europe and even in the U.S. are offering programmatic, okay, sourcing? Meaning machines able to support sophisticated HR departments like the one of TX or large enterprises in Switzerland. We can count SBB as our customer with that Mobiliar. Imagine these departments, highly sophisticated, they just wanna tell a machine, "My goal when it comes to this position is to have as many candidates as possible within the shortest time frame.
What's the budget I need? My need when it comes to this position is less candidate, higher quality. What's the budget I need. The whole machine, okay, managing the distribution within the ecosystem and the whole technical ways we have to promote job ads and push sourcing for companies. Our growth potential, two-sided marketplace, an enormous growth potential. Based on what I said before, the market itself will grow. The market is getting more and more dynamic. The value of talent is increasing. We have hundreds of thousands of small enterprises that we educate these days using digital recruiting. When it comes to international recruiting, we have our strong partnership with these more than 130 local heroes working with us together. As I said at the beginning, product, service, and people. We have been awarded again as a fair pay company.
We have a wonderful office. I maybe invite you, everybody who wanna visit us here in Zürich, Albisriedenstrasse at JED. We offer the highest level of flexibility, mobile working, and so on, and we are distributed in terms of talent across Europe. Thank you very much for your attention. I let Georg talk about karriere.at.
Thank you, Davide. Now we switch countries and go to Austria. Thanks for your kind invitation. Very happy to be here and give you a brief overview about the activities of karriere.at. We are one of these... I think this is your mobile phone still counting for me.
Yes. Faster than expected, which is a great achievement.
We are one of these local heroes that Davide just mentioned. Karriere.at is available in Austria. We are market leader in Austria when it comes to digital recruiting. I'm with karriere.at now since 2.5 years. I joined in March 2020. Before that, I was with Axel Springer in Germany for almost 11 years and also responsible for job classified player there. Digital recruiting is also in my DNA, and please allow me to stay on this slide, which might seem to have less content, but it has a lot of content. Willst du, kannst du, you want it, you can do it, is not only our marketing claim. 1/3 of the Austrian population knows unaided to which company this claim belongs. It's also our credo in the company.
This is the way we deal with the job search in Austria every day. We have a lot of engineers in our team, more than 40. We have a lot of sales colleagues in our team, more than 50. The most important thing about job search is to tackle the emotional basis, to tackle the people looking for jobs and the companies looking for employees. Willst du, kannst du is not only the marketing claim, it's also really our company credo. What is our vision at karriere.at? It's that everyone will find the right job with services provided by our group. You can turn this vision around because it's a two-sided marketplace in Austria as well. It's not only everyone will find the right job, every company will find the right employee. Everyone means all employable people in Austria.
We have a population of around 9 million people living in Austria, and some 5 million of them are employable. The right job, that's key, and this is something that changes a lot in the last years. What is the right job? We come from a pull world. You try to search for the right job, and we are shifting more and more to a push world. We, as platform, we provide and suggest the right job to candidates, and the other way around, we suggest candidates to companies in future. Karriere.at group, this is important to know, we have three job boards in Austria that we run in the group. It's karriere.at. It addresses the white collar segment. We have jobs.at. That's the blue collar segment and our in-group aggregator. We have hokify.
This is our player that targets younger target groups, more in the blue collar segment, doing especially mobile recruitment. Who is karriere.at? The majority is still owned by the founders, three guys from upper Austria, and JobCloud owns a minority stake of 49%. We are almost 230 people working at karriere.at. The whole group has more than 300 employees. Karriere.at has 230. We are the largest job market player, digital job market player in Austria, by far, not only providing the job platform with the highest reach, but also the biggest, largest CV database in Austria, and the best-known employer branding solution for Austrian companies. Let's take a look at the timeline. Founded in 2004 and went online 2005.
Now we are adult, 18 years old. 2009, the former jobs.ch acquired the minority stake of 49%. For us, it was very important as player in the Austrian markets to be right on time by launching the right services when companies or employees need them. In 2012, we launched jobs.at as a crawler, as a aggregator to get a better view into the Austrian market, what is happening besides the inventory that karriere.at has. 2013, we launched the first employer branding solution far ahead before the market in Austria was talking about employer branding solutions. We already had our product in place. One year later, 2014, we launched the CV database. It's called Talent Cloud and still up and running.
2016 and 2017, we decided to invest in companies like hokify. I just mentioned it. It is a market leader in mobile recruiting in Austria and eRecruiter. This is a very interesting topic, eRecruiter, because it's the leading enterprise ATS. ATS means Application Tracking System. Now on the one side, we have karriere.at, the largest two-sided job market. On the other side, we have the leading enterprise application tracking system. If you combine both worlds, that's a perfect fit. 2019, we launched a low-scale application tracking system for companies that do not have one already or are not able to buy one, because our vision is that every company in Austria should work with an application tracking system.
It makes life for us easier if it comes to tracking from interest in jobs until application, until hiring. What, what are the products that we offer in Austria, B2B and B2C? Let's start with B2B. It's the classical job ad. In the last two years, our inventory almost doubled. Two years ago, we had around 20-something thousand job listings, paid job listings on karriere.at, now it's almost doubled. A very popular product. The employer branding solution, our second important product for companies where you are able not only to provide your job listing but provide more information around your company. We did a study just four months ago, and 50% of the potential employees in Austria mentioned that it is hard to find information about potential employers.
This is the right product to tackle this information lack in Austria. Active sourcing, of course, our largest CV database in Austria that you can license, and we have one-click application. This is something that we are going to increase 2023. We are going to stop this disrupted process of applying for jobs. I'm not sure who's familiar with that, but usually, especially in Austria, you click on Apply Now, and then you're leaving the karriere.at environment and now going to a external application tracking system. This is a very, very major development that we will address starting now, these days in December, to build a non-fragmented user experience. The user experience is going to change for Austrian applications. You will stay in one environment, whether you apply for company A or B.
You will still be in the karriere.at world, have your profile there, and then provide your data to the customer where you want to apply. On the B2C side, we have our search via app and classical desktop. The mobile reach accounts now for 65%-67% on the B2C side. We have our CV database, as mentioned, and we have some tools. These tools are very important to address people that are not actively searching for jobs right now, but to get into touch with the brand karriere.at. It's like for example, sales comparison. We just kicked off our salary study 2022/2023 one week ago. It's the largest salary study that that's available in Austria. We have a salary calculator, tools to get in touch with people.
This getting in touch with people leads to our traffic and our huge reach in Austria. We have per month, 4.9 visits. Maybe more interesting, we have 3 million unique users a month. Just remember, population is 9 million. 5 million are employable, and we reach 3 million unique Austrian people per month. The brand awareness of karriere.at is huge in Austria. Unaided 45%. These are numbers from October this year. 45% of the Austrian population knows karriere.at unaided and 77% aided. The unaided brand awareness far away from the competitors below. The challenges in the Austrian market are quite the same like in Switzerland. If you take a look at the population pyramid, it's almost the same. We have demographic change, less and less young people.
The war for talents is increasing. It's not only this war for talents that is increasing, it's also the willingness to pay for job ads that it has increased in the last months and years. More and more companies need to and are willing to pay for job ads for on-top job services like CV databases or employer branding solutions. The loyalty of employees, Davide mentioned it's the same situation in Austria. The younger people, younger than 40, are less loyal to the employees than older generations. Maybe this is a bad news for the companies, but for us, as we see us in the life cycle of developing an employee's world and life, it's a very good news. If you take a look at the business model today at karriere.at, it's quite fragmented.
We have three business models that are not connected in an ideal way. We have the job ads, very popular. I just said we doubled the new inventory. Still the most popular product in the Austrian job seeker market. We have the employer branding solutions, and we have the Talent Cloud. All these three products work really fantastic in the B2B world. The pull rate, the adoption rate on the company side is really good. For us, major development step in 2023 is to connect these three products into a life cycle. The job ads might be an entry point for users. It could be the salary check, it could be the salary calculator, whatever. Then the life cycle with employees and companies starts.
That's why it is so important for us that every company in Austria uses an application tracking system, whether our own eRecruiter or a competitor's product, or our behavioral manager which is targeting the very small companies. We can start this life cycle of employees in a very really perfect way. We put in the employees onto our services, CVs, salary checks, et cetera. We provide the right job listings for them, push and pull mechanisms, doing a lot of AI technologies in the background. Users apply in the karriere.at world as described. Maybe it's getting more like an online shopping user experience and not like applying for jobs five or six years ago. It's going to be a very smooth process without leaving the atmosphere of karriere.at.
Maybe then you get a new job. Three years later, we come into the game again, because we know that you got a new job today. You will keep updating your CV, you will keep updating your salary data through our studies. We will have multiple touch points with the now new employee at company X. Three or four years later, we will have the right data point to suggest a new step in the job world of this employee. Then the life cycle starts again. Just remember, the loyalty of employees at companies is not that high as 10 or 15 years ago. Every employee in Austria will start a new job every three to five years. This is the right moment when the karriere.at comes into place again.
I showed you that our credo is Willst du kannst du, you want it, you can do it. That's the one emotional side that unites the whole team. We have one objective side that unites the whole team, this is our core KPI that the company works with. This is the application. Our whole performance team, our whole measurement in the company, besides order intake and our financial KPIs, is the application KPI. Our company is built around applications. We measure our success in the amount of applications, in the efficiency of applications, time to apply, time to hire, et cetera. This is our main company objective that we've put into place, and this is what our whole team is monitoring 24/7. How do the applications develop? How fast can people apply for new jobs?
How quickly do our company clients find new applicants for their jobs? Yeah. Thank you very much.
We would continue, so we are hopefully in time and have enough time for your question at the end. I think for the Swiss ones, we want to finish on time, so we can go and watch the play tonight. Good. As I mentioned at the beginning, the second part, we will have a deep dive in Goldbach. Goldbach, we will present you. Actually, we will do a deep dive in what we have presented last year, and these are really the main topics of Goldbach. First, Michi Frank, as CEO of Goldbach Group, will do a short introduction. We have Christian Vaglio, who will introduce the out-of-home business. Alexander Duphorn will actually talk about the very important TV business, and mainly also on the Replay Ads.
To sum up, Markus Wirth as the Chief Transformation Officer, will talk about the media platform. Michi, please.
Thank you, Ursula. Hello, everybody, from my side. Ursula said me, three points. Your job today is just introduction, bring to people the break, the coffee, and the third thing is, yes, my guys are here. No, thank you so much. I have a short information for you. I think it's really like breaking through the break. Goldbach, that's what we are. We believe, huh? I like this information from Davide, in people. We say not just we believe in people, we love our people. We are... In our structure, we are really a sales house. In a sales house, in a transformation.
Transformation goes to the data, goes to the technology, part, and these three guys will show you what I tell you last year here on this board about the situation, what we have about these three points. That's really important for us because we believe totally in the congregation that we go forward. We believe totally that the new inventory, what we said you one year ago, we have it now. We believe in the future. We have here now nice parts. I have just two charts from my side that you see that. Goldbach, I think the most people here in the room knows what we do. The important stuff is on the left side, but you see the business areas, what we have, and the strategy. In the middle, you see the advertise marketing.
We are really a 360-degree sales house. What I tell you after, also from Markus Wirth, the story about technology and data. We are in the ad sales business in also TV, print, out-of-home, digital out-of-home, special there. Christian Valli will you say something more about them in the online business and also the radio business. Not just here in Switzerland, also in DACH, in Germany and also in Austria. The transformation is also, for us, really important. We are there working hard on them, in special in Switzerland, also with the information what you will see in these three new projects, what we have with these three guys. One of our points is also the digital agency. That means it's also agency in the SEO, SEM business.
We go third about them 360 degree. We won't speak with one client about all what we have. That's really important. Now you see a short agenda about them. When we have started, could be doing you know that, in 1983 as a local radio, was the founding for Goldbach. It means in this time for Radio Z. In 1993, the first windows for the TV station comes in with RTL, later with ProSieben Sat.1. Goldbach Media started. That was also my start 22 years ago. It's a long time, yeah. I'm really seeing... Peter asked me also, "But you are very new generation." I say, "I'm also old generation." Yeah, I love this generation. That's important for me. That was the story 2001 with the start with Goldbach, also the DACH region.
2007, Goldbach was going on the stock here. You saw, see that, 2007. 2015, we have two minorities who are coming in. These guys are also in our business in TV and also in our radio business. And now since 2015, they are also in our audience business. It means in the online video business. That's RTL and ProSiebenSat.1. Later, 2018, we have the merger with TX. And in 2019, the dequotation from Goldbach from the stock here. 2020, there was also a big story for us, for Goldbach. It was a merger in the advertising marketing.
There was also a story what Pietro tell you about them, Goldbach, Tamedia Advertising, and Neo Advertising comes together. Here, Christian will show more information about this then how it works by Neo Advertising. The integrations, here only I give the thank back, with TX Markets in advertising stuff. We work them there at also. The newest point what we have that Marcus will also informate you about our AdUnit, our news baby what we have now still here. That's just a short introduction. I have 4.5 mi nutes, I think, about them. I give now the words to three friends. You had heard it. First is, I think, Christian Vaglio, the CEO from Neo Advertising, also the founder. Once more, I give you the introduction.
Alex, is also since 12 here by the media as CEO. Markus Wirth, here the Chief Transformation Officer by Goldbach, is here on board since, I think one year. Not exactly one year. In the middle of the year, completely here by us. Thank you so much. When you have questions later, I'm here. Thank you.
Thank you, Michi. Hello, everyone. I'm Christian Vaglio. I'm CEO and founder of Neo Advertising, the out-of-home arm of Goldbach and TX. I'm not... I don't know if you are so familiar with out-of-home, but this is the contact you have with advertising when you are not in your house, when you are not at the office. When you're commuting from your house to the office to the shopping, we take care of you. We bring you visual impact in classical format with posters or with, more recently, digital screens. The out-of-home market is a very strong market in Switzerland. We estimate it at CHF 5 million-CHF 600 million per year. It's a growing market.
It's a very interesting market because it's not only growing because of the digital format, but it's as well very resilient in its most traditional format, which is a paper-based format. I co-created Neo Advertising 19 years ago. We had at that time the ambition to build the Sagrada Familia. We have not achieved it today. We are not at the top, but at least we succeed to build and establish solid foundation 19 years down the road. Our headquarters is in Geneva. We are present all across the country. We are a team made up of 100 people, just recently crossed the mark, and we operate 11,000 faces, advertising faces all across the country.
We don't have very transparent and solid statistic about the number of faces that we find in Switzerland, but most probably, Approximately 120,000 faces. When we entered the market, it was very crowded. Crowded by only two dominant players that has been operating and sharing the market for more than 100 years. We decided that the digital format was the right way to enter this market. That was the inception of the digital format. The first attempt had been seen in the States, in the U.K., and we thought that that was the right way to enter this growing and interesting out-of-home market.
We made our homework, we interviewed the market, we realized that for establishing a strong presence in the market, we needed to bring out-of-home to the next level. We interviewed the market, the clients, the agencies, and we established our strategy based on six USPs. First of all, the quality of the relationship to the customers. The customers were frustrated because they were not so much embarked into the development of the format, of the market, and their planning capacity were somehow limited. We really brought the customer to the center of the relationship, to the center of the strategy of the development of Neo. Product quality was as well for us a very important topic.
We wanted to concentrate ourselves in the best sites, in the best format, in the most premium format. We're not so much interested about the suburb areas, about the small posters, the glued posters, really concentrating ourselves in premium format. Marketing strategy, it relates to collaborations that we are developing with TX, with Goldbach. We don't see us as selling sites, selling addresses. We see us about selling results. We wanted to bring out-of-home to the next level in terms of planning capacity. We have enriched the planning capacity for the, for the, for the brands, for the, for the clients by adding data. We have developed new models.
We have partnered with 20 Minuten, with all the brands from the group to allow our customers to better target the audiences and get better results from their campaign. Innovation was at the forefront of our development at all aspects, not only in term of technology, but in term of processes, in terms of resources that we have been using to go and to post our from the glue to the most advanced technology at all level of the organization. Every single project is a new start, a new sheet for us, and we don't rely on the history of out-of-home.
Technology, as well here we have shown a strong leadership in all aspects of the medium, from the planning capacity I've said, but as well the way we sell it by integrating it into larger offers with other formats from the group, at all aspect of the support, the processes, and the resources we want to master the technology. Sustainability, as we say, we have not adapted it. We are born sustainable. It's at all aspect, at all level of the organization, it's extremely important for us and all the company is managed and embarked into this project. We have been the first out-of-home company to neutralize these carbon footprint back in 2019.
After limiting our emission, we have compensated, developed a program to compensate it, the residual emission. From next year, we will be as well the first company to neutralize its electricity consumption. We will produce as much as we consume. In term of organization, we have integrated into the organization all the skills, all the competencies to develop an out-of-home project from A to Z, that give us a lot of agility, that has shown that in term of development, it give us an edge on the competition. Today, we are able to design an out-of-home project. We're able to produce all the equipments that we need to install and operate the infrastructure and sell the advertising.
In term of inventory, you find us in all the channels of a traditional out-of-home company. You see in this chart that even though we started as a pure digital player, all around the world we have integrated the more classical, the analog formats. We are realized after 10 years of development that yes, digital is the future. Digital is important for our clients. Digital is still today a small stake in in the market, representing 25% of the market. We decided, as we needed to grow, we wanted to grow, to integrate the more classical formats along our development. As we speak, 2/3 of our inventory is analog and 1/3 is digital.
The street is the first channel in Switzerland, still representing close to 70% of the market. Public transportation, we have entered last year. When we cannot grant the right to operate a city, that's a good way to enter a city without getting the public spaces. Malls and point of sales was an historical channel by Neo. We have a leadership in this channel. It's a growing channel. It's turning very, very digital. We are continuing to invest in this again, fast, fast-developing channel. Airport, we operate the airport of Geneva in all formats.
We started digital there, and after five years, we have been able to integrate as well all the classical formats, all the big posters, that are present at Geneva Airport. In the POI, we have several locations, several sites like exhibition centers, the center of Geneva. We have fitness centers and swimming pool venues. All together, these are the 11,000 sites that we operate all across the countries in all the channels and all the formats. We have been very active in term of development since we entered into the TX Group in 2018. The objective of this partnership, this entry into the group was to speed up, to go to the next level in term of development.
Here you can see that this has materialized into very important development. I will select some of them here. In 2017, we have acquired the city of Geneva. That was the first major contract in analog format for Neo Advertising, and that was a real challenge because at that time, we were only digital, and we had to integrate all the skills, all the processes to be able to post very classical paper-based posters in high volume, thousands of posters every week. Yeah, that's history now, but at that time, that was quite a challenge to integrate these new processes for us.
2018, 2019, we have continued to develop the city channel traditional with the city of Zürich, Winterthur, with the help of TX. This is what we expected from this relationship, and we transform it. As NEO was strong in the French part of Switzerland, and weaker in the German part, we have shown that because of the relationship with TX and Goldbach, we have been able to develop in this new region for NEO, for Ring ier . 2022, last year, we decided to move forward with the development. We took some risk because all these developments, they took place during the pandemic. We know that out-of-home was negatively and strongly impacted by the lowest frequencies due to the pandemic.
We decided to speed up our development, taking some risk. Today, we see that we were right to take this risk. With the acquisition from Four Page Set, from the national contract with Coop at a time where the frequencies were very low, it was a risk to take. We took it, today, it materialize in strong growth for the company. We are not stopping there. From next year, we have maybe read that we have acquired the rights from TPG, a very important contract. That's the public transportation company from Geneva, the best-performing out-of-home offer in Geneva that will be starting next year together with Neo Advertising. We are not stopping there.
We have three pillars in our development. We have a strong organic growth plan in the front of us. We continue to develop analog. Analog will remain very strong in Switzerland. Somehow, the digital format is limited in its development capacity because of all the regulations that we have in the city. We will be participating in analog format in the tenders of the major city. At the same time, we are developing what we call the private domain, private individuals developing site by site, which is an important complementary inventory, especially in term of margin. We have better margins dealing with private owners than larger organizations such as cities.
We as well develop the agglomeration when we have the major city contract like the city of Geneva, the smaller town around the center, we continue to develop as we have an organization in place. It's relatively easy to integrate and efficient. Of course, the digital format is the one which we favor. We develop it in the cities when it's possible. Very recently, we have acquired this major contract with Four Page Set, where we have developed the digital format close to 300 displays all across the city, making it one of the largest digitization project in Europe.
It's not possible in all the cities, with the move from the city of Zürich, we hope that other cities will follow like Bern and hopefully Geneva at a point. We continue as well to develop in the shopping malls, in the point of sales, where there are new opportunities and special inventory. We can go now with the development of the programmatic and the programmatic sale. We can enter new channels where the audience are maybe lower, but because of the efficiency in the way of selling it through the programmatic channel, it opens new opportunities to developing digital inventory.
At the same time, we are preparing the company for the next big tenders that will be coming in the next three years with the SBB and the Airport of Zürich. SBB is one of our competitor today. It's one of the largest contract on the European scales. We have good arguments, good ideas, we are preparing ourselves to this big competition in the future. That was it. Thank you very much for your time, I hand over to Alex.
Thank you very much, Christian. Very warm welcome from Goldbach Media. My name is Alex Duphorn and I am the CEO of Goldbach Media Switzerland. As Michi already mentioned, I'm the CEO since 2012. Actually starting with TV in 1993, but still not feeling like a dinosaur. Probably that's why I'm not the Boomer, I'm the Generation X, which is, by the way, also Pietro. We don't keep you with the Boomer thing from Davide there. No, but we're talking about Goldbach Media and the television business. We do have the whole skill set from television under one roof with Goldbach Media. Our aim is that we generate success for all of our partners.
That is co-creation of TV up to booking, planning, and the whole thing that is needed to get a TV spot on air. We are shaping the advertising market in this area with 100 employees, and we're actually having more employees due to the big thing we are talking on, which are the replay as a world premiere of a new advertising firm. First of all, I'd like to go into details for the sales house map of Switzerland. We cluster that in four categories. One is the regional business of CH Media. We have some self-marketed channels, also in regional and some bigger national channels. We do have our main competitor, the public TV, the SRG, which has Admeira as their sales house.
Finally, we have Goldbach with 35 national wide channels, with the Replay Ads, a growing business. This business is substantial. As you can see on the map here, we actually provide 62% of the German-speaking audience, we have a market share of 35%, literally 35% of the French-speaking market. Talking about television. Television is the medium number one in usage, for all the videos that you know. Talking about Netflix and YouTube. Just if you really take into consideration the time usage, TV is number one. With a great service in time-shifted viewing, that is actually 25% for the whole target group. This is a big service you can use, well, seven days relate television. You can replay, you can fast-forward advertising, everything.
I think that's also something that is giving big competition to all the streaming sites. It gives a challenge to all the television channels, of course, because we're losing advertising time because many of the users certainly avoid advertising if they can, just by skipping or fast-forwarding. Just going to the target of 15- to 49-year-olds, it's already 40% usage of time-shifted viewing in television. If you go even younger, this is actually increasing even more. That was the reason because we have a unique situation in Switzerland that is actually not giving the content owner, the TV channels, the right to choose whether your advertising is skipped or not, or if you actually give the copyrights to the distributor. In all other countries in the world, it's actually the distributor who have to negotiate with the channel to take these rights.
This is not the case in Switzerland, and the government was not willing to give the copyrights to the channels, but asking to find a solution. A joint contract negotiation took place, and we find a consensus between the operators and the TV channels for the Replay Ads. Finally, the Replay Ads have been launched in this year, the 4th of October. Well, talking about the Replay Ads, we have a little look at them.
Say hello to advertising on time-shifted TV with new Replay Ads. Start ad. Pause ad. Fast-forward ad. Start ad is played when time-shifted TV begins or a live program is restarted. Pause ad is always displayed when you press pause on both time-shifted TV and live TV. Fast-forward ad comes on whenever the viewer skips an ad break. Three new Replay Ads. One benefit for your TV advertising. More viewer, more reach.
Since we launched the Replay Ads, it's actually summed up to 1.8 million set-top boxes where this advertising is actually included, meaning that we have 30 regional and national distributors involved in the contract. Certainly, the first 20 channels for nationwide introduction of the Replay Ads. More to come, that's for sure. I'd just like to give some brief details on the pause ad. It's actually that in the pause ad, you have many, many opportunities because it's the interactivity that is actually the big aim of that little thing. I'm already seeing that many of you already like in just by themselves, just taking out their smartphone, and probably you can do that too.
If you just also from the distance would check the QR code now, you would actually end up to the website of Replay Ads of Goldbach to get more information. This is a great case for everybody that is actually in TV to have this pause ad standing there. When you return to your television, you have a QR code you can scan. You can probably just ask for a drive with a new car or something like that, and that gives great opportunities and interaction for the viewer. This is very important for us as we also want to give a high quality in advertising. Our advertisers are used to that in television. We have the highest credibility. This is a study from Screenforce from this May. The highest credibility in television.
We already know by some acceptance studies for the Replay Ads that they are actually even higher accepted than television. Essentially, we go in the big footsteps of television, and we actually give another level of quality with the Replay Ads. Why is that so? We have diverse USPs for advertisers. Start and pause are exclusive. There's only one advertiser at that moment. The ads are unskippable. If... As you will hear later on as well, is geotargeting will be possible in the next years, and we have a high attentiveness because we can also have a user-based playout, we can go interactively, we're user-friendly. Certainly, we can also reach younger targets because they use replay a lot. Definitely, we can also use viewers that avoid television in the last years.
As I mentioned, to go down into as deep as three zip codes, this is the plan, and this is actually part of the contract with the operators to really go into these details for regionalization of the ads, for the pause ad in first, probably for other ads coming up, and this is a great opportunity. There's more USPs for all market partners, starting for television, meaning that television remains at its strength. We reach the majority of Switzerland every day. We are also planning a convergency in the currency, so we will have the same standards as in television. With the Replay Ads, we actually have all numbers together, the Replay Ads will expand at the end, the future for television and video, and we will stay the mass medium that we are.
For viewers, they are not searching for the end of the break. They are really skipping. It's very convenient. The experience is very good. They have a short advertisement. They probably see other ads as they are regional, and they have interactive possibilities if they want. I'm sure the advertisers will use even more of these opportunities in the future. Even the distributors, they have a safe diversity of channels because they can stay and they remain within their business models. There will be some more future individual advertisings that even give a higher experience for the user. We are sure that actually this gives many benefits as a user experience, which also have helped the operators. Finally, let's talk about some economics.
What you see here is actually the TV numbers from 2017, and well, a little statistic even up to 2025. What you see is the net revenue from 2017 until 2021. That is in the WEMF statistic netto in Switzerland. We are actually also giving some prospects. What is happening with the Replay Ads, you see with the very, very light violet up there. What you see is that actually with the Replay Ads, the TV market is actually keeping its strength, its relevance, and it's actually growing in the next years because it's regaining advertising inventory, which is finally the source of the strength for the advertising market. Looking forward for your questions later on. I hand over to Markus. Thank you.
Thank you, Alex. Good afternoon. Thanks a lot for having me. Thank you. Very happy to be here and to talk about some really exciting developments at Goldbach. My name is Markus Wirth, I'm the Chief Transformation Officer at Goldbach Group, member of the executive board, with Michi. Just one year ago, Michi introduced in this place the platform strategy of Goldbach. This is live. We're working on it. We put a lot of effort in it, and it's really exciting, and I'm happy to talk about this today. The customers tell us loud and clear, they like to work with Goldbach, but they wanna have more convenience in how they work with us. They wanna have more standard, more easy products.
They wanna have clarity on the ROI they spend money with us, they wanna see more innovations like the ones you heard just before Alex, from Alex in TV, but also innovations in the out-of-home, in the digital out-of-home, in the programmatic out-of-home area. We took this serious around this concept, around this customer demand, we developed a pretty simple, straightforward perspective of what we wanna do. Bear with me for a moment. We have very strong positions in TV, you heard before about. We're number one in TV and video in Switzerland. We also When we didn't talk about that, we are also very strong in national radio and audio. We are number one in print. We're super strong in out-of-home. We're growing with super in digital, we're in analog coming too.
You see how much investment and effort we do in growing this out-of-home portfolio. Last but not least, with our publisher and in combination with the network of third-party publisher, we run of one of the most powerful audience businesses in Switzerland. It's our Goldbach Audience business. If that's not enough, we work, of course, with partners in social, commercial publishing to round it off in order to have a full suite offering when it comes to advertising, marketing for our Swiss customers. Now, every single media type has a reason of its own, and it's a leader kind of in its market.
Now by using technology and data on the sales side, bringing that together, imagine for a moment how powerful that portfolio under the roof of Goldbach is if we bring that together and make it easily accessible for every company in Switzerland. That's not the case today. Today, companies work individually with TV, work individually with print, work individually with out-of-home experts. Bringing that together under one roof in one solution, that's the idea behind the platform. The time is right for that. We work on that. I could now talk for hours about the technology and the challenges behind that. I spare you the details. I wanna talk today more about the customer perspective around that and how we engage in the future with customers around that. Our idea is, indeed, we connect brands with people.
If I add up all these media types that we have currently under our roof, we reach easily between 70% and 80% of the Swiss population every single day. How are we gonna do that in the future on the customer side? You see from the left, to the left, we see, you see the different segments we're working with on the B2B area. You see to the bottom left, the stronghold, the origin, where we really have our legacy in is the large agencies and the large customers that buy media with us. That's very strong. We work with 90% of that population in the markets we are, and we do work hard to service them better now and in the future. This year, we introduced single points of contacts.
We make ourselves more easy to access. We have introduced offerings for these large companies and agencies in particular. We go into deep partnerships to developing and co-creating new products with them. Technologically speaking, we have our own solution to work with them. It's our Splicky solution, run by and developed in-house by our daughter company in Berlin, Jaduda. It's a powerful demand-side platform that allows to book advertising programmatically, consistently. This year, I'm super proud and happy about bringing Splicky more tightly into Switzerland. We have substantial double-digit growth in Switzerland this year with this tool. We see 10 new large agencies working with us and enjoying our solution. In the meantime, we have 100% of the programmatic bookable out-of-home inventory being bookable through our platform. You see already the platform thought at work.
It's not just our inventory, it's the Swiss inventory available through our technology. We're working hard also for the professional customers to add here more media types in the future. Think of print, think of video, think of audio. Where Goldbach historically hasn't been so super strong is in the smaller clients, in the mid-sized company segment that spend between CHF 10,000-CHF 500,000 a year, and in the small segment that spend average less than CHF 10,000 on an annual marketing spend. There are many of them? You see here the broken axis. There are more than 16. In Switzerland, you see more than six or roughly 600,000 SME companies, but we qualify roughly like a bit more than 16,000 that spend substantial repetitively on marketing campaigns.
We're only able to service a few of them. We wanna do more for them and more with them. It's evident that working with smaller company requires some tech enhancement. Historically, at Goldbach, we didn't have a strong arm there, and therefore, I'm more than happy to announce here again what we have publicly communicated on November 7th this year, that we were able to acquire AdUnit. AdUnit is a company developed, run by Swisscom, and we were able to take it over from Swisscom, and it nicely fits exactly that loophole that we had so far to service better, especially the SME segment and smaller agencies, by enabling them to book also smaller campaigns, cross-media, run the entire customer journey, including the creation part of that.
For smaller campaign, this is important that you can also seamlessly integrate the creation part into the booking, and so allow every company in the future to work with Goldbach and enjoy the nice portfolio and great products we have in-house under our roof. Why is Goldbach at the sweet spot? Why are we convinced that that movement and that platform idea is right now the right idea for the market and especially for Goldbach? We're convinced that Goldbach brings together, under the roof of Goldbach, a couple of important ingredients. First, it's not just a pure self and tech game. I think the sweet spot really in Switzerland is that we are able to combine tech and sales capabilities.
Across Switzerland, we have an existing sales force that is there and that can work with the technology, help SMEs and large customers to solve real-world problems. We have expert at the same time in every of these media types I was talking about under one roof. Whenever needed, we have the TV expert, we have the radio expert, we have the print expert, and they're not there just for it since yesterday. They have a legacy, they have a strong network in the markets we're present. We take data and data protection serious, more than that. This is gonna be part of our offering in the future.
We have, in the meantime, more than 30 engineers at Goldbach dealing with these type of questions, and we work with local companies as well, state-of-the-art companies like Decentriq, you've seen the announcement, to really take this serious. We just announced a new solution for data onboarding for customers that bring that to light. We're not sharing this data with large international conglomerates. This is our key profession, and we have to take it serious. Last but not least, we have placements that are unique. We have exclusivity in TV, but also exclusivity with our publishers and with our online portfolio that we have to offer. That was unplanned. That is hard to match.
Lastly, importantly, especially for the SMEs, first time ever, we will be able, through this platform, to offer localized access to this portfolio. It will make advertising affordable also for smaller companies that has not been affordable for them so far. That's really important. Bringing all of these ingredients together, I think Goldbach really is in unique position. We do this for Goldbach, but also for the entire market. By doing this, we are convinced, by being open and by doing this as an open platform, we're gonna safeguard the relevancy and the attractiveness of the Swiss advertising market and invite also therefore partners, publishers, advertising partners to join this movement in order to make the Swiss market relevant. Thank you very much for your attention.
With that, I would hand over to Wolf-Gerrit Benkendorff , who will take us through the question on guidance.
Thank you, Markus. I just learned that there are only 10 minutes left before the system is driven down, so I really will speed things up here. My name is Wolf Benkendorff. I'm the CFO of the TX Group. In the next few minutes, I will give you a brief insight into our current thoughts and efforts on the topic of guidance, because this question is regularly raised by investors, analysts, journalists, and media. In the past, no financial guidance was given either on the level of the TX Group, nor at the level of the individual segments. Statements on future targets were limited to selected topics like number of digital subscriptions, cost reduction at group level, cost reduction at Tamedia.
Using the example of Tamedia subgroup, I would like to show you where we currently stand in our discussion and from where we can give the guidance in the future. In order to compare the performance of our subgroups with the market performance, we start defining peer groups per subgroup a little over two years ago, comprising around 11-18 companies per subgroup, peer group. We have not formed a peer group at TX Group level because there are no really suitable peers at this level due to the business models and the sizes of our subgroups. Here on this slide, you can see an overview of our peer group for Tamedia. It's a mixture of listed companies and non-listed companies. In some cases, we limit ourselves to individual segments of a group.
In addition, we have examined which of these companies have given guidance in the past or currently, and in what form this was done. I will go into more details on this later. We look, for example, at Alma Media, that's a digital service business and media company located in Finland that includes media, but also housing and automotive marketplace. It is also listed in the Nasdaq in Helsinki. We see that they give medium-term guidance on revenue growth, margin, and net debt to EBITDA ratio. With the exception of margin, the targets have not been changed since 2018. The performance of the margin is very close to the target level, very large fluctuations can be seen in revenue growth. The same, of course, applies to the net debt to EBITDA ratio, which, of course, correlates with revenues if margin remains constant.
In addition to this long-term targets, Alma Media regularly communicates short-term outlooks for sales and adjusted margin. As shown in the peer group overview, the guidance of the companies, if given, is very heterogeneous and can be differentiated in time horizon, key figure, and specification. What is striking to see is that short-term and long-term are weighted roughly equally, with some companies showing both. Revenue and profit margin, that's why it's highlighted in red, are standard and are used by all companies that communicate targets. Less pronounced are cash figures or other balance sheet figures such as gearing. Depending on the KPI, lower limits, for example, revenue growth greater than 5% or margin above 25%, ranges and growth rates are used. Sometimes guidance is not quantitative, but merely descriptive. For example, decline in revenue, expected slight improvement in margin.
In which direction will we go now at Tamedia? In terms of the time horizon, we will give a medium to long-term guidance as Tamedia is going through a transformation process due to the change from print to digital, which will extend over longer periods of time. The margin is a suitable KPI because it fluctuates less than revenue, and the long-term stable development can be achieved through measures on the revenue and the cost side. Cash flow and balance sheet ratios are not suitable because they are not reported at the segment level. Other non-financial key figures are conceivable, such as the already mentioned and communicated target for development of digital subscriptions. The specification will be a range within which we want to move in the medium term. Bandwidth for result margin is taken as a standard here. Why not a guidance for revenue?
Development of the peer group that you can see in the upper left corner here over the last few years shows that revenue is very much subject to external variation. On the one hand, this is due to the advertising market that is highly dependent on external factors like pandemic, war. On the other hand, it is also due to the price of paper. Alma Media is a good example that shows how difficult it is to provide a reliable target level for revenue. Okay, it says revenue growth, but it is EBITDA margin. If we look at the EBITDA margin, we see that a different picture here. There is a relatively stable development within the peer group, and the median is about 10% over the last years.
This also means that companies have been able to successfully manage fluctuations in revenue through appropriate cost measures. Alma Media is also a good example of this with margin that has always been in the fourth quartile of the peer group. It's interesting to see that here in the peer group that during corona crisis, the companies in the third and fourth quartile were actually stable. While there was a very big negative swing in the companies in the first and second quartile, which were actually already in the lower range in the previous periods, mostly companies from Southern Europe. What are the next steps? We already have developed the financial peer groups of all the companies, and as mentioned before, there's no suitable peer for the TX Group.
We will focus on the guidance for the subgroups, and then it will be kind of a bottom-up approach to generate the guidance for the TX Group on top level. Depending on the current position in the peer group, the market position, and the planned development path, medium-term ambitions will be defined for all segments and then agreed with the CEOs of the subgroups. That was the process that was already mentioned in the opening statement from Pietro. After completion of this process, we will be able to give target development for Tamedia, Goldbach in 20 Minuten. Type of content, as just presented, will be based on comparable companies. Due to shareholding structure at SMG and JobCloud, communication of a guidance for the TX Markets segment is subject to the approval of the other shareholders. Thank you.
Thank you, Wolf. We are almost at the end of our presentations. I will close with some remarks regarding our purpose. We think that it is essential to have a purpose. Often, however, it is a shelf without substance. Not in our case. It was not difficult for us to formulate a purpose. It is now disappearing, but we have it in mind. It's easy to keep in mind, we contribute to a free society. As an anecdote, I want to mention that the essence of this purpose, which we have developed now over the 12 last months, together with our top management team, about 120 people working at the group level and in our companies.
The essence of that purpose was in my closing remarks of last year's Investor Day, which shows how useful it is to have an Investor Day, 'cause it forces you to think about what you want to be and to be able to communicate that and formulate your purpose. It's not exactly the same, but the essence of it was there already. It comes quite natural when you look at what we do, and we have refined it and concretized it, as I have just mentioned with our colleagues in the management team. Now we are rolling it out in the Group.
These colleagues, with their teams at the level of the group services and at the level of our companies, are going through the same process to formulate the purpose for their specific activities and then to roll it out in their specific activities. I'm really proud that this purpose that we have formulated for our group is not artificial. I think it is concrete and meaningful, and it covers all our core activities. That is quality journalism, which remains at the heart of our group. It is advertising, which we consider a noble service to contribute to the economic freedom of people in a free society. It is marketplaces and further services which empower people to shape their lives.
We want to contribute to a free society so that people can form their own opinions and take the actions they want to take in order to shape their lives. This goes from politically aspects, from the democracy in Switzerland and in the other markets we are active in, to economic freedom and to private matters. Our purpose, and with this I want to close, is also helpful as a strategic compass. Journalism, advertising, and marketplaces, these are our passions. These are the businesses which we believe we understand, and these are the areas where we want to further develop based on our experience and on our savoir faire we have in these areas. In Switzerland, we are also open for further opportunities, as we have been in the past.
If and when, through our network, we can contribute to the creation of new values based on our strong positions, namely the reach of our publications and media. Now, besides the purpose, I think you need goals in life, and the goals we have for us are growth, profitability, and reputation. That are the goals we want to achieve and against which we want to be measured. There are obvious tensions among these three goals, including between long-term and short-term. To optimize the achievement of these goals and to take advantage of the dynamic or the dynamism arising from natural tensions is normal in life and is our understanding of the job of an entrepreneur. As mentioned, we believe that in a complex and dynamic world, our decentralized structure sets the right frame to do the job.
We want to cultivate the interplay between entrepreneurial autonomy and an ongoing discussion about clear and measurable ambitions. Now we expect that you want to do the same with us at the higher level, and we are open to your questions and to any discussion with you. We are looking forward to it. Again, I would like to thank Ursula and her team for having organized this Investor Day, and you for having taken
The time and shown the interest, to share this afternoon with us. I think I
Yes.
-Over to you, we are here for your questions. Thank you.
Thank you. Yes. Actually, to start off the Q&A session, I'd like to introduce two important men of our company. You have already met Michi Frank, CEO of Goldbach Group. We have here Olivier Rihs, who is looking after our segment TX Markets. We have Davide Villa, our CEO of JobCloud. Here we have Andreas Schaffner and Bernhard Brechbühl, who are the CEOs of Tamedia and 20 Minuten. Andreas, let me ask you, yourself a questions. I mean, the media business is in a transformation phase. Where do we stand? How does the digital development look like?
Okay.
Yeah.
It's good. By the end of October 2022, we achieved 146,000 digital subscription with our publishing activities. This means comparison to the last year, to 2021, a growth of 9%. This is less growth than in the previous year. This is due basically not to acquisition. We have quite a good acquisition, but a higher churn rate. The churn rate is due to the cohorts we acquired in 2021 during the COVID period. We will stick for sure on our goal to achieve 200,000 subscription, but this will take a little bit longer than we have foreseen.
Our long-term goal is, and this is for sure clear, that we will finance our journalistic work with digital activities, revenue coming from subscription and from advertising, but as well from our printed activities, printed newspaper.
Good. Thank you very much. A short comment. We announced 2 weeks ago that we are actually looking for a new CEO for Tamedia. Could you shortly give some insights on that?
Marco Boselli, he decided to take a out time. He will be in a sabbatical till the end of this year. He will coming back to Tamedia and pursue his journalistic activities in projects for us during the following time. I will take over as managing director Tamedia for 2023. Matthias Müller from Blumgroup, a well-known German journalist and ex-expert in digital activities in publishing, he will be under my leadership and responsible for the publishing activities in the Swiss German spoken part of Switzerland, as well for product development. For 2024, there will be a new CEO at Tamedia.
Thank you very much. We would also like to introduce Bernhard Brechbühl. He actually joined our group August 1st as the CEO of 20 Minuten. Also there, we know, the business is not running smoothly at the moment. There are tough times. Are there any plan to adjust the strategy?
Sure. We definitely face big challenges currently, mainly the big platforms. They capture a lot of user attention and advertising money. Still, we firmly believe that we have strengths they don't have. We have creative journalists, Swiss-based journalists who create content that meet high standards, and thereby we can offer brand safe environments for our clients' advertising. We can offer tailor-made marketing solutions. We have an impressive reach across various channels: print, digital, social media, and a strong brand, a great team. We're at the management board, at the executive board of 20 Minuten, we're currently working on a new strategy that will leverage the strength or our uniqueness in the market. It's a bit too early to reveal.
We haven't shared it with the team yet.
Okay. actually, there are repeatedly rumors that there will be no printed 20 Minuten, no boxes at the train station anymore. Is that part of your strategy?
Honestly, I don't know where these rumors come from. Actually, the opposite is true. We believe in print. We believe that print has its own advantages that can't be copied or substituted by any other media, sharing. We even believe that the print experience should be upgraded. We're working on an upgrade. We're looking into increasing the minimum page count, increasing the paper quality, and also wanna make improvement in content and design. We want to launch this in spring next year, this new or updated edition of print. It really is we. We have no plans whatsoever to stop print.
We still have 1.3 million readers every day who enjoy the experience of our print edition, the compact overview of news, and we wanna continue this.
Thank you very much. I think we will open up the floor. Please mention your name and your company, and wait for the mic. Very important, because we still have the stream. When you are in the stream, you also can actually ask your question. Just put it in the chat on the right-hand side, and we will try to answer them. We start with Pascal Boll from Stifel.
Yes. Thank you. Pascal Boll from Stifel. My first question is on real estate here. Sandro, I'm happy to hear that my estimate is on the conservative side. As I have a buy rating on stock, I'm happy to see how this future value will reflect in the share price at some point. Jokes aside, on the real estate, can you give us some more information regarding a schedule, what properties might be developed first? In what time horizon you believe there will be realistic to see the first developments? Yeah, maybe go with that. Do we want to take one question by one question?
Yeah, that's fine. Sandro? This, the mic.
Sorry, I can't give you lot of more the information I just gave to the audience. In principle, it's a long-term initiative. We don't have any specific plan to close specific property plan in a specific time slot. Just some thoughts on that, they are geographically, of course, well-positioned, and you can ask yourself which one would be the best to serve all Switzerland. You give yourself the answer. Secondly, we won't need, as I said, on a long term, all the three of them. That's all I can say today.
All right. Then maybe, Pietro, one for you. Regarding the guidance, or the planned guidance, why not giving today already a guidance for the sub-segments? Did I understand correctly that you will only give us guidance for Tamedia, 20 Minuten, and Goldbach, and not for TX Markets at all in the future?
The problem is, we feel that we cannot communicate guidance that is not based on an agreement with the management who should achieve these goals. As we are still in the process of kind of optimizing our operating model of the group, we feel we have not a solid enough base as of today to give this guidance for the various companies that we control. This is a clear goal for next year. By then, we feel that we should be able to fulfill the wish that you have expressed many times in such meetings.
With regard to companies that we do not control, we have also to be aligned with our core shareholders and therefore we cannot promise now that we will give guidance or make commitments that are not first discussed with them and agreed with them. For example, SMG, as you know, we have the plan to bring that activity public medium term. Obviously, the question of giving guidance must be aligned with that bigger project that we have together with our partners.
Next question, regarding the short-term trade. In H1, you mentioned a weak advertising market, tough one. Also, you mentioned high paper prices. How did the situation evolve now over the last couple of months? Is the current situation also in regards of the Christmas with advertising? Did it improve? Is it on track to your plans, or how does it deviate?
For the advertising, my colleagues from Goldbach are the most knowledgeable, and regarding paper, Andreas will be the best to answer your question.
Yes. We start with advertising.
Yeah. Sorry. I think for advertising, you heard that also from Wolf. I think it's absolutely not an easy year, but we think our glass is half full, huh? I think really that's the story what we won't tell. We must have new inventories. We must go in new businesses. We are looking for the stuff with data and technology. We got new ideas. We believe in that we must go in the next step. Your question, I told you, I think two to three months ago, I think we are on the right way, but it's not easy. Absolutely. Because, sorry, there are some discussion in the market, but we work on them.
Paper, Andreas?
Yes. Other questions. Paper prices are directly linked to energy prices. You know exactly how they evolved over the last several weeks. We see now a quite stabilized situation on paper price. We believe, during 2023, the paper price on the market, paper market will reduce, but will never come back on the level we knowed in the past. Probably 50% higher than what was known before 2020.
Thank you. One question on SMG. I think in the fall, you know, you mentioned that you want to better monetize the platforms. Does that mean that you want to increase prices? In that sense, what do you expect? What kind of reaction do you expect from customers?
Okay. Sorry, Olivier.
We prove the prices, and we raises the prices during the last years. This is a ongoing project or process we have. Every time we add additional value, we also adapt the prices 'cause we wanna have a fair price for what we deliver. This is an ongoing process. You can expect that we will also, if we increase the reach, but also if we increase also the product, the tools and the, and the efficiency of the tools, on the platform that we will, let's say, price dynamic. We are a partner of our customers, so we explain first what we do.
We explain to the market what they can have and what they can expect from us, so the efficiency, the conversion they get. After that we, let's say we package and bring new packages on the market and then we raise the prices. Yeah. This is what we did this year, and we will do it also next year.
One last question for you.
Yes.
Because I think others also have some questions.
Yeah, one final question. It's actually also for Andy. Oli. You mentioned the merger of platforms and also some integration costs, the right sizing of workforce. Has that been completed by now, or is there more to be expected next year and also, in terms of a way on profitability?
Well, I think we optimized that we had, we optimized. At the moment, I expect more people because if you bring new services and new offers, sometimes you need also more people. On the profitability side, I would say we will. This is also an ongoing process. We will, let's say, optimize the organization and the processes in order to increase the profitability of the company. This is clear.
Thank you.
Okay. Some other questions. Daniel.
Yeah. Thank you. Daniel Bürki from Zürcher Kantonalbank. I would have some questions on out-of-home. How you plan to evolve this business, get a stronger market position, because compared to the two others, you're still pretty small. You mentioned that you always want to be number one in every segment. That's maybe the first. The second, when will you get into profitability with out-of-home? Because we know at the moment it's still loss-making. A third one, could you remind us when is the tender offer of the SBB contract, the contract taking place?
Thank you for those interesting questions. To the first one, we have an organic plan to develop the business as we did, taking part to any tender that fits our strategy. At the same time, we have developed a strong team to develop the private domain I've mentioned with higher margin. It relates to the second question about margin improvement. The margin will automatically improve with the scale. There are tremendous economies of scales in out-of-home. As we grow the business, naturally the margin is improving. SBB, it's not so clear now when the market will be tendered, because in the last tendering process, they split the market into 10 lots.
On all these lots, they had different deadlines and duration. The question is, will they harmonize? Will SBB harmonize all the deadlines of the lots or they will be tendering the lots as they terminate? It's unclear. We don't have an answer from SBB now. At the same time, they also had the opportunity to extend some lots, and they have not yet disclosed what they will do in the future.
If they do not exercise their options to extend those lots, and if the lots come due as they were planned in the last process, they will be marketing the small posters and the digital posters in 2024 for a start in 2025.
Good. Thank you very much. Another-
I have another one.
Yes.
Maybe a general one on dividend policy. You have the special dividend, CHF 4.20, and then you always have the regular dividend, which is linked to the free cash flow. Last year, you had an overall dividend of CHF 7.40. Now, let's say your free cash flow would go down in 2022.
Would you seriously consider to lower it, your dividend even, in the light that you have a very strong net cash position?
That ultimately is for the shareholders to decide. Our position is that we have, on the one hand, set this special dividend which will go on for two more years, and that the ordinary dividend, in fact, should be a function of the free cash flow. We have some interesting projects in the pipeline, which also should hopefully make use of the capital we have to make it work and contribute to a higher free cash flow in the future.
Thank you. Yes, other questions right there. Thank you.
Thank you. Remo Rosenau, Helvetische Bank. You mentioned that various options are being examined to find the optimal ownership structure for the real estate business in the long term. How open is the outcome of this examination? I mean, are all options possible, or do you already have some kind of, you know, favorable outcomes or preferred outcomes, or is it really open?
That, again, is ultimately for the shareholders to decide. What we feel is our obligation is to create the option to take decisions. By putting the real estate in a new, how to say, organizational shelf, and developing the value of the premises we own, we think that the shareholders ultimately will have the option to spin it off if they want to. I personally believe it will be too small to be a self-standing real estate company. If that should happen, I envisage potentially two outcomes. One is that it should be merged with a bigger real estate company. The other is that, if that is not the case, I think it should be taken private.
We are far away from that. We are just at the beginning of that journey. As the board of directors of the group and my colleagues in the management team, mainly Sandro, we think it's our obligation to just work on opening up the option for the shareholders then to decide what they want to do with it.
Okay. In any case, I hear that first you develop these properties before any kind of changes in the ownership structure are coming into play.
Not exactly. I think we must ourselves understand what is the value of these properties. For that, we need to have a development project in mind. I don't think that we have to develop them necessarily ourselves. Rather, I think that's not our core competence. I think before thinking about the next step, we must have a better understanding of the potential these properties represent. I think this is what we want to do now, as long also as these properties are used for the printing factories that are on them. By the time printing, industrial printing, as we have known it so far, will become obsolete sooner or later, and not all at once, but in steps.
By that time, we want to be ready to know what can be done with these properties. Ideally, we should be ready also with building permits by that time. When thinking about how to structure it, we in the first step really need to understand the potential of these properties. For that we need to start the development process, which does not mean that we think we should ultimately develop the properties ourselves.
Okay. Thank you.
Okay. Thank you. Other questions via stream? I don't have any questions. You also can ask questions. Just put it in the chat.
Hi, Andy Schnyder, zCapital . I would have an add-on question on the real estate part. Will you give us, Sandro, some NAV numbers every year with results? The fair value you see, just like all the real estate companies are doing, so that we get a sense of how the portfolio is developing.
Yeah. We have the kind of methodological challenge that as long as they're used for industrial purposes, wouldn't be right to put them in a, in a sum of the part valuation. It's the potential. The potential is, I would say it's, as Pietro just has said, we have just to examine that by ourselves more in depth before we can give you any more guidance that we gave today.
You also have the, all these office buildings which have a market price, I guess.
Yes, those have. The ones we use for our own purpose, I don't think.
Makes too much sense to give their a market valuation because we don't intend to sell it. The one we are going to build, is too early right now also. Once the plan are more concrete, might think of it, yes.
Okay, thanks. I would have a question.
I think it's an interesting question I have asked myself in the break, whether real estate could potentially be a segment in our, in our accounting system. I really wouldn't know the answer. Probably you also have to think about it, but we'll take up the answer. It's an interesting question, and we will think about it.
Yeah. We discussed it in the break and what would be needed to bring outside investors into this business or to sell it is to ask for market rents also from your employees and have a P&L and NAVs. That probably be interesting also for us as investors.
Okay, one more question.
Okay. On the venture side, I can see why TX is doing that. You have the capital and you made some good money with digital investments. I don't know about TX's know-how in the fintech sector, and probably some words on that and on why you're the best partner, and probably it's a too long question, but I would be also interested in why you think that local fintechs are really good investments. When we think about internet businesses, we always think about global businesses and larger businesses, not just local ones.
Maybe start with the last question. We're not investing in local fintechs. At the moment, we are only investing in fintechs based in Zürich, but it's really hard or based in Switzerland, but it's really hard to say what is a Swiss startup versus a global startup. You saw on the slide, we also invested in CLST. They have some people sitting in Switzerland. They have some people sitting in Dubai. They have some people sitting in Singapore, so that's a global business.
By expanding the investment scope to the DACH region and also to Europe, we're opening more to global fintechs as well, because at the end of the day, it's not about the market, it's about the solution and about the people and the technology that is invented to make it global. To your first question, why do we think that we're the right people? I think we gained a lot of experience over the last years. I think we have a well-experienced team, and we created some great reputation in the market. I think we're really perceived as one of the number one fintech investors in Switzerland.
We see that by the investments we could make, but also by the co-investments that we could create, like the other investors on the cap table, they're showing us that we're really perceived as a professional and a strong investor, and I think we can leverage this also with the fund. I'm quite convinced that we're that we have a great journey ahead of us.
Thank you very much. Around the table, some questions. Daniel again.
Yeah. Thank you. Maybe a question also on JobCloud and karriere.at. I think probably you have one of the best years in your history. We go in 2023. Maybe it's not a recession in Switzerland, but it's definitely an economic slowdown. At the same time, a very strong labor market, something probably we have never seen before. What are your expectations regarding top line and also profitability in 2023? Whoever wants to answer it.
I will answer. I would say no comment 'cause it's not today the time to give also expectation. As Davide said today, this is a big chance for us because the war talent is so strong that we have the opportunity to, through our services, to provide companies in Switzerland the best talent and the right person and the right place. With our, let's say, with our platform, we are able to do so, and that's why we strongly believe that we have the diamonds, like you said, huh? Every day, we wake up and have a diamond in front of us, and we will work on this diamond to make it really so bright and so shiny as possible.
Let me put it differently. Is 2022 an all-time high year, or do you still see some room for improvements?
There's still room for improvements in the classified business.
Okay. Thank you very much. I think we are about the end. It's 5:00 . Thank you very much again for the interesting discussions and questions. You're all invited to the operative right now. Thank you also on the stream, and hopefully see you soon. Thank you.