Whatever happened to Monster.com?

A funny thought crossed my mind this morning.  I wondered about Monster.com.  In 2004, I worked for Fleet National Bank in their Middle Market Banking group.  We dealt with large private companies and relatively small public companies.  One of our major clients was Monster.com.   I followed them on a monthly basis, listening to all analyst reports and quarterly 10Q releases.

In the early part of the Millennium, Monster.com had quickly positioned itself as the internet’s #1 go-to location for jobseekers and employers.  Anybody looking for a job was registered with Monster, but the competition was stiff and full access to the website required a fee subscription service.  Given the tightness of the market, people paid the fees.  The company was going gangbusters.  We had a participatory loan note for them for approximately $100 Million.

However, in just 4 years, Monster’s activity took a sizable hit.  The public was using a social networking website called “Linkedin” (founded in 2002) to connect business professionals.  Recruiters found Linkedin’s search function much more user friendly and with the growing membership and trackable business relationships, it was easier to vet candidates.  Today, Linkedin has more resumes/profiles than any other professional website.  They are also a member of the New York Stock Exchange with a market cap of nearly 11 Billion.  Hindsight is always 20/20, but it is sufficed to say that Monster could have/should have, purchased Linkedin while it was only a fledgling rival.  Today, Monster is seeking ways to redefine its business model.