ANGI Inc. (ANGI): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le monde dynamique des services à domicile, Angi Inc. (ANGI) a révolutionné la façon dont les propriétaires se connectent avec des professionnels qualifiés grâce à son marché numérique innovant. En comblant de manière transparente l'écart entre les demandeurs de services et les entrepreneurs vérifiés, ANGI transforme le paysage d'amélioration de la maison traditionnellement fragmenté en un écosystème rationalisé, transparent et convivial. Cette toile complète du modèle commercial révèle les stratégies complexes qui ont propulsé Angi pour devenir une plate-forme qui change la donne, offrant une commodité, une fiabilité et une efficacité pour les consommateurs et les professionnels des services sur un marché de plus en plus numérique.

ANGI Inc. (ANGI) - Modèle d'entreprise: partenariats clés

Professionnels des services à domicile et entrepreneurs

Au quatrième trimestre 2023, Angi Inc. compte environ 272 000 professionnels des services sur sa plate-forme. Le réseau comprend:

Catégorie de service	Nombre de professionnels
Plombiers	45,670
Techniciens HVAC	38,250
Électriciens	42,100
Paysagistes	33,500
Peintres	37,800

Plateformes de marketing numérique et réseaux de référence

Angi Inc. collabore avec plusieurs plateformes de marketing numérique pour étendre sa portée:

• Annonces Google: dépenses annuelles de 14,3 millions de dollars
• Publicité Facebook: dépenses annuelles de 8,7 millions de dollars
• Les réseaux de référence générant environ 22% du total des prospects

Technologies et fournisseurs de logiciels

Les partenariats technologiques clés comprennent:

Fournisseur	Focus technologique	Investissement annuel
Services Web Amazon	Infrastructure cloud	5,2 millions de dollars
Salesforce	Solutions CRM	3,6 millions de dollars
Twilio	API de communication	2,1 millions de dollars

Sociétés de traitement des paiements

Partenariats de traitement des paiements:

• Stripe: traitement du volume de 340 millions de dollars par an
• PayPal: frais de transaction d'environ 2,9% + 0,30 $
• Square: Solutions de paiement intégrées pour les professionnels des services

Marques et fournisseurs de rénovation domiciliaire

Relations stratégiques des fournisseurs:

Marque	Type de partenariat	Valeur de référence annuelle
Home dépot	Programme de référence	12,5 millions de dollars
Lowe's	Réseau professionnel de service	9,7 millions de dollars
Matériel ACE	Génération de leads	6,3 millions de dollars

ANGI Inc. (ANGI) - Modèle d'entreprise: activités clés

Fonctionnement de la plate-forme du marché numérique

ANGI exploite une plate-forme en ligne avec 252 000 professionnels des services au troisième trimestre 2023. Le marché numérique a traité 2,08 milliards de dollars de revenus de marché en 2022.

Métrique de la plate-forme	Valeur
Total des professionnels des services	252,000
Revenus sur le marché (2022)	2,08 milliards de dollars
Clients actifs	1,9 million

Fournisseur de services vérificateur et vérification

ANGI met en œuvre un processus de dépistage complet pour les professionnels des services.

• Vérification des antécédents effectuée sur 100% des prestataires de services
• Vérification de licence pour les métiers spécialisés
• Revue de documentation de l'assurance
• Seuil de notation client pour l'accès à la plate-forme continue

Association du client-contrat

La plate-forme utilise des algorithmes avancés pour faire correspondre les clients avec des professionnels des services pertinents.

Critères de correspondance	Détails
Proximité de l'emplacement	Dans un rayon de 25 miles
Spécialisation des services	Précision de la correspondance de 93%
Temps de réponse moyen	2,4 heures

Examiner et évaluer la gestion du système

ANGI maintient un écosystème d'examen robuste avec 40 millions d'examens des clients vérifiés à partir de 2022.

• Surveillance de la revue en temps réel
• Algorithmes de détection de fraude
• Système de notation transparent

Services de réservation et de planification en ligne

La plate-forme de planification numérique prend en charge plusieurs catégories de services.

Métrique de réservation	Valeur
Réservations mensuelles	Environ 500 000
Catégories de services	500+ catégories de services à domicile
Options de réservation instantanée	45% des professionnels des services

ANGI Inc. (ANGI) - Modèle d'entreprise: Ressources clés

Infrastructure technologique et plate-forme numérique

Depuis le quatrième trimestre 2023, Angi exploite une plate-forme numérique complète avec les spécifications techniques suivantes:

• Infrastructure basée sur le cloud hébergé sur Amazon Web Services (AWS)
• Application mobile disponible sur les plateformes iOS et Android
• Plateforme Web prenant en charge plus de 500 catégories de services

Métrique de la plate-forme	Données quantitatives
Total des utilisateurs de la plate-forme	5,7 millions d'utilisateurs actifs (2023)
Transactions de plate-forme annuelles	8,2 milliards de dollars en transactions de service terminées
Téléchargements d'applications mobiles	3,2 millions d'installations d'applications mobiles actives

Grande base de données de professionnels des services

Angi maintient un vaste réseau de professionnels des services:

• Total des professionnels des services dans le réseau: 256 000
• Professionnels des services dans plus de 500 catégories de services
• Couverture géographique dans les 50 États américains

Écosystème d'examen des clients et des entrepreneurs

Examiner les mesures du système à partir de 2023:

Catégorie de révision	Données quantitatives
Avis des clients totaux	4,3 millions d'avis vérifiés
Note moyenne	4.2 / 5 étoiles
Soumissions d'examen annuelles	1,1 million de nouvelles avis

Reconnaissance de la marque

Métriques de performance de la marque:

• Sensibilisation de la marque: 68% parmi les propriétaires
• Part de marché sur le marché des services à domicile: 22%
• Années de fonctionnement: 26 ans (fondée en 1998)

Algorithmes de correspondance et de recommandation avancés

Performance d'algorithme	Données quantitatives
Taux de précision de correspondance	87% de matchs de service réussi
Temps moyen pour correspondre	12 minutes de la demande de service
Modèles d'apprentissage automatique	23 modèles de recommandation prédictifs

ANGI Inc. (ANGI) - Modèle d'entreprise: propositions de valeur

Découverte professionnelle du service à domicile pratique

Au quatrième trimestre 2023, Angi Inc. a rapporté 142 000 professionnels des services actifs sur sa plate-forme. La société a traité 2,1 millions de demandes de service au cours de l'exercice.

Métrique de la plate-forme	2023 données
Professionnels des services actifs	142,000
Demandes de service total	2,1 millions

Fournisseurs de services vérifiés et notés

La plate-forme d'Angi dispose d'un système de notation complet avec Plus de 10 millions d'avis des clients vérifiés.

• Évaluation moyenne des prestataires de services: 4,5 / 5 étoiles
• Professionnels vérifiés en arrière-plan: 85% du réseau
• Seuil de révision minimum pour la liste: 3 avis des clients

Processus de tarification et de réservation transparente

Tarification des mesures de transparence	Performance de 2023
Gamme de coûts moyens du projet	$250 - $5,000
Disponibilité de la citation instantanée	62% des catégories de services

Plate-forme à guichet unique pour plusieurs besoins de rénovation domiciliaire

ANGI propose des services dans plus de 500 catégories de services à domicile, avec les principaux segments suivants:

• Réparation d'une maison: 35% du total des demandes
• Services de nettoyage: 22% du total des demandes
• Services CVC: 18% du total des demandes
• Aménagement paysager: 12% du total des demandes
• Services électriques: 8% du total des demandes

Interface numérique conviviale pour les consommateurs

Métriques de performance de la plate-forme numérique pour 2023:

Métrique de l'engagement numérique	2023 données
Téléchargements d'applications mobiles	3,2 millions
Visiteurs mensuels du site Web	8,5 millions
Note utilisateur de l'application mobile	4.3 / 5 étoiles

ANGI Inc. (ANGI) - Modèle d'entreprise: relations clients

Plateforme en ligne en libre-service

Au quatrième trimestre 2023, la plate-forme en ligne d'Angi accueille 251 000 professionnels de services actifs. La plate-forme a traité environ 1,4 million de demandes de services au cours de l'année. Le coût d'acquisition du client était de 36 $ par nouveau client.

Métrique de la plate-forme	2023 données
Professionnels des services actifs	251,000
Demandes de service traitées	1,400,000
Coût d'acquisition des clients	$36

Support client via les canaux numériques

ANGI fournit un support numérique multicanal avec des temps de réponse en moyenne de 2,7 heures. Les canaux de support numériques comprennent:

• Prise en charge de l'application mobile
• Assistance par e-mail
• Chat en direct
• Support téléphonique

Avis et notes générées par les utilisateurs

En 2023, la plate-forme a accumulé 7,2 millions d'examens des clients vérifiés. La notation professionnelle moyenne du service était de 4,3 étoiles sur 5.

Revoir la métrique	2023 données
Avis vérifiés totaux	7,200,000
Évaluation professionnelle moyenne	4.3/5

Recommandations de services personnalisés

L'algorithme d'Angi génère des recommandations de services personnalisées avec un taux de conversion de 62%. Les modèles d'apprentissage automatique analysent 3,6 millions d'interactions utilisateur pour personnaliser les suggestions.

Outils de communication automatisés

Les systèmes de communication automatisés gèrent 78% des interactions initiales du client. La messagerie automatisée réduit le temps de réponse de 65% par rapport aux processus manuels.

Métrique de communication automatisée	2023 données
Interactions initiales manipulées	78%
Réduction du temps de réponse	65%

ANGI Inc. (ANGI) - Modèle d'entreprise: canaux

Application mobile

Au quatrième trimestre 2023, l'application mobile d'Angi compte 218 000 utilisateurs mobiles actifs. L'application est disponible sur les plates-formes iOS et Android avec une note 4.2 / 5 sur Apple App Store. L'application mobile génère 42% des demandes totales de services de plate-forme.

Métriques d'application mobile	2023 données
Total des téléchargements mobiles	1,3 million
Utilisateurs actifs mensuels moyens	218,000
Note de l'App Store	4.2/5

Plate-forme Web

Angi.com reçoit 12,5 millions de visiteurs uniques mensuels. La plate-forme Web représente 58% du volume total des demandes de service avec une durée de session moyenne de 7,3 minutes.

Métriques de la plate-forme Web	2023 données
Visiteurs uniques mensuels	12,5 millions
Volume de demande de service	58%
Durée moyenne de la session	7,3 minutes

Campagnes de marketing numérique

ANGI a dépensé 87,4 millions de dollars en marketing numérique en 2023, ce qui représente 22% des revenus totaux. Le taux de conversion de campagne numérique est de 3,6%.

Engagement des médias sociaux

• Fonds Facebook: 425 000
• Followers Instagram: 185 000
• Twitter abonnés: 92 000
• Taux d'engagement des médias sociaux: 2,7%

Courriel et notifications push

La base de données de marketing par e-mail contient 4,2 millions d'abonnés. Le taux d'ouverture du courrier électronique moyen est de 19,5% avec un taux de clics de 3,8%. Le taux d'opt-in de notification push est de 62% pour les utilisateurs d'applications mobiles.

Email Marketing Metrics	2023 données
Abonnés totaux	4,2 millions
Taux d'ouverture par e-mail	19.5%
Taux de clics	3.8%

ANGI Inc. (ANGI) - Modèle d'entreprise: segments de clientèle

Les propriétaires à la recherche de services de rénovation domiciliaire

Au quatrième trimestre 2023, ANGI dessert environ 4,3 millions de clients actifs sur le marché des services domestiques. Les dépenses moyennes des propriétaires pour l'amélioration de la maison via la plate-forme ANGI sont de 3 200 $ par an.

Caractéristiques du segment de la clientèle	Données statistiques
Tranche d'âge	35 à 54 ans (segment primaire)
Dépenses annuelles moyennes de l'amélioration de la maison	$3,200
Clients actifs totaux	4,3 millions

Gestionnaires immobiliers résidentiels

La plate-forme d'Angi prend en charge environ 125 000 sociétés professionnelles de gestion immobilière ayant des besoins de service.

• Dépenses de service annuelles moyennes: 12 500 $ par société de gestion immobilière
• Catégories de services: maintenance, réparations, rénovation
• Couverture géographique: 50 États aux États-Unis

Amateurs de bricolage

Le segment du bricolage représente 22% de la clientèle totale d'Angi, avec environ 950 000 utilisateurs actifs.

Métriques du segment du bricolage	Valeur
Total des utilisateurs de bricolage	950,000
Coût moyen du projet	$1,750
Pourcentage de la clientèle totale	22%

Propriétaires fonciers urbains et suburbains

ANGI dessert 3,2 millions de propriétaires fonciers urbains et suburbains dans les grandes zones métropolitaines.

• Marchés métropolitains primaires: New York, Los Angeles, Chicago, Houston, Phoenix
• Valeur moyenne des propriétés cibles: 375 000 $
• Fréquence de la demande de service: 2,4 projets par an

Ménages à revenu moyen et supérieur

Target du revenu des ménages cible: 85 000 $ à 225 000 $ par an.

Détails du segment des revenus	Métrique
Gamme de revenus des ménages	$85,000 - $225,000
Marché total adressable	2,6 millions de ménages
Dépenses de service annuelles moyennes	$4,500

ANGI Inc. (ANGI) - Modèle d'entreprise: Structure des coûts

Développement et maintenance technologiques

Dépenses annuelles de développement de la technologie et des produits: 76,2 millions de dollars (2022 Exercice)

Catégorie de coûts	Dépenses annuelles
Génie logiciel	42,5 millions de dollars
Infrastructure cloud	18,7 millions de dollars
Cybersécurité	15,0 millions de dollars

Marketing et acquisition de clients

Total des dépenses de marketing: 204,3 millions de dollars (2022 Exercice)

• Dépenses publicitaires numériques: 132,6 millions de dollars
• Campagnes de marketing de marque: 41,7 millions de dollars
• Marketing de performance: 30,0 millions de dollars

Infrastructure de plate-forme

Coûts d'infrastructure annuels liés à la plate-forme: 34,5 millions de dollars

Composant d'infrastructure	Coût
Maintenance du serveur	15,2 millions de dollars
Gestion du réseau	9,8 millions de dollars
Opérations du centre de données	9,5 millions de dollars

Opérations de support client

Dépenses annuelles de support client: 45,6 millions de dollars

• Opérations du centre d'appels: 22,3 millions de dollars
• Plateformes d'assistance en ligne: 13,5 millions de dollars
• Formation et gestion de la main-d'œuvre: 9,8 millions de dollars

Gestion de réseau professionnel

Coûts professionnels de la gestion et des services de réseau: 67,4 millions de dollars

Dépenses de gestion du réseau	Montant
Intégration professionnelle du service	28,6 millions de dollars
Vérification des antécédents et vérification	18,2 millions de dollars
Formation et soutien professionnels	20,6 millions de dollars

Structure totale des coûts annuels: 428 millions de dollars

ANGI Inc. (ANGI) - Modèle d'entreprise: Strots de revenus

Commission des réservations de services

Angi Inc. génère des revenus grâce à des commissions sur les réservations de services, avec un taux moyen de commission d'environ 20 à 30% par transaction de service terminée.

Flux de revenus	Pourcentage	Valeur annuelle estimée
Commissions de réservation de services	25%	185,4 millions de dollars (2022 Exercice)

Revenus publicitaires

L'entreprise génère des revenus publicitaires en offrant des opportunités de promotion aux professionnels des services sur sa plateforme.

Catégorie publicitaire	Contribution des revenus
Publicité professionnelle du service	42,3 millions de dollars (2022)

Frais d'adhésion premium

ANGI propose des options d'adhésion premium avec des fonctionnalités supplémentaires pour les professionnels des services et les consommateurs.

• Revenus annuels de l'adhésion premium: 23,7 millions de dollars
• Frais d'adhésion mensuels moyens: 9,99 $
• Membres de prime total: environ 250 000

Génération de leads pour les professionnels des services

ANGI fournit des services de génération de leads payants aux professionnels des services dans divers secteurs.

Métriques de génération de leads	Valeur
Revenus de génération de leads annuels	76,5 millions de dollars
Coût moyen par avance	$15-$25

Offres de services basés sur l'abonnement

La plate-forme offre des services basés sur des abonnement pour les consommateurs et les professionnels des services.

• Revenu de l'abonnement aux consommateurs: 18,2 millions de dollars
• Revenus d'abonnement professionnel du service: 31,6 millions de dollars
• Revenu total d'abonnement: 49,8 millions de dollars

Angi Inc. (ANGI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why homeowners and professionals choose Angi Inc. (ANGI) in late 2025. The value proposition centers on quality, choice, and efficiency, driven by a major technology pivot.

For Homeowners: Streamlined, Choice-Driven Service Matching with Higher Quality Pros

The primary value for homeowners is control. Angi Inc. fully implemented its homeowner choice system across nearly all proprietary traffic by January 2025. This means homeowners connect only with available Pros they select, moving away from automatic matching. This focus on quality over volume is showing up in engagement metrics.

• Proprietary Service Requests increased 11% year-over-year in Q3 2025.
• Proprietary Leads (unique job opportunities) increased 16% year-over-year in Q3 2025.
• The rate at which homeowners hired an Angi Pro jumped 22% versus 2023.

For Homeowners: Improved Customer Experience; NPS up +28 points since 2023

The shift to homeowner choice is directly tied to a better experience. When homeowners select their Pro, satisfaction rises. The data shows a significant positive trend in customer sentiment following these platform changes.

As of Q3 2025, the Net Promoter Score (NPS) is reported as nearly 30 points higher over the last 2 years. Also, the estimated hire rate is up double digits year-over-year as of Q3 2025.

For Pros: Higher Quality, Pre-Qualified Leads with an 11% Increase in Revenue per Lead

Professionals are seeing a direct financial benefit from the improved matching quality. The leads they receive are better qualified because the homeowner has already made a selection, leading to higher conversion rates for the Pro.

This quality focus resulted in a 11% year-over-year increase in Revenue per Lead in Q3 2025. The company is deliberately shrinking its lower-quality network channel, which went from nearly 40% of leads a year ago to less than 10% in Q3 2025.

Metric	Q3 2025 Performance	Context
Revenue per Lead (Y/Y Change)	11% increase	Driven by sales force consolidation and mix shift to higher-value Pros.
Proprietary Lead Growth (Y/Y Change)	16% increase	Reflects success in owned channels post-platform update.
Pro Churn (Y/Y Change)	Better by 7%	Indicates improved Pro retention due to better job quality.

For Pros: Simplified, Unified Product Offerings and Pricing Structure

Angi Inc. is working to reduce complexity for its service professionals. The strategy involves migrating Pros onto a unified system to streamline engagement and pricing.

• Plans included migrating Ads Pros to the Single Pro product by Q3 2025.
• The long-term goal is consolidating four platforms onto a single, AI-first global platform by 2027.
• Sales efficiency improved materially; management noted they have roughly half the sales headcount versus a year ago but are producing higher lifetime margin per Pro.

AI Helper Tool Increases Homeowner Conversion Rate by 2.7x

The deployment of the consumer-facing AI Helper, which uses large language model technology to refine homeowner requests, is a key driver of conversion improvement. This tool helps homeowners articulate their needs clearly, which benefits the Pro match quality.

Management cites that when users engage with the AI Helper, they convert at a rate of approximately 2.7x higher compared to the legacy flow. This tool is now the default experience for about one-third of customers who post service requests. Finance: draft 13-week cash view by Friday.

Angi Inc. (ANGI) - Canvas Business Model: Customer Relationships

You're looking at how Angi Inc. (ANGI) manages the relationship with its two key customer groups: homeowners and service professionals (Pros). The strategy has clearly shifted toward quality interactions over sheer volume, which you can see in the numbers from the first three quarters of 2025.

Automated, self-service digital platform for matching and booking

The core of the digital relationship is the homeowner choice model, fully implemented in January 2025. This means homeowners connect only with Pros they actively select, moving away from automatic matching.

This transition had a significant impact on channel volume:

• The shift resulted in a 33% decline in Network Service Requests year-over-year in Q1 2025.
• Network Leads saw a 57% decline in Q1 2025 due to the change.
• However, Proprietary Service Requests actually increased 11% year-over-year in Q3 2025.
• Proprietary Leads also grew, increasing 16% year-over-year in Q3 2025.

Technologically, Angi Inc. was consolidating its infrastructure, aiming to operate on only two technical platforms in the United States by the end of 2025, down from four a year and a half prior. This simplification helps the self-service experience.

Dedicated sales and customer care for Pro onboarding and support

Angi Inc. is focusing on acquiring fewer, but higher-value Pros, which you see reflected in the network size and retention metrics as of Q3 2025.

Here's a look at the Pro network health over the trailing twelve months ending Q3 2025:

Metric	Value (as of TTM Q3 2025)	Year-over-Year Change
Average Monthly Active Pros	131,000	Down 17%
Acquired Pros	97,000	Down 37%
Average Monthly Churn Rate	5.9%	Down 7% (from 6.4% in TTM Q3 2024)

The focus on quality over quantity is evident in the value metrics from Q1 2025:

• The lifetime value of newly acquired Pros increased by nearly 150% compared to the prior year.
• Pro retention for the Base cohort improved by +20% in 2024.
• The activation rate for new Pros improved by approximately 16% in Q1 2025.

The company also streamlined its support structure, consolidating the sales forces supporting its Domestic segment into a single unified sales organization in Q1 2025. If onboarding takes 14+ days, churn risk defintely rises.

AI-powered chat and LLM helper for immediate homeowner assistance

While Angi Inc. has not released specific adoption figures for its internal AI chat or LLM helper tools as of late 2025, the broader industry context shows that 77% of companies are using or testing AI in 2025. Furthermore, 55% of companies use AI for customer service optimization. The platform consolidation mentioned above, moving to two US technical platforms, is a necessary step to support the integration of these advanced digital assistance tools.

Reputation system based on homeowner reviews and ratings

The reputation system is directly tied to the success of the homeowner choice model, as better matches lead to better outcomes and higher satisfaction.

Customer satisfaction metrics show clear improvement:

• Homeowner Net Promoter Score (NPS) improved by +15 points in 2024.
• Homeowner NPS has improved by 30 points over the last two years, as of Q2 2025.
• The rate at which homeowners rated Pros with 4 or 5 stars out of 5 improved in 2024.

This directly impacts Pro engagement and success:

• The Pro self-reported win rate (the rate the Pro is hired) increases by more than 60% when a homeowner chooses them individually.
• Win rates on the core Pro platform were up over 20% in June 2025, tracking to over 30% year-over-year growth in July 2025.

Finance: review the impact of the 7% reduction in Average Monthly Churn (to 5.9% in TTM Q3 2025) on Pro Lifetime Value projections by next week.

Angi Inc. (ANGI) - Canvas Business Model: Channels

You're looking at how Angi Inc. gets its leads to the Pros, and the story in late 2025 is a sharp pivot away from third-party traffic toward its own digital properties. This channel strategy is central to their stated goal of achieving profitable revenue growth in 2026.

Angi Inc. proprietary websites and mobile applications

The focus here is clearly on the Proprietary Channels, which are the sources where consumers go through an Angi Inc. proprietary user experience. This is where the growth is happening, which makes sense given the strategic shift.

• Proprietary Service Requests increased by 11% year-over-year in Q3 2025.
• Proprietary Leads grew even faster, up 16% year-over-year in Q3 2025.
• Revenue per Lead, a key efficiency metric, also saw a strong lift, increasing by 11% year-over-year in Q3 2025.

This momentum is what management is banking on to offset the decline in the legacy network business. Honestly, seeing double-digit growth in proprietary leads for two consecutive quarters signals a successful migration of consumer traffic.

Search Engine Marketing (SEM) and paid digital advertising

SEM is explicitly cited as supporting the strong performance of the proprietary channels. While specific dollar amounts for SEM spend in Q3 2025 aren't broken out separately from overall consumer marketing, the results speak for themselves in terms of driving proprietary volume.

The broader marketing investment picture shows a planned re-acceleration of brand spend to fuel this channel. Management has indicated plans to roughly double their television (TV) spend in fiscal year 2026, suggesting a significant commitment to top-of-funnel brand building to drive more direct traffic to their owned assets.

Network Channels (third-party websites) for lead distribution

The Network Channels represent the legacy model, which has been intentionally de-emphasized following the full implementation of homeowner choice in January 2025. This channel is now a fraction of the overall volume.

Here's the quick math on the channel mix shift as of Q3 2025:

Metric (Q3 2025, in thousands)	Proprietary Channels	Network Channels	Total
Service Requests	3,791	353	4,144
Leads	4,946	495	5,441

The impact of this strategic reduction is stark when looking at the year-over-year declines for the network:

• Network Service Requests fell by 67% year-over-year in Q3 2025.
• Network Leads plummeted by 81% year-over-year in Q3 2025.
• Network Channels now represent less than 10% of total leads, down from nearly 40% a year prior.

Direct sales force for Pro acquisition and account management

The direct sales force channel is focused on acquiring and managing the supply side-the Pros. Angi Inc. has been optimizing this function for efficiency, prioritizing Pro quality and lifetime value over sheer volume of new additions.

The results of this optimization are clear in the Pro acquisition metrics for Q3 2025:

Pro Metric (Q3 2025)	Amount	Change vs. Q3 2024
Acquired Pros	22,000	Down year-over-year
Average Monthly Active Pros	118,000	Down 22% year-over-year
Acquired Pros (TTM)	97,000	Down 37% year-over-year

Despite acquiring fewer Pros-roughly half the sales headcount compared to a year ago-the value extracted per Pro has improved materially. For instance, in Q2 2025, the aggregate Pro lifetime value sold was only down 4% year-over-year, even with 39% fewer Pros acquired, showing that the quality of the acquired Pro cohort is much higher. Management expects a return to nominal active Pro growth by late 2026 or early 2027.

Angi Inc. (ANGI) - Canvas Business Model: Customer Segments

You're analyzing Angi Inc. (ANGI)'s customer base as of late 2025, which is heavily influenced by the strategic pivot to the homeowner choice model implemented in early 2025. This shift has fundamentally re-segmented who drives volume on the platform.

Homeowners/Consumers seeking local home repair, maintenance, and improvement services

This segment represents the demand side of the marketplace, seeking connections to professionals across a wide array of needs. Angi Inc. connects these consumers with quality professionals across more than 500 different categories, spanning everything from cleaning to full remodeling projects. The focus on customer experience has yielded measurable results for this group.

• Homeowner Net Promoter Score (NPS) is up nearly 10 points year-over-year as of Q3 2025.
• Total Service Requests for the trailing twelve months ended Q3 2025 were approximately 4,144 thousand.
• Proprietary Channel Service Requests (where the homeowner has more control) increased 11% year-over-year in Q3 2025.

Small to mid-sized Home Service Professionals (Pros) seeking qualified job leads

These are the core service providers, increasingly concentrated in Angi Inc.'s proprietary channels. The company is focused on improving the quality of leads and retention for this group, which is showing positive signs despite overall lead volume declines from the network shift. The new focus is on efficiency in Pro acquisition, targeting higher lifetime value.

Here's a look at the Professional segment metrics as of the trailing twelve months (TTM) ended Q3 2025, compared to earlier periods:

Metric	TTM Ended Q3 2025	TTM Ended Q2 2025	TTM Ended Q1 2025
Average Monthly Active Pros	131,000	139,000	147,000
Acquired Pros	97,000	109,000	124,000
Average Monthly Churn	5.9%	N/A	N/A

The quality of engagement is improving for the existing Pro base. The Pro self-reported win rate is up nearly 30% year-over-year as of Q3 2025 commentary. Also, the overall Pro churn improved by 7% year-over-year for the TTM ended Q3 2025.

Larger enterprise Pros interested in supplementary network leads

This segment is directly impacted by the strategic de-emphasis of the legacy Network Channels. These channels, which were predominantly auto-matched, saw massive declines following the January 2025 implementation of homeowner choice. The company is no longer viewing this channel as a strategic growth driver. The data clearly reflects a migration away from this segment's volume.

• Network Channel Leads declined 81% year-over-year in Q3 2025.
• Network Channels represented <10% of leads in Q3 2025, down from approximately 40% a year prior.

International consumers and Pros in select foreign markets

Angi Inc. maintains a presence outside the core domestic market, though this segment has also undergone strategic shifts toward higher-margin models. The focus here has been on regulatory compliance and margin improvement, even if it meant a short-term revenue contraction.

• International Revenue for Q3 2025 was reported at $32.4 million.
• The shift in the international model has already driven material profitability gains, with margins approaching 20% as of Q1 2025 commentary.

Finance: draft 13-week cash view by Friday.

Angi Inc. (ANGI) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that make up Angi Inc.'s spending as they push through this platform transformation. Honestly, cost management is the story of 2025, balancing heavy investment with efficiency gains.

High Consumer Marketing and Advertising Expenses

Consumer marketing spend remains a significant lever, though they are optimizing its deployment. In the second quarter of 2025, the consumer marketing expense rose to 35% of revenue (consolidated), up from 27% in the prior year period. This reflects a strategic choice to spend more on higher-quality leads. For the three months ended June 30, 2025, Selling and marketing expense totaled $139,453 thousand. Looking at the longer trend, for the nine months ended September 30, 2025, this category reached $387,308 thousand. Looking ahead, management expects to 'double-ish our TV spend' in 2026, based on the performance of their branded traffic.

Technology Development and Platform Maintenance (AI/LLM Investment)

The push for a modern, AI-first platform is a major cost center. Product development expense for the three months ended June 30, 2025, was $23,594 thousand. Over the nine months ending September 30, 2025, this expense was $71,430 thousand. This investment includes building in artificial intelligence capabilities to improve service request detail and match relevance, exemplified by the launch of the AI Helper in June 2025, which uses large language model (LLM) technology to guide homeowners. The company is targeting a single modern global and AI-first platform by 2027. Capitalization expectations are high; they project around $60 million in CapEx for 2025 and a similar amount for 2026, front-loaded into the first half of 2026 as they ramp up platform work.

Sales and Customer Care Salaries (Reduced Pro Acquisition Headcount)

Angi Inc. has aggressively managed its sales force to improve profitability per acquisition. They explicitly noted lower Pro acquisition expense in Q2 2025 due to a reduction in sales headcount. The CEO mentioned they have 'only about half the sales head count we had a year ago,' but the resulting lifetime margins per Pro are materially up. This focus on quality over sheer volume in Pro acquisition directly impacts the Selling and marketing expense line item.

General and Administrative Fixed Costs (Reduced Real Estate/Software Costs)

The company has achieved cost discipline through fixed expense reductions. General and administrative expense for Q2 2025 was $74,081 thousand, and for the nine months ended September 30, 2025, it was $200,810 thousand. These figures reflect lower fixed expense driven primarily by reduced real estate and software costs. Operating income in Q2 2025 rose 92% year-over-year to $17.7 million, aided in part by lower depreciation from fewer 2024 write-offs related to real estate and software.

Debt Servicing on $500 Million of 3.875% Senior Notes

Servicing the outstanding debt is a predictable, non-discretionary cost. Angi Group, LLC holds $500 million of 3.875% Senior Notes due August 15, 2028. The annual interest obligation is $19,375,000 (calculated as $500,000,000 multiplied by 0.03875). For the three months ended June 30, 2025, the reported Interest expense was $5,044 thousand.

Here's a quick look at the major operating cost components from the latest reported periods:

Cost Component	Period Ending June 30, 2025 (3 Months, in thousands)	Period Ending September 30, 2025 (9 Months, in thousands)
Selling and marketing expense	$139,453	$387,308
General and administrative expense	$74,081	$200,810
Product development expense	$23,594	$71,430
Interest Expense (Debt Servicing)	$5,044 (Q2 2025)	N/A (Reported quarterly)

The strategic cost management is evident in the shift of focus, which you can see in the following operational cost drivers:

• Consumer Marketing Expense as % of Revenue (Q2 2025): 35%
• Pro Acquisition Expense: Lower due to reduction in sales headcount
• Fixed Expense: Lower due to lower real estate and software costs
• AI/Platform Investment (CapEx Guidance 2026): Around $60 million

Finance: draft 13-week cash view by Friday.

Angi Inc. (ANGI) - Canvas Business Model: Revenue Streams

You're looking at how Angi Inc. (ANGI) converts platform activity into dollars, especially after the major shift away from the old Network Channel model. Honestly, the revenue story for Q3 2025 is all about the proprietary engine firing while the legacy channels sputter.

The top-line number for the third quarter ending September 30, 2025, was $265.6 million in total revenue. This figure reflects a 10% year-over-year decline, but the underlying channel performance tells a more nuanced story about where the money is actually coming from now.

The core of the monetization comes from charging professionals (Pros) for access to potential customers. This happens primarily through two mechanisms: paying for leads and paying for better visibility.

Lead Generation Fees: This is the engine room. Pros pay for qualified leads or matches generated through Angi's proprietary channels. The momentum here is clear: Proprietary Leads increased a strong 16% year-over-year in Q3 2025. This growth, coupled with Revenue per Lead increasing 11% year-over-year, shows the value of the leads Angi controls directly is rising. To be fair, the old way is fading fast; Network Channel Leads fell sharply by 81% year-over-year, now representing <10% of total leads.

The shift in volume is stark when you look at the total lead flow for the quarter:

Metric	Q3 2025 (in thousands)	Q3 2024 (in thousands)	Year-over-Year Growth
Proprietary Leads	4,946	4,269	16%
Network Channel Leads	495	2,597	-81%
Total Leads	5,441	6,867	-21%

This table shows you exactly where the revenue headwinds and tailwinds are coming from. The -21% drop in total leads is almost entirely due to the Network Channel collapse.

Other revenue components, though less detailed in the immediate reporting, include:

• Subscription/Membership Fees: Pros pay for enhanced platform access and visibility, which supports the higher Revenue per Lead seen in proprietary channels.
• Advertising Revenue: Display ads and sponsored placements on the platform contribute to the overall monetization mix.

The decline in Network Channel volume directly impacts what you might consider Services Revenue-revenue derived from jobs sourced through those less-controlled channels. Network Service Requests dropped 67% year-over-year in Q3 2025. This decline is a major headwind against total revenue growth.

Here's a quick look at how the total revenue broke down geographically for the quarter:

• Domestic Revenue: $233.2 million
• International Revenue: $32.4 million

The company is clearly leaning into its owned channels for monetization, evidenced by Proprietary Service Requests increasing 11% year-over-year in Q3 2025. Finance: draft 13-week cash view by Friday.