Verisign Inc's Comment on Competitors and Industry Peers
We compete with numerous companies in each of the Registry Services and NIA
Services businesses. The overall number of our competitors may increase and
the identity and composition of competitors may change over time.
New technologies and the expansion of existing technologies may increase competitive
pressure. We cannot assure that competing technologies developed by others or
the emergence of new industry standards will not adversely affect our competitive
position or render our services or technologies noncompetitive or obsolete.
In addition, our markets are characterized by announcements of collaborative
relationships involving our competitors. The existence or announcement of any
such relationships could adversely affect our ability to attract and retain
customers. As a result of the foregoing and other factors, we may not be able
to compete effectively with current or future competitors, and competitive pressures
that we face could materially harm our business.
Competition in Registry Services: We face competition in the domain name registry
space from other gTLD and ccTLD registries that are competing for the business
of entities and individuals that are seeking to establish a Web presence. In
addition to the three gTLDs we operate (.com, .net and .name), and the 18 other
operational gTLDs delegated before October 23, 2013, there are over 250 Latin
script ccTLD registries and 38 IDN ccTLD registries. Under our agreements with
ICANN, we are subject to certain restrictions in the operation of .com, .net
and .name on pricing, bundling, methods of distribution, the introduction of
new registry services and use of registrars that do not apply to ccTLDs and
therefore may create a competitive disadvantage. If other registries launch
marketing campaigns for new or existing TLDs, including forms of marketing campaigns
that we are prohibited from running under the terms of our agreements with ICANN,
which result in registrars or their resellers giving other TLDs greater prominence
on their websites, advertising or marketing materials, we could be at a competitive
disadvantage and our business could suffer.
Additional competition to our business may arise from the introduction of
new TLDs by ICANN. On October 30, 2009, ICANN approved a fast track process
for the awarding of new IDN ccTLDs, which have started to be introduced into
the DNS root zone. Additionally, on June 13, 2012, ICANN announced it received
1,930 applications to operate over 1,400 unique new gTLDs. ICANN has begun executing
registry agreements with these new gTLD applicants in connection with this initial
round of gTLD applications and intends to continue recommending up to 1,400
new gTLDs for delegation into the root zone. On October 23, 2013, the DOC began
to authorize, and Verisign began effectuating, the delegation of the new gTLDs.
ICANN plans on offering a second round of new gTLDs after the completion of
the initial round, the timing of which is uncertain. As set forth in the Verisign
Labs Technical Report #1130007 version 2.2: New gTLD Security and Stability
Considerations released on March 28, 2013, we continue to believe there are
issues regarding the deployment of the new gTLDs that should have been addressed
before any new gTLDs were delegated, and despite our efforts, some of these
issues have not been addressed by ICANN sufficiently, if at all. We do not yet
know the impact, if any, that these new gTLDs may have on our business, including
if or how the introduction of these new gTLDs will affect registrations for
.com and .net and therefore have a material adverse effect on our business,
results of operations, financial condition and cash flows.
Applicants for new gTLDs include companies which may have greater financial,
marketing and other resources than we do, including companies that are existing
competitors, domain name registrars and new entrants into the domain name industry.
Furthermore, ICANN will allow the operators of new gTLDs to also own, be owned
100% by or otherwise affiliated with a registrar, whereas we are currently prohibited
by our agreements with ICANN and the DOC from owning more than 15% of a registrar.
As a result, operators of new gTLDs may be able to obtain competitive advantages
through such vertical integration that Verisign is currently prohibited from
realizing. ICANN has also approved a process pursuant to which an operator of
an existing gTLD could apply to become a registrar with respect to a new gTLD.
At least one gTLD operator has successfully used this process; however, it is
uncertain whether we would seek, or whether ICANN and/or the DOC would approve,
the necessary changes to our existing agreements to allow us to vertically integrate
with respect to new gTLDs; without such changes, we may be at a competitive
disadvantage.
We have applied for 14 new gTLDs, including 12 IDN gTLDs. Although we have
been invited by ICANN to begin the contracting process for 12 of our 14 new
gTLD applications, there is no certainty that we will ultimately obtain these
gTLDs. ICANN has stated that it will need to limit the maximum number of new
gTLDs that may be delegated in a year to 1,000, which could delay the activation
of some approved new gTLDs. Even though IDN gTLDs have been given priority,
other factors related to the application process could delay or disrupt an application
and the timing of revenue generation, if any, from these gTLDs. Even if we are
successful in obtaining one or more of these new gTLDs, there is no guarantee
that such new gTLDs will be any more successful than the new gTLDs obtained
by our competitors. For example, some of the gTLDs we have applied for face
additional universal acceptability and usability challenges in that current
desktop and mobile device software does not ubiquitously recognize these new
gTLDs and may be slow to adopt standards or support these gTLDs, even if demand
for such products is strong. This is particularly true for IDN TLDs, but applies
to conventional gTLDs as well.
Similarly, while we originally entered into agreements to provide back-end registry
services to other applicants for approximately 220 new gTLDs, and applicants
for approximately 200 new gTLDs currently continue to contract with us to provide
back-end registry services, there is no guarantee that such applicants with
which we have entered into agreements will be successful in obtaining one or
more of these new gTLDs or that such new gTLDs will be successful due to the
same factors discussed above in connection with our gTLD applications. We also
cannot guarantee that we will ultimately provide back-end registry services
for such amount of new gTLDs. ICANNs Registry Agreement for new gTLDs requires
the distribution of new gTLDs only through registrars who have executed the
new Registry Accreditation Agreement (“RAA”). If registrars do not
execute the new RAA, our ability to provide back-end services would be reduced,
negatively impacting the sale of our back-end services for new gTLDs. Even if
we are able to provide such services, the timing of revenue may also be dependent
on how diligently our customers proceed to delegation and launch following the
completion of the application process and our customers’ respective launch
plans for the new gTLDs. In addition, our agreements to provide back-end registry
services directly to other applicants and indirectly through reseller relationships
expose us to operational and other risks. For example, the increase in the number
of gTLDs for which we provide registry services on a standalone basis or as
a back-end service provider could further increase costs or increase the frequency
or scope of targeted attacks from nefarious actors.
We also face competition from service providers that offer outsourced domain
name registration, resolution and other DNS services to organizations that require
a reliable and scalable infrastructure. Among the competitors are Neustar, Inc.,
Afilias Limited, ARI Registry Services, Donuts Inc. and RightSide Inc. In addition,
to the extent end-users navigate using search engines or social media, as opposed
to direct navigation, we may face competition from search engine operators such
as Google, Microsoft, and Yahoo!, operators of social networks such as Facebook,
and operators of microblogging tools such as Twitter. Furthermore, to the extent
end-users increase the use of web and phone applications to locate and access
content, we may face competition from providers of such web and mobile applications.
Competition in NIA Services: Several of our current and potential competitors
have longer operating histories and/or significantly greater financial, technical,
marketing and other resources than we do and therefore may be able to respond
more quickly than we can to new or changing opportunities, technologies, standards
and customer requirements. Many of these competitors also have broader and more
established distribution channels that may be used to deliver competing products
or services directly to customers through bundling or other means. If such competitors
were to bundle competing products or services for their customers, we may experience
difficulty establishing or increasing demand for our products and services or
distributing our products successfully. In addition, it may be difficult to
compete against consolidation and partnerships among our competitors which create
integrated product suites.
We face competition in the network intelligence and availability services
industry from companies or services such as iSight Partners, IBM X-Force, Secunia
ApS, Dell SecureWorks, McAfee, Inc., Prolexic Technologies, Inc., AT&T Inc.,
Verizon Communications, Inc., Dyn, Inc., Neustar, Inc., OpenDNS, BlueCat Networks,
Inc., Infoblox Inc., Nominum, Inc., Afilias Limited and Akamai Technologies,
Inc.
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*Market share is calculated based on total revenue.
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